To file or not to file? It is the big question many struggle to answer when facing financial uncertainty. Maybe you should be asking, is now the right time to file? Timing can be important in certain bankruptcy filing situations. Reviewing your situation with a bankruptcy professional can help you determine whether or not it … Read More
Each year, 500,000 Americans file for bankruptcy. They start this journey for a million different reasons, ultimately traveling the same path. Everyone must face the daunting task of reconstructing their credit rating. A Chapter 13 filing stays on your records for seven years while Chapter 7 remains for 10 years. Bankruptcy, however, does not taint … Read More
After working and saving for your golden years, a sudden illness forces you to quit work. The medical bills start piling up and creditors begin calling. Filing for bankruptcy stops the harassment, but what if you lose your nest egg? Unfortunately, this scenario is more common than we would like. If you are facing an … Read More
The court-appointed Trustee serves a different role in a Chapter 13 filing than a Chapter 7 bankruptcy case. Administration is their primary function, keeping accurate records of your payments and creditors’ compensation, whereas their responsibility is to liquidate the client’s assets to pay back a percentage of what is owed in a Chapter 7 filing. … Read More
If you’ve ever asked a family member or friend to cosign a loan, it seems like a standard agreement until you consider the risks they are taking on your behalf. Filing for bankruptcy could also have consequences for your cosigner. If you consider filing, an experienced bankruptcy attorney can help you decide what type of … Read More
The mandatory 341 meeting is a very important part of the bankruptcy process. The meeting occurs 20 to 40 days after you file for Chapter 7 or Chapter 13 bankruptcy so the court-appointed Trustee and your creditors can review your financial information before the court rules on discharging your debts or approving your Chapter 13 … Read More
Chapter 13 bankruptcy repayment plans can last three to five years. Living under a strict budget is tough. If life throws you a curve ball and your car is totaled or disabled, will you be allowed to buy a new vehicle? The Short answer is yes, the Bankruptcy Court and Trustees are not unreasonable. A … Read More
Chapter 13 bankruptcy is meant to rebuild your financial life. Filing for bankruptcy not only stops creditor harassment, it forces you to decide which executory contracts and leases you might want to retain. From the lease on your apartment to an agreement on equipment for your business, they are reviewed as part of a Chapter … Read More
Sometimes unexpected expenses just find you. If you are going through a bankruptcy, how you handle bills that you accumulate after your bankruptcy is filed can be the difference between a successful bankruptcy and continuing debt issues. Debts incurred after your case filing date are not included in your bankruptcy case. They are not discharged … Read More
Loss of a job is a leading reason many people turn to bankruptcy. There is no stipulation that a person needs to be employed to seek financial relief. Depending on the type of bankruptcy you choose, unemployment may not be a concern. A bankruptcy professional can help you work out the best option for you. … Read More
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