Bouncing Back from Personal Bankruptcy Once you have filed for personal bankruptcy, you may think your finances will be suddenly out of control. Sure, it's nice to have a clean financial slate, especially after battling with a mountain of debt for so long but now that you have a personal bankruptcy on your credit score, [...]
When considering bankruptcy, it is important to review your income and assets; having accurate records of your finances will help the filing process move forward. But what if you are planning to relocate to a different state in the near future? The income requirement will be based on which chapter you intend to file and [...]
Discharge Requirements for Chapter 13 Bankruptcy If you think that the process of getting your debts discharged through a Chapter 13 bankruptcy can be a hassle, you are right - and wrong. With the help of a great bankruptcy attorney , debts re-arranged in Chapter 13 bankruptcies can be discharged rather quickly. However, there is [...]
The Difference Between Secured and Unsecured Debt in Bankruptcy When you begin the bankruptcy filing process, you submit a list that includes all of your outstanding debt. Debts often fall into two categories: secured and unsecured. Understanding how debt is classified may give a better idea on how they will be handled during bankruptcy. What is Secured [...]
Should You File Bankruptcy or Try to Pay the Debt Off? If you are struggling to decide between declaring personal bankruptcy or paying off your debts, then it's important to address a few truths about your current financial situation. You've been struggling to keep up with the bills for a while now. You've made every [...]
Because bankruptcy is a legal process that is intended to help consumers and businesses deal with the debt they are unable to pay, bankruptcy fraud is considered a federal crime. Being honest and fully disclosing information and details about your situation not only helps your bankruptcy attorney understand your financial background, it helps the court [...]
Let's face it: your finances are leading you down the road in a spiral of debt. You can't seem to make heads or tails of your debt. Your payments are past due and late fees keep making your debt even worse. And when it comes to paying off your debts? Unless you win the lottery [...]
When Debt Collectors Try to Collect During Bankruptcy If you have filed for bankruptcy and a creditor continues to try and collect from you, they could be in violation of the automatic stay . The purpose of the automatic stay in bankruptcy is to stop collection activity by creditors, including various forms of legal [...]
Mistakes that Lead to Personal Bankruptcy We've all made financial mistakes in life - but for some individuals, those mistakes can have a debilitating impact on their way of life. Whether they didn't have an emergency fund to cover an unexpected medical bill, or they just couldn't get a handle on their credit card usage, [...]
Whether you openly discuss your personal bankruptcy in your home, or you prefer to keep that information between you and your spouse, your children are soaking up information about your finances like a sponge. If you think you are hiding your personal bankruptcy from your children, think again: between the stress and anxiety you'll be [...]