While it's not incredibly common, it is possible to lose your car when filing for bankruptcy. Because a car is a must for so many individuals, losing it may not be an option, so knowing how to hang onto it is important.
THEBALANCE.COM
Keep Your Ride: Do Not Lose Your Car in Bankruptcy
Every client is treated as family.
We understand that a transition after a stressful situation is difficult, we are here to make the process a little less stressful for you.
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Your wellbeing is at the forefront of every decision we make on your behalf.
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Knowing when to file for bankruptcy is tricky. Because every financial situation is unique, it's not about the dollar value or percentage of debt. Instead, ask yourself whether debt has taken control of your life. If collection calls, credit denials, and fear consume your finances, it's time to file.
Filing for bankruptcy discharges most debts, but that doesn't mean financial hardship won't strike again later in life. That said, there are legal limits on when you can file after a discharge, but knowing your options can help.
BANKRATE.COM
How Soon Can You File Chapter 13 After Chapter 7 Bankruptcy? | Bankrate
Our Debt Attorney Helps Clients Better Understand the Process.
Get in touch today, if you’re unsure.
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Chapter 13 bankruptcy repayment plans are designed to enable debtors to make payments that fit their budget, but sometimes circumstances change such that repayment is no longer possible. When this happens, you may be eligible for a hardship discharge. This essentially converts your Ch. 13 plan into a Chapter 7 plan, pending certain criteria.
“Turn your setbacks into comebacks” - Anonymous
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The 314 meeting is a meeting of creditors at which the debtor is questioned under oath by creditors, a trustee, examiner or the U.S. trustee about his/her financial affairs.
THEBALANCE.COM
Will You Miss Your Meeting of Creditors in Your Bankruptcy Case?
For your piece of mind, we offer free consultations and comprehensive bankruptcy evaluation with an attorney – not a paralegal.
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Bankruptcy Terms & Definitions: Equity.
Equity is the value of a debtor's interest in property that remains after liens and other creditors' interests are considered. (Example: If a house valued at $100,000 is subject to an $80,000 mortgage, there is $20,000 of equity.)
In celebrating the Hispanic community for National Hispanic Heritage Month, we’ve been supporting small local businesses. The Latinx community encompasses many nations and cultures, all of which are worthy of recognition.
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What is an automatic stay?
When you file for bankruptcy, this powerful tool protects you from creditors and bill collectors. You can also potentially find protection from foreclosures and evictions if the situation is in your favor.
Our philosophy emphasizes education. We help our clients understand their options and help guide them in choosing the option that best suits their individual needs.
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Bankruptcy is a powerful tool for debtors, but some kinds of debts can't be wiped out in bankruptcy. Below you'll find the types of debts you CAN discharge.
BANKRATE.COM
Which Debts Can Be Discharged In Bankruptcy?
Chances are, you'll need to borrow money at some point during your life. When you do, it's important to know what kind of debt you're taking on: secured debt or unsecured debt.
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FOOL.COM
What's the Difference Between Secured and Unsecured Debt?
Bankruptcy Terms & Definitions: Lien.
A lien is the right of a creditor to take and hold or sell the property of a debtor as security or payment for a debt or duty.
Did you know that of the nearly 20 million households with more debt than net worth in 2019, only about 750,000 filed for bankruptcy? We understand the hesitation to file, but holding back may do more harm than good.
NERDWALLET.COM
Fear of Bankruptcy Holds Too Many People Back - NerdWallet
If you have large debts that you can’t repay, are behind in your mortgage payments and in danger of foreclosure, are being harassed by bill collectors—or all of the above—declaring bankruptcy might be your answer. Or it might not be.
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INVESTOPEDIA.COM
When to Declare Bankruptcy
When filing for Chapter 7 bankruptcy, it is possible to have certain assets liquidated to pay down debts, but certain hard-earned resources are protected - like your IRA. If you're worried about losing your retirement benefit, learn more about your protections, here.
INVESTOPEDIA.COM
Is My IRA Protected in a Bankruptcy?
Bankruptcy Law Terms to Know: Statement of Intention
When filing chapter 7 bankruptcy, you will have your pick of a few options with which to handle certain secured assets. A statement of intention is a formal declaration of what you plan to do with each secured asset, such as surrender it, redeem it, or retain it.
While not all bankruptcies actually cause a big drop in your score—in fact, it is theoretically possible that your credit score could rise following a bankruptcy—any negative effect makes it more challenging to acquire credit in the future.
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INVESTOPEDIA.COM
How Bankruptcy Affects Your Ability to Secure Credit
It is possible to buy a house after bankruptcy, but it will take some patience and financial planning. It is important to check your credit report regularly to make sure everything is there that should be—and nothing is there that shouldn’t be.
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INVESTOPEDIA.COM
Buying a House After Bankruptcy? It Is Possible!
A proof of claim is the paperwork that a creditor must file before getting paid in a bankruptcy case. Under the bankruptcy payment system, some debts - like income tax and domestic support obligations - have “priority” status and are paid before other claims.
THEBALANCE.COM
What Is a Bankruptcy Proof of Claim?
