Is Bankruptcy Your Best Option? Bankruptcy is usually the last option for debtors but some don't take time to review qualifications and requirements. Deciding to file bankruptcy may depend on several factors. It helps to review your situation thoroughly as well as review alternatives to filing. There are different types of bankruptcy you can file. Most [...]
Mistakes Made When Filing Bankruptcy The bankruptcy process is known for helping many consumers get out of debt but in order to obtain the fresh start you're seeking, you want to go about the procedure in the right way. Certain moves such as leaving out important information or lying about your finances could make your [...]
While it's recommended to take time in deciding to file bankruptcy to insure procedures are followed correctly, there are situations in which it makes sense to file a petition immediately. Some people wait to begin the filing process but in turn, waiting may make the situation more challenging. With filing for bankruptcy protection right [...]
Bankruptcy Dismissed vs. Discharged: What's the Difference? Bankruptcy dismissal and discharge are two different actions that debtors often confuse. When a court discharges your bankruptcy, you have no liability over your debts and creditors can’t collect on them. On the other hand, you are still liable for your debts. You could therefore suffer other consequences [...]
Filing Bankruptcy Again? There are many misconceptions floating around about filing bankruptcy again, that those who need to file another time around may become confused. Many believe that once you file bankruptcy that you can't file again but this isn't true. While it's common to accumulate debt after filing the first time, some can't help [...]
Social Security Benefits and Bankruptcy If you receive Social Security benefits, bankruptcy provides protection through state exemptions whether you file Chapter 7 or Chapter 13 bankruptcy . Most often the means test helps determine your eligibility when filing, but some states may not calculate your benefits into the test. On the other hand, there are [...]
5 Common Bankruptcy Myths Millions of consumers file bankruptcy every year and while those who file have their own reasons why, others may assume a filing was done for reasons that may not be true. Some people have certain beliefs about why consumers file for bankruptcy protection, with different myths often keeping people from seeking [...]
Wage garnishment is an action pursued by creditors to help satisfy outstanding debt. The action allows them to take paycheck earnings and have them automatically forwarded to creditors. Bankruptcy may stop the garnishing process and even collect wages that have been garnished under certain circumstances. When bankruptcy is filed the automatic stay goes into effect [...]
The Purpose of Bankruptcy Bankruptcy is a legal process that can help improve your financial situation but some may not exactly understand what bankruptcy is. Many assume it will wipe away debts but certain qualifications should be met depending on your situation. The following basic questions are most commonly asked that may shed light on [...]
Student loan debt has been part of an ongoing debate when it comes to the subject of getting them discharged. While the debt in most cases cannot be discharged, a bankruptcy filing may help you gain advantages in repaying what is owed. The only way student loan debt is discharged or eliminated is when an [...]
