Bankruptcy and Pending Lawsuits In many cases, bankruptcy can affect lawsuits pending against you depending on the chapter filed.  Chapter 7 bankruptcy discharges debt while Chapter 13 restructures debt. It's common for consumers to seek bankruptcy protection if being sued but depending on the debt in question, bankruptcy may or may not impact the lawsuit. A [...]

You're Certain You're Ready to File for Bankruptcy You're sick of dealing with the financial burden that comes with years of debt. You're tired of feeling like lenders and debt collectors are constantly harassing you - and you're ready to do whatever it takes to make them go away.  That's why you've started researching bankruptcy; [...]

Filing Bankruptcy When Unemployed Being in a tough financial situation can make decision making a challenging process.  Unemployment often doesn't make things any better.  While many who are unemployed think it is impossible to file bankruptcy, depending on your situation it may make sense to file when you gain employment. Review your situation in detail [...]

Unemployment creates a challenging situation with finances and even with different tips and strategies many people find themselves still struggling to pay their bills each month.  With no assets or savings, constant calls from collection agencies or receiving a summons for a lawsuit can make dealing with debt obligations overwhelming.  To make matters worse, you [...]

For the purposes of the bankruptcy means test, child support payments are treated as income. For some bankruptcy debtors, the treatment of child support payments as income will push them over the maximum income threshold required to file Chapter 7 bankruptcy . If this happens, the bankruptcy debtor will need to repay some of their [...]

In today's current economic climate, your job search and bankruptcy may not initially seem to be connected.  After all, with so many people declaring bankruptcy - and with the sheer number of individuals searching for jobs - it's understandable to think that prospective employers might be more sympathetic to bankruptcies, if not unconcerned altogether. You [...]

When it comes to things to consider when filing for bankruptcy, you might think you have all your ducks lined up, so to speak.  You've contacted a great bankruptcy attorney.  You have all of your paperwork in order.  You've even researched the topic of bankruptcy, so you know exactly what to expect from the moment [...]

Filing Bankruptcy Before a Creditor Lawsuit With the rise in delinquencies, many creditors are turning to the courts to help them collect on debt.  This means that more debtors are facing creditor lawsuits which can be both costly and time consuming.  So should a debtor wait until after the lawsuit is filed and a legal [...]

You may think you're ready to file for bankruptcy - but unless you have the aid of a bankruptcy lawyer by your side, you could end up making a crucial mistake that will ruin your finances for years.  Pointing out that bankruptcy is complicated is definitely an understatement.  Between the paperwork, the complexity of the [...]

Sole Proprietors and Corporations In Bankruptcy There are some important differences in the way bankruptcy courts treat sole proprietors versus corporations. Let's take a look at a few: Individual vs. Corporate Entity The bankruptcy trustee will view a sole proprietor's business assets the same as their personal assets for the purpose of repaying creditors.  This [...]