Blog Category: Filing bankruptcy

Being in debt can be overwhelming and often leave people feeling like they don’t have a way out. While there are many options to help manage debt, bankruptcy is often seen as a last resort. However, the bankruptcy process is highly misunderstood. It is actually a tool designed to benefit consumers struggling with debt. It’s  … Read more

A discharge or dismissal are the two possible outcomes of a bankruptcy case. Your debts will be termed “discharged” when you successfully complete a bankruptcy case through liquidation or a Chapter 13 repayment plan. Your bankruptcy case will be dismissed if you do not complete it. A dismissal is when your case is closed without  … Read more

When people hear the word bankruptcy, they tend to feel afraid. Thoughts of losing everything to start over can seem like a punishment for struggling with finances. The truth is, most people who seek bankruptcy are there through little fault of their own. Another truth is, most of what people are afraid of in bankruptcy  … Read more

The short answer is: it depends. The types of debt you owe, how much you owe, and whether you have the ability to repay your debt can all influence whether you can keep certain property in bankruptcy. Is bankruptcy right for you? Bankruptcy does not have to be the only option you have, but it  … Read more

The means test determines whether a debtor is eligible to file a Chapter 7 bankruptcy or a Chapter 13. If the debtor is not eligible for a Chapter 7 the means test will calculate the disposable income available to repay creditors in a Chapter 13 bankruptcy. The means test consists of determining the debtor‘s average  … Read more

Many families are facing the harsh reality of financial disaster with options running out.  With  many debt relief options available, it isn’t uncommon to be unsure of which solution is best for you. While debt consolidation loans and settlements are an option for managing financial problems, they may not be the right for your current  … Read more

Bankruptcy exemptions are the laws that endow a person with the protection of a property in the bankruptcy. Even when you have not filed any bankruptcy, you can still avail of the bankruptcy exemptions. When you file Chapter 7 bankruptcy, and you do not claim the exemptions or opt for the wrong one, then the  … Read more

When you file bankruptcy, a standard legal process begins depending on the type of bankruptcy you file. It starts with the appointment of a bankruptcy trustee who oversees your income as well as assets. With this, the trustee can pay the debts of the debtor accordingly. If problems arise between the spouses regarding property, bankruptcy  … Read more

Bankruptcy doesn’t just happen overnight; it is usually a development that occurs over a long period. Therefore, when considering filing for bankruptcy, it is essential to plan. Avoiding pitfalls that could jeopardize your bankruptcy case or, worse, send you to jail. To ensure that the process runs smoothly, here are a few essential tips to  … Read more

You may be wondering how soon you can file for bankruptcy if you have already filed for bankruptcy in the past. It is possible to file for bankruptcy more than once. However, the second one might not be as helpful as the first one. It also depends on the period elapsed from your last filing  … Read more