When filing for bankruptcy, you need to make sure you time it right. You can only file for bankruptcy once every six years, so you should wait to file as long as you can.
Are you concerned that filing for bankruptcy will change the way your family, friends, and coworkers view you? Remember, you’re under no obligation to tell people who don’t have a material need to know. If you aren’t sure whether you’ll need to notify your employer, we’re always available to discuss it.
Filing Chapter 7 bankruptcy generally requires surrendering non-exempt assets and property for liquidation and distribution of the proceeds. A bankruptcy attorney is the best source for help in understanding what constitutes exempt and non-exempt property and assets.
As with most court procedures, there are deadlines to meet, and failing to meet them can bring a negative result for you. Make sure you sign and submit all papers before the deadlines so you are not penalized.
While filing for bankruptcy can give you immediate relief from the harassment of collection calls, it won’t necessarily fix everything. It’s also important to work on eliminating any financial behaviors that may have contributed to your situation.
Individual circumstances vary, and while one type of bankruptcy filing may be right for one, it may not be right for another. For example, for those who have secured debt and a steady source of income, Chapter 13 may be the better option than Chapter 7.
What should I expect from my Chapter 7 bankruptcy case? As long as you qualify for a Chapter 7 filing, the entire case should last between four and six months. Because of state and federal exemptions, about 90 percent of all debtors are able to discharge all of their unsecured debt without losing any personal property.
It’s important to remember that smaller creditors, like homeowners associations, don’t always know how to handle your account during a bankruptcy. If you’re concerned things are being handled incorrectly, we can contact the creditors on your behalf.
When you’re bringing old financial hardships into a marriage, it can be natural to want to keep them from harming your spouse. Before you consider filing for a personal bankruptcy without them, it’s a good idea to learn more about how your filing could impact them.
One of the main benefits of hiring a bankruptcy attorney is that he or she has experience in studying bankruptcy law and its changes over the years. An attorney can also help you make a case based on how trustees and judges typically handle similar issues.
While your bankruptcy attorney will do the heavy lifting during the proceedings, he or she will still need your help. Maintaining open lines of communication and tracking down and delivering required documents in a timely fashion are some of the things you will need to do.
It’s beneficial if individuals filing bankruptcy can prove that they are attending bankruptcy or credit counseling, or have enrolled in a debt repayment plan. A bankruptcy lawyer can advise his or her client on details like this to make it easier when it comes to dealing with the courts.
What are the two types of personal bankruptcy? There is Chapter 7 and Chapter 13. Chapter 7 is often referred to as bankruptcy liquidation because it is much faster than Chapter 7. Under Chapter 13, you are under a plan to repay your disposable income to your creditors for five years.
While a Chapter 7 Bankruptcy can be attractive to many debtors, not everyone will qualify. Remember, there are income limits, in addition to limits on the value of personal property you can keep.
A bankruptcy trustee has the authority to undo contracts or agreements that appear to be an attempt to hide or spend assets before a bankruptcy filing. For example, paying a debt to your parents before a bankruptcy filing could be reversed.
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.
Is your car about to be repossessed? One way to stop the repossession is to file bankruptcy.
Filing bankruptcy and the process that goes with it can be incredibly stressful, especially if you’re not sure what you’re doing. You can be sure that a bankruptcy attorney will be able to take care of everything, giving you the peace of mind.
Just because you have a good income doesn’t mean that you’re not in a rough financial situation. Debts can take large chunks of monthly income away to make it hard to pay bills. Bankruptcy can help lower your monthly debt payments to give you breathing room.
When a business files for Chapter 7 bankruptcy, a trustee is appointed by the court to take possession of the assets and distribute them among creditors. After the distribution, and once the trustee is paid, the sole proprietor will receive a “discharge” at the end of the case, meaning they are released from any obligation for the debts.
Are you tired of always paying the highest interest rates available when you need to finance purchases? After the discharge, a Chapter 13 bankruptcy could help you get your credit rating back on track.
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.
Did you know that a federal law makes it possible for you to get a free copy of your credit report every year? It’s crucial to regularly look at your credit report, particularly in the aftermath of a bankruptcy filing, because inaccurate information is not uncommon. Correcting any mistakes on your credit report can help you bounce back as quickly as possible from a bankruptcy.
What happens at the end of the 60-month repayment plan under a Chapter 13 bankruptcy? In most cases, any remaining debt is wiped away, with the exception of certain types of debt such as student loans. The law requires only that Chapter 13 debtors get at least what they would have received in a Chapter 7 filing.