Bankruptcy

Reasons to File Bankruptcy at the Beginning of the New Year

If you ask any bankruptcy lawyer what they feel the best time is for filing bankruptcy, you’ll likely hear a resounding, “Now!” In truth, waiting around to file bankruptcy increases your risk for wage garnishments, lawsuits, auto repossession, and even foreclosure of your home. The New Year is here now, and there are many reasons […]

Bankruptcy

Can I Sell Some of My Assets Before Filing Bankruptcy?

The idea behind bankruptcy is to assist a person in resolving debt and learning better financial management. Being able to start again is not just about leaving the past behind, it also requires a person to protect their remaining assets. The benefits of this can be maximized by NOT borrowing, selling or depleting these assets […]

Bankruptcy

Can You File Bankruptcy While in the Military?

While serving in the military, individuals have the same rights as regular civilians to file bankruptcy protection in order to save their valuable assets. However, individuals should keep in mind that certain high-ranking positions require security clearances that may not be available to people who have filed for bankruptcy. Nevertheless, there are no legal restrictions […]

Bankruptcy

Personal Bankruptcy and Business Ownership: What You Need to Know

If you file personal bankruptcy, it can take a significant toll on any business ownership in your name, depending on how the business was legally organized and the type of bankruptcy petition filed with the court. Under United States bankruptcy code, there are two types of filings for individuals; they are indicated by “Chapter” numbers, […]

Bankruptcy

I Just Received a Motion for Relief from Stay: What Do I Do?

A consumer facing a insurmountable financial burden many times pursue either a Chapter 7 or a Chapter 13 bankruptcy. A Chapter 7 bankruptcy provides a consumer relief in the form of what is known as a discharge from a good portion of his or her debts. On the other hand, relief in a Chapter 13 […]

Bankruptcy

Are Funds in an Inherited IRA Protected in Bankruptcy?

The Supreme Court finally addressed the issue of when an IRA does not count as a retirement account. For nearly ten years, the question of whether inherited IRAs are protected during bankruptcy has gone unanswered. Finally, the Supreme Court has answered it with a unanimous no. In Clark v. Rameker, Heidi Heffron-Clark filed for bankruptcy […]

Bankruptcy

Are My Children’s Assets Protected in Bankruptcy?

When you file bankruptcy protection debtors are required to list their assets. This information is recorded in Schedule C of your filing documents or your petition. If you have children you may have concerns about their property and whether bankruptcy can assist in keeping them away from creditors. In most cases, this is not an […]

Bankruptcy

Do Bankruptcy Laws Vary from One State to Another?

Bankruptcy laws do not vary from one state to another. Meaning, laws are the same for all states. However, when you file bankruptcy each state may have different median income amounts you need to meet in order to qualify. Exemptions you qualify for may also vary depending on the type of property. It is important […]

Bankruptcy

Do You Have to Repay What You Owe in Bankruptcy or Can I Eliminate All Debts?

Do You Have to Repay What You Owe in Bankruptcy ? The answer depends on which chapter you file. Chapter 13 bankruptcy is court-approved repayment plan that helps debtors make affordable payments on debt obligations. Chapter 7 bankruptcy can eliminate qualifying debts through a discharge approved by the court. Once you have a better idea […]

Bankruptcy

Options for When You Cannot Afford a Bankruptcy Attorney

One of the best ways to learn more about your options when considering filing bankruptcy is to do your homework by researching what is available. You can also discuss your situation with a qualified bankruptcy attorney that can provide further insight to help you make an informed decision. Even though you may feel as if […]