People who find themselves filing for bankruptcy for the first time often imagine being left with nothing more than the clothes on their back when the process is complete. But nothing could be further from the truth. The goal of the bankruptcy process is not to punish you – otherwise it wouldn’t allow you to […]
What are the available exemptions in the bankruptcy filing? Read More »
If or when you find yourself in financial difficulty, with creditors knocking on your door, you\’ll have two options for dealing with the situation: 1. File for a Chapter 7 discharge of your debt 2. File for a Chapter 13 debt repayment plan Which of these you choose will depend entirely on your personal circumstances,
What Is A Chapter 13 Hardship Discharge? Read More »
In most cases people can see their bankruptcy coming from a long way off because of their spending habits, and the realization that they are currently living beyond their means. But that’s not always the case. Some people don’t take their debts seriously until they receive communication from a creditor or sheriff, advising them that
What Is An Emergency Bankruptcy? Read More »
Having to declare bankruptcy can feel like you’ve made a series of financial mistakes you’ll never recover from. The entire process seems to be surrounded by doom and gloom. Instead you’re being provided with the opportunity to have a clean financial slate in just a few short years, and the United States is one of
When Can I Get a Mortgage After Bankruptcy? Read More »
The stereotypical image of a bankrupted person is a forty something who lived beyond their means their entire life. Somebody who has spent their hard-earned money on frivolous things like sports cars and exotic holidays until they finally ran out of money and had to petition the bankruptcy court to bail them out. You’d never
The Reasons More Older Americans Are Filing For Bankruptcy Read More »
There are two basic choices available to a business if and when it decides to declare bankruptcy. Chapter 7 and 11 are when a business has hit a financial wall and can no longer stay operational. In filings of this type there is no exit process because the company will cease trading immediately, and investors
What Does it Mean When a Company Exits Bankruptcy? Read More »
Did you know there are provisions within the Bankruptcy Code which allow your trustee to claim certain assets of yours even after you’ve filed for bankruptcy? This can mean that an inheritance, a tax refund, vacation pay, or anything else of value can be claimed by your trustee as part of your “bankruptcy estate” and
After Acquired Interest Not Part of The Bankruptcy Estate Read More »
Credit card debt can snowball faster than you can keep up with, especially if you\’ve been using your credit card to buy groceries and pay your utility bills. The reason this happens is because people don\’t view credit card debt as actual debt – it\’s \”plastic money\”, so it doesn\’t really count. Defaulting on your
Before Bankruptcy: Can I Be Arrested If I Ignore a Summons From A Credit Card Company Read More »