Most debtors choose a Chapter 7 bankruptcy. In 2009, nearly 70 percent of individual bankruptcy cases were Chapter 7 filings. One attraction is the time in bankruptcy court. A Chapter 7 case can be discharged in four to six months.
Some debtors max out credit cards in the weeks and months before filing for bankruptcy, thinking it's their last chance to use the cards. However, a debtor who does that within six months of filing for bankruptcy risks losing the chance to file.
Is your financial stress starting to affect your family? Whether it’s adding stress to the family or making it hard to care for them, bankruptcy can help. It can either dissolve your debt or give you a workable repayment plan to remove the stress.
If after your initial bankruptcy filing, you and your attorney decide that you’re better off filing chapter 7 or chapter 13 respectively, then you can file a motion to convert. It’s important to understand that the trustee can likewise request a conversion.
What is the difference between the bankruptcy chapters? Bankruptcy laws created chapters of laws to govern bankruptcies for individuals, businesses, governments and some other categories. The most common chapters are 7 and 13 and are available for individuals. Chapter 11 is the main bankruptcy chapter for businesses.
We understand that many families are a job loss or severe illness away from foreclosure on their home. If you’ve fallen on hard times, let’s discuss how bankruptcy protection could keep you from losing your home.
The rules regarding bankruptcy are quite specific, and failing to follow them could end up penalizing you. A qualified bankruptcy attorney will make sure that everything is done properly so that your debt is handled according to the rules of the Chapter for which you are filing.
If you’ve recently lost a job and had to take one for a lower wage, you may be having difficultly meeting all your financial obligations. Let’s talk about how filing for bankruptcy protection could help you to readjust payments to more affordable levels.
Under Chapter 7, many debts can be discharged, such as credit cards, but there are others that can’t be legally discharged, such as tax debts. There are several other qualifications, but an attorney will go over your debts with you and make sure as many are eliminated as possible.
Changes in bankruptcy law means that everyone filing for personal protection must undergo credit counseling before filing. Those who have previously undergone bankruptcy must also go through additional budget and credit counseling before debt can be discharged.
If you are positive that you are going to have to file for bankruptcy then do your best to maintain your life savings. Do not empty your retirement accounts to pay off unsecured debt, as this will only make things more difficult for you later on.
We recognize how easy it can be to get in over your head with your credit accounts before you even realize there might be a problem. If you want to ensure you don’t make the same mistakes after your bankruptcy, we may be able to help you find financial counseling as a part of your bankruptcy.
Do you find yourself having to purchase food on credit cards every month? This is a cycle that will only lead you further into debt. Bankruptcy can break the cycle and help you get a fresh start on your finances.
If this isn’t the first you’ve had to file for bankruptcy, you may feel comfortable filing on your own. Remember, each state has different bankruptcy laws, so it’s best to seek professional assistance while filing for the first time in a new state.
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.
The problem with many kinds of revolving debt is that even making regular payments above the minimum amount due can still lead to substantial monthly interest charges. If you need a fresh financial start that won’t keep you crushed under interest and finance charges, a bankruptcy could be the answer.
When someone files for bankruptcy, it comes with a lot of calls from creditors. If you hire a bankruptcy lawyer, then they can help. A good lawyer will call creditors who harass you to try to get them to stop.
Did you know that filing for bankruptcy at the beginning of the year can reduce some of the harsh effects of bankruptcy? This can make it easier to handle the effect of your filing on any potential tax returns.
One of the most difficult aspects of bankruptcy is deciding which bankruptcy chapter to choose. Consulting with an attorney can help you determine which chapter is most likely to work for your specific situation.
In most cases, a lawyer is going to be necessary when filing for Chapter 11 bankruptcy. This is a complex process, and the debtor needs to ensure that all the right documents are completed and filed on schedule and in a timely manner.
Are you finding it difficult to pay premiums for health insurance, home insurance, or other kinds of insurance? Not having these valuable protections can leave you in a horrible situation if things go wrong. Bankruptcy can help you lower monthly payments so you can get that protection back.
Have recent changes in health insurance laws left you without insurance and unable to afford it on your own? The problem might actually be with your existing debt. Bankruptcy can manage or eliminate that debt so you can get health insurance again.
Hopefully, you’ll never have to declare bankruptcy, but if you do find yourself in this position, you don’t have to go through it on your own. A bankruptcy attorney will be there with you and by your side throughout the entire process.
One of the biggest benefits of individual bankruptcy is the ability to liquidate virtually all of your unsecured debts, such as credit cards and some loans. Your debtors can object to having their debt eliminated, but in most cases, unlike fraud was involved that usually isn’t successful.
