Blog Category: bankruptcy

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

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

When bankruptcy comes to mind, you may think of your creditors taking all of your property to pay your debt. When actually, most of the time, you will lose little to none of your property when you file bankruptcy. Bankruptcy can be a way to keep your possessions like your home or your car if  … Read more

Some people advise that bankruptcy should be the last resort when trying to get your finances under control. While there is certainly nothing wrong with trying other measures first before filing bankruptcy, sometimes by waiting too long, you could lose significant legal rights available to you. Automatic Stay It is essential that you speak to  … Read more

A popular misconception about bankruptcy is that you must be flat broke, nothing left, and no hope to file bankruptcy. Or that if you do file bankruptcy, the court will take all you own and leave you broke, homeless, and with no possessions. Both of these myths couldn’t be farther from the truth. Bankruptcy is  … Read more

Some scams are aimed at people with financial issues. Your name is available from foreclosure records, bankruptcy court records, or getting your name from a list purchased from debt collectors. These companies are counting on you being desperate to resolve your financial issues as quickly and easily as possible. You must remember when contacted by  … Read more

One of the most common reasons for filing bankruptcy is unemployment. When the primary bill payer in the home loses their job or has a reduction in hours, it can be devastating to the household finances. Layoffs are listed as a significant factor for Americans filing bankruptcy.  Savings Traditional advice is to have three to  … Read more

During the bankruptcy process, your creditors may ask you to make a reaffirmation agreement. A reaffirmation agreement states that you will be legally obligated on some or all of a debt that you could otherwise eliminate in bankruptcy. By signing a reaffirmation agreement, you are giving back the creditor the right to collect a debt  … Read more

Our society provides an essential tool for those people with debt problems. Being able to file bankruptcy helps good people get back on their feet. Bankruptcy prevents creditors’ efforts from collecting from you, and in the long-term, bankruptcy eliminates payment obligations to free up your finances. Don’t Wait Too Long Bankruptcy does not always have  … Read more