Bankruptcy

Reasons to File Bankruptcy at the Beginning of the New Year

If you ask any bankruptcy lawyer what they feel the best time is for filing bankruptcy, you’ll likely hear a resounding, “Now!” In truth, waiting around to file bankruptcy increases your risk for wage garnishments, lawsuits, auto repossession, and even foreclosure of your home. The New Year is here now, and there are many reasons […]

Bankruptcy

Can I Sell Some of My Assets Before Filing Bankruptcy?

The idea behind bankruptcy is to assist a person in resolving debt and learning better financial management. Being able to start again is not just about leaving the past behind, it also requires a person to protect their remaining assets. The benefits of this can be maximized by NOT borrowing, selling or depleting these assets […]

Bankruptcy

Can You File Bankruptcy While in the Military?

While serving in the military, individuals have the same rights as regular civilians to file bankruptcy protection in order to save their valuable assets. However, individuals should keep in mind that certain high-ranking positions require security clearances that may not be available to people who have filed for bankruptcy. Nevertheless, there are no legal restrictions […]

Bankruptcy

Personal Bankruptcy and Business Ownership: What You Need to Know

If you file personal bankruptcy, it can take a significant toll on any business ownership in your name, depending on how the business was legally organized and the type of bankruptcy petition filed with the court. Under United States bankruptcy code, there are two types of filings for individuals; they are indicated by “Chapter” numbers, […]

Bankruptcy

I Just Received a Motion for Relief from Stay: What Do I Do?

A consumer facing a insurmountable financial burden many times pursue either a Chapter 7 or a Chapter 13 bankruptcy. A Chapter 7 bankruptcy provides a consumer relief in the form of what is known as a discharge from a good portion of his or her debts. On the other hand, relief in a Chapter 13 […]

Bankruptcy

Are Funds in an Inherited IRA Protected in Bankruptcy?

The Supreme Court finally addressed the issue of when an IRA does not count as a retirement account. For nearly ten years, the question of whether inherited IRAs are protected during bankruptcy has gone unanswered. Finally, the Supreme Court has answered it with a unanimous no. In Clark v. Rameker, Heidi Heffron-Clark filed for bankruptcy […]

Chapter 11 Bankruptcy

Understanding Your Plan of Reorganization for a Chapter 11 Bankruptcy

Chapter 11 bankruptcy, also known as “reorganization bankruptcy,” is a bankruptcy plan that allows corporations, partnerships and individuals to reorganize their finances and restructure their debt. Unlike Chapter 13 bankruptcy cases, Chapter 11 bankruptcy has no debt ceiling. This plan is popular with both large and small businesses that need to restructure their debt. The […]

Credit and Bankruptcy

Six Actionable Tips on Writing a Credit Dispute Letter

The Fair Credit Reporting Act was created to help consumers dealing with errors on their credit report. When disputing something on your report, you will want to take action in the best possible manner. Otherwise, with one mistake, you will be forced deal with a host of problems. With this in mind, here are six […]