I think bankruptcy is my best option, but I can’t let my boss or my wife’s family find out. While it is true that bankruptcy cases are all public record, someone would have to look up your name at the courthouse or online – usually with a special password access to federal bankruptcy court. The media generally only reports high-profile bankruptcy case.
As of January 2015, up to one out of every 1100 homes was subject to foreclosure. Roughly 26% were in pre-foreclosure proceedings, 43% were scheduled for foreclosure auctions, and 31% had been vacated and were now bank-owned.
What is the Means Test? If an individual wants to file for Chapter 7 bankruptcy, he or she must first pass the Means Test. The test is designed to determine if a debtor has sufficient disposable income to make monthly payments to creditors. The Means Test compares a debtor’s income to expenses based on the region of the country where the debtor lives.
Do you worry that filing for bankruptcy won’t solve anything because you’ll likely run up your credit cards again as soon as you’re able? Depending on the type of bankruptcy you file, you may not be allowed to have new credit accounts for the length of the bankruptcy period.
If you still owe money on your car and wish to clear or discharge the debt, then you will have to return the car to the lender. If you wish to keep the car, then you’ll need to reaffirm the loan and continue to make payments.
There are many myths associated with bankruptcy. One is that bankruptcy will ruin your credit. However, the truth is that if you are considering bankruptcy, your credit picture is likely to be fairly bleak because of the money troubles that have you considering bankruptcy.
Did you know that bankruptcy can be a way to protect your home or car from being repossessed? A Chapter 13 plan can include the cost of any missed payments and fees and stop a creditor from taking you to court for falling behind on payments.
If your small business is filing for Chapter 11, you should consider hiring a certified business bankruptcy attorney. We know the laws that specifically apply to our state and how they relate to your business and finances.
Bankruptcy is a matter of public record, but the only people who will know you've filed will be your creditors, those with access to court records, and anyone you've told. Employers and landlords are only notified if they are among your creditors.
Chapter 7 is the simplest, quickest way to discharge debt. It is available to individuals, married couples, corporations, and partnerships, but it is best for individuals who have limited income and wages and do not have many assets to protect from liquidation.
Certain debts cannot be discharged (where you are no longer liable) in bankruptcy. These include certain liens, tax claims, government fines and penalties, punitive damages and debts involving fraud, spousal and child support, and most student loans.
It’s important to remember that different types of bankruptcies have different rules and procedures. When you aren’t sure which type is most appropriate for your situation, we’re always happy to help you weigh your options.
