Learning About The Process Of Filing Bankruptcy

What Happens If Your Income Changes During Chapter 13 Bankruptcy?

7 December 2022

There are several advantages to Chapter 13 bankruptcy, including the ability to save secured assets and the eventual discharge of remaining debt. But it's also a three- or five-year commitment. And since no one can foretell the future, your financial situation may change before it's done.  What happens if it does? What do you need to do? And what options does it open up? Here's what you need to know about responding to midstream income changes.

4 Major Risks You Will Avoid When You Work With A Bankruptcy Attorney

2 May 2022

When you are dealing with a lot of debt, it can be hard to know where to turn. Filing for bankruptcy seems like a daunting process, but when you work with an experienced bankruptcy attorney, much of the risk is taken away. Here are some of the risks you will avoid when you work with an attorney.   You Will Be Able to Stop Creditor Harassment One of the risks you will avoid when you work with a bankruptcy attorney is creditor harassment.

Understanding Eligibility For Bankruptcy Chapter 7

11 November 2021

Chapter 7 bankruptcy is something that many people consider. It can be a way to help you with your past debts or it can help when you become too far behind your bills and end up in debt. For this type of bankruptcy, you will be meeting with a lawyer and working with the court system to have your debts placed under chapter 7. The first step to this process is to meet the eligibility requirements for not only you, but also for your debts.

Factors That Determine Which Branch Of Bankruptcy To File

25 June 2021

Are you having problems with your finances? If so, is it because you have too much debt? When people have more debt than they can repay, they might turn to a bankruptcy attorney for assistance. Your attorney will consider several primary factors when evaluating your case, and these factors determine which branch of bankruptcy you should file. Here are the main three factors that affect this decision. Your Income The amount of money you earn plays a significant role in your bankruptcy case.

Will You Lose Your Child's Saving If You File Chapter 7 Bankruptcy?

29 September 2020

Sometimes parents hesitate to file chapter 7 bankruptcy because they're afraid the court will take their children's savings. Generally, money owned by kids won't be touched by the trustee, but whether that will be true in your case depends on a few factors. Here are two questions that can help you determine if your kids' cash is at risk. How Were the Accounts Set Up? Accounts set up using the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to Minors Act (UTMA) are automatically exempt from being snagged by the bankruptcy trustee.

How Chapter 13 Bankruptcy Can Help Your Financial Situation

8 January 2020

If you are struggling with your debts and making those required monthly payments, you may see no way out of this situation. It's why many people turn to bankruptcy to get themselves financial relief and a fresh start. Here is how chapter 13 can work for you with relieving your debts. Chapter 13 Works Best With Certain Debts It's important to look at what kind of debts you are struggling to pay since there are different forms of bankruptcies that treat debts differently.

What Are the Chances You'll Lose Your Car to Bankruptcy?

12 July 2019

A chapter 7 filing can carry with it the threat of property loss. Bankruptcy, however, is not meant to be a way to strip filers of their possessions and leave them destitute. Nevertheless, many filers are understandably anxious about losing things like their car. You know you need it; most people depend on their vehicles to get them to work, school, important appointments, errands, and more. To help ease your fears about losing your car during a chapter 7 bankruptcy process, read on to find how you could be protected against such a loss.

Find Out If Chapter 13 Bankruptcy Is Right For You

6 March 2019

If you have thought about applying for bankruptcy, but you are not sure if chapter 13 is right for your particular needs, you will want to keep reading. This way, you will know more of what to expect and what your next steps should be in order to get you out of the financial trouble that you currently find yourself in. You Have A Steady Source Of Income If you have a steady source of income and it is enough to pay your regular monthly bill amounts, then chapter 13 bankruptcy might be the best option for you.