bankruptcy blog

Bankruptcy is a word that sounds ominous itself and is a scary proposition for some people. Many debtors never enjoy the benefits of bankruptcy, or you can say they are just unaware of its perks. Bankruptcy indeed leaves an adverse effect on a person’s credit report for years, but yet it’s the best option for  … Read more

Bankruptcy is a lawful procedure through which individuals ask the courts for help with their debts. Bankruptcy is dealt with in government courts, and rules are laid out in the U.S. Bankruptcy Code. There are several chapters of bankruptcy for individual filers. Chapter 7 is the quickest and easiest form of bankruptcy. Chapter 13 allows  … Read more

Personal bankruptcy filings allow you to petition for liquidation of assets or reorganize your debts when you can no longer repay them. Although it provides some relief in case of financial distress, there is nothing personal about it. Bankruptcy filings are a public record and can be accessed by the general public by following the  … Read more

Bankruptcy can be tricky to understand, especially when we talk about personal bankruptcy, there are many misconceptions regarding this topic. Bankruptcy is a term used when a company or a person has debts that they can’t repay, being that credit, mortgage payments, or other types of debts. Bankruptcy can, in some cases, reduce or even  … Read more

When you file Chapter 13 bankruptcy, you will develop a court-approved repayment plan to your creditors. To determine the amount paid every month and if it will last for three to five years depends on your income, assets, living expenses, family size, and the amount of debt that you have and are behind in. Problems  … Read more

In certain circumstances, you can keep your income tax return while you are in your Chapter 13 bankruptcy case. If you can prove that you need your tax return to make your plan payments while keeping up with your living expenses, you may be able to keep it. If you are expecting a large tax  … Read more

One of the requirements for a successful bankruptcy case is to attend the 341 meeting, also called the meeting of the creditors. Approximately 20 to 40 days after you submit your bankruptcy papers, you and your spouse, if filing jointly, will need to attend this meeting. Your attorney, trustee, and any creditors that have questions  … Read more

One of the main concerns is when people want to file bankruptcy, whether they will pass the “means test” to qualify for a Chapter 7 bankruptcy. All consumers filing for bankruptcy protection must be able to pass this requirement. Means Test The Chapter 7 means test qualification uses your average income from the last six  … Read more

Unfortunately, in our society, there are those that prey on vulnerable people. When you are overwhelmed in debt and looking for financial relief, you may come across such people looking to take advantage of you. Problems It is a common practice for scammers to use personal information from court bankruptcy filings to contact you regarding  … Read more