bankruptcy blog

If you are considering bankruptcy and you’re self-employed, you may have more paperwork involved than the average filer. Proof of income will be your biggest challenge to provide to the bankruptcy court. If your figures are inaccurate, the judge may believe you are attempting to defraud the bankruptcy system. The court will need accurate income  … Read more

Before you can file for bankruptcy, you must attend a credit counseling court by a bankruptcy court-approved provider. You can find these providers listed on the US bankruptcy court website. When you complete the course, you will receive a certificate for you to file with the bankruptcy court with your bankruptcy petition. Counseling Certificate The  … Read more

In the United States, we are afforded legal protection when we file bankruptcy. The law allows us to eliminate our debt and relieve our financial burden. We can file Chapter 7 liquidation bankruptcy or Chapter 13 reorganization bankruptcy as an individual or with a spouse. Where problems can come from is if you either intentionally  … Read more

When people get into financial trouble and operate a small business, they may wonder what will happen to the business. Whether or not you wish to continue operating the business will determine the type of bankruptcy you should file. Chapter 7 Chapter 7 bankruptcy can be filed both for yourself or your small business. If  … Read more

Former homeowners in the United States who thought they were avoiding foreclosure by arranging a short sale are now receiving notices that they owe the remaining balance on their original home loan. Short sales can occur months or years before receiving notifications of additional amounts due. When your home has been foreclosed on and auctioned  … Read more

Regardless of their marital status, almost everyone in America has been affected by the economic downturn due to the coronavirus. Many married couples have found that hard financial times tend to increase their stress causing more marital problems. Financial issues are one of the leading causes of divorce in the United States. The uncertainty in  … Read more

Bankruptcy is a tool to eliminate overwhelming debt or to catch up on your secured debt. When you finish your bankruptcy case, your finances should be in a more manageable state. By removing your overwhelming debt, it creates an environment to make better financial habits. When you file for bankruptcy, that mark can remain on  … Read more

The Senate has recently passed a Coronavirus Stimulus Bill providing greater access to bankruptcy relief for distressed consumers and small businesses. The Coronavirus Aid Relief and Economic Security Act (CARES Act) will give financially distressed consumers greater access to bankruptcy relief. Key bankruptcy provisions within the CARES Act include: Amending the small business reorganization act  … Read more

When you file bankruptcy, the courts will ask you to submit paperwork listing your debts and your expenses. These figures will show your reasonable expenses which will vary by the debtor, state, or court. Your reasonable expenses will be deducted from your average income over the last six months before filing bankruptcy, the remaining money  … Read more

While not very common, you can change your Chapter 7 liquidation bankruptcy to a Chapter 13 reorganization bankruptcy.  If you filed Chapter 7 bankruptcy and made more money than your state’s median, you will not be able to pass the mandatory means test. Your trustee or creditor can file a motion to have your filing  … Read more