Bankruptcy is a legal process through which people struggling with insurmountable debt can obtain a financial fresh start through a discharge of their debts. Depending on your current financial situation, you may file bankruptcy under a certain chapter of the U.S. Bankruptcy Code. One of the most common chapters for consumer bankruptcy is Chapter 7, [...]
The bankruptcy process entails far more than simply filing a petition and obtaining a discharge of your debts. Among the many steps needed to complete the process, you will be required to take a financial management course and present a certification of completion in order for you to get the bankruptcy discharge and begin rebuilding your [...]
There are a number of myths and misconceptions surrounding bankruptcy, and many of them can cause consumers to incorrectly believe that bankruptcy is not right for them. Among these types of misconceptions is that bankruptcy can only be filed by consumers with limited income, and that earning too much money can preclude someone from being [...]
Debt is a problem that comes with a number of consequences. This includes garnishment of your income or bank account. When financial instability makes it difficult to pay the bills and creates concerns about the future, it can quickly lead to the accumulation of credit card debt. When the problem goes unaddressed, creditors and debt [...]
Problems and finances and debt can lead to numerous challenges and issues to be handled, from foreclosure to utility shutoffs to repossession. In addition to these symptoms of debt, some individuals may also face legal actions for not paying bills and other types of debt. When they fail to address these legal actions, creditors or [...]
Debt and financial problems can make it difficult to keep up with obligations, including the ability to pay a mortgage. For some people, especially those who bought homes the height of the housing market boom, these problems can be exacerbated by high mortgage payments for a property that is no longer worth as much as [...]
Bankruptcy is a powerful legal tool that has helped many unfortunate debtors emerge from seemingly insurmountable debt. Because bankruptcy can be an immensely advantageous tool to those experiencing financial difficulties, some consumers tend to think that once you file bankruptcy, you can’t file again. This simply isn’t true. While every case is different, the U.S. [...]
Filing for a personal bankruptcy can be a major life event. After all, for six to nine months, or even longer in some cases, you are expected to provide bankruptcy courts and lawyers with all of your financial documentation and meet obligations established by the court. You may constantly worried about whether or not your [...]
During Chapter 7 or Chapter 13 bankruptcy proceedings, a bankruptcy trustee is appointed by the federal government to oversee the case. In most cases, a bankruptcy attorney or accountant will serve as the trustee. The trustee plays an important role during the bankruptcy process, including: Ensuring debtors are in compliance with regulations Ensuring debtors are [...]
While bankruptcy can be intimidating, filing may be your first step towards achieving financial freedom. Once you make the decision to file for Chapter 13 or Chapter 7 bankruptcy, the next big step is to prepare to meet with a highly skilled bankruptcy lawyer. Why is Important to Prepare Before Your First Meeting? To begin, [...]
