In the United States a premarital agreement, also known as a prenuptial agreement, is an agreement made between each spouse before marriage. While most property and assets acquired before marriage are protected by such agreement in divorce, it may or may not affect assets acquired during marriage. Prenuptial agreements give respect to property involved as [...]
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 [...]
Filing Bankruptcy During Divorce There may be concerns surrounding bankruptcy and divorce that should be reviewed before progressing through either process. Bankruptcy may be considered in or during a divorce when certain situations arise such as a job loss or medical illness. One may consider bankruptcy if they feel they will be unable to pay [...]
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 [...]
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 [...]
HAMP is usually the first stop for homeowners trying to save their home. They fill out a ton of paperwork and then wait - and wait -- for a response from the lender. The lucky ones are told right off that they don't qualify for a mortgage modification under HAMP; but other unfortunate homeowners go [...]
When a debtor files Chapter 13 bankruptcy the automatic stay protection is extended to cover co-debtors of consumer debts. Consumer debts include those "incurred by an individual primarily for a personal, family, or household purpose" such as credit card debts , car loans, mortgages, payday loans etc. However, the bankruptcy code does not define tax debt as [...]
Wage Assignments and Bankruptcy Increasing collections costs is prompting some creditors to turn to voluntary wage assignments. A wage assignment is basically an agreement that allows the creditor to deduct from a debtor's wages any amount owed to them. This is most often used by payday loan lenders. Borrowers sign a bunch of paperwork, which [...]
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 [...]