Bankruptcy and Social Security Benefits Debtors receiving or applying for social security benefits are often concerned that filing for bankruptcy will place those benefits at risk. But under provisions in the bankruptcy code and clarification reiterated by Congress, social security benefits and entitlements are not placed in jeopardy when a debtor files for bankruptcy. Social Security [...]

If you're considering bankruptcy, there are a few things you may need to do with your bank accounts to protect yourself from creditors. Let's take a look at a few: Close Your Bank Account If you have a delinquent debt account such as a credit card, mortgage or car loan with the same bank where [...]

For some people filing a bankruptcy is a very difficult decision and once they've made it and actually filed for bankruptcy and the process is nearing the end they can breathe freely. A Chapter 7 bankruptcy typically goes by much more quickly than a Chapter 13 because of the way the bankruptcy is structured. A Chapter [...]

All legal issues come with a whole slate of new terms, bankruptcy is no different, so we'll help explain some of the most common ones you'll encounter. 341 Meeting A meeting between the bankruptcy filer, his/her creditors and the bankruptcy trustee so the trustee gets a better grasp of the entire situation and so either [...]

The Positives of Bankruptcy It seems as though when anyone talks about bankruptcy, the negatives are always highlighted.  For example, think back to the last conversation you had with a friend or family member about filing for bankruptcy.  Did they focus on the positives of bankruptcy (a debt-free lifestyle, a fresh new start) - or [...]

If you're filing for bankruptcy you will quickly realize that your future and financial health is now in the hands of somebody else. For some people this is a huge relief because they've been so burdened and stressed by their own inability to handle their finances that letting go provides a sense of freedom. For [...]

Researching whether bankruptcy is the best option is no easy task - especially when a large majority of what you find online tends to give credit to major bankruptcy myths.  With rumors circulating that declaring bankruptcy will immediately be known by the public (in most cases, that's not true) to bankruptcy's permanent impact on your [...]

Credit-Building Myths After declaring bankruptcy, your primary focus might be to rebuild your credit score. After all, you know that while bankruptcy is a black mark on your credit score, it's not a death sentence for your finances: bankruptcy is on your credit score for seven to ten years, but lenders will start working with [...]

If you intend to surrender your home in bankruptcy, you may wonder when you need to move out. Below are a few guidelines on when you may need to move out of your home: No Surprises First, it's important to know that there are no surprise evictions in bankruptcy. No one will suddenly show up [...]

A Chapter 13 bankruptcy may seem like a bad idea, after all it's a repayment plan and not a debt discharge program like a Chapter 7 bankruptcy . But there are many reasons to choose a Chapter 13 bankruptcy over a Chapter 7, the main reason being that you want to protect some of your [...]