One of the biggest myths of bankruptcy is that its costs more than it is worth. This is simply not true. Look at it this way, once you get rid of your creditors, you will have more money. The costs associated with bankruptcy will be peanuts in comparison. Collections agencies, credit card companies, big banks, mortgage lenders, and all the [...]
Looking for an attorney can be an incredibly stressful time - especially if it is a bankruptcy attorney. When people look for a divorce attorney, or a real estate attorney, they normally ask people they trust for a recommendation. With the embarrassment most people feel about needing to consult with a bankruptcy lawyer, they often turn to Google and type [...]
Chapter 13 bankruptcy, also known as the wage earner’s plan, is a debt relief option available to debtors who don’t qualify for a Chapter 7 bankruptcy or want to be able to keep their home and car in bankruptcy. It’s the bankruptcy option for individuals whose main issue is not a lack of income, but meeting the demands of the [...]
Chapter 7 is the most common consumer bankruptcy. This bankruptcy type resolves debt under federal court protection. Unsecured debts, or those with no collateral, are often forgiven. Generally, credit card debt, personal loans, and medical bills are covered, but back taxes, student loans, and alimony and child support are not. Due to credit reports, it will be harder to get [...]
When declaring personal bankruptcy, one of the filer’s main considerations is his or her willingness to give up certain properties and assets. Although retaining a property such as a home, car, or certain investments would depend on the type of bankruptcy filed whether it was under a secured or unsecured debt, this post gives you an overview of what to [...]
One of the major decisions an individual faces especially during difficult times is filing for bankruptcy. Unsecured debts brought about by mounting medical bills, credit card debt, and even unpaid utility bills can be hard to deal with especially if your monthly income is very limited. Some may have enough disposable income to file a Chapter 13 bankruptcy petition in [...]
For businesses facing huge debts, avoiding closure and liquidation of assets are made possible by filing for Chapter 11 bankruptcy, commonly known as business reorganization. Under this type of bankruptcy, a business may renegotiate the terms in its contracts and leases, request creditors to discharge debts, and restructure payment plans in order to reach profitability. Declaring corporate bankruptcy will give [...]
These are stressful and frightening times for all of us. I am receiving many calls about Chapter 13 cases during the COVID-19 crisis. Therefore, I am providing this update should you have a Chapter 13 case in progress or pending. The Court and Chapter 13 Trustees are finding ways to keep everyone’s Chapter 13 cases afloat through this crisis. However, [...]
Those who wish to declare bankruptcy have to go through necessary steps in order to enjoy the automatic stay and eventually arrive at a bankruptcy discharge. There are many elements involved in the bankruptcy process, and they have the potential to define one’s experience with personal bankruptcy. One of these influential factors is the list of bankruptcy exceptions that the [...]
The Corona Virus pandemic is a once-in-a-lifetime event. Every hour, there are more developments with no good news currently. Schools are closed, March Madness and other events have been cancelled, businesses are losing customers, and employees are questioning job security. While the government is working on financial relief, nobody is sure how or when it will happen. Nor do people [...]
