By Jeff Field | Published December 15, 2021 | Posted in Bankruptcy | Tagged Tags: common mistakes, credit card debt, waiting to file | Leave a comment
Common Mistakes People Make Before Filing for Bankruptcy
Bankruptcy is a legal remedy that can offer a fresh start and the opportunity to overcome substantial debt. However, people preparing to file for bankruptcy sometimes act in ways that they think will improve their financial positions but which actually may hurt them. Certain actions can reduce the protections available in bankruptcy. Others can result Read More
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What Happens to Assets You Receive While Going Through Chapter 13?
A Chapter 13 bankruptcy allows you to reorganize your debts and partially pay them off according to a court-approved plan, which can last three to five years. That plan is based on your assets and projected monthly income and how much of those resources you can devote to debt repayment. But what if you receive Read More
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The Automatic Stay in Bankruptcy: Knowing its Limits
Bankruptcy offers a number of protections for people facing overwhelming debt. One of the most important is the automatic stay that takes effect once you have filed. In general, it stops your creditors from taking action to collect debts and also halts lawsuits and most other legal proceedings against you. The stay remains in place Read More
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How Heavy Medical Debt Can be Relieved Through Bankruptcy
If you’ve had a serious illness or injury requiring extensive treatment, bills can quickly add up. In addition, you may be unable to work during the course of your recovery, which can compound your financial woes. If you cannot make the minimum payments on your medical bills and they continue to accumulate, you might consider Read More
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Ways to Reestablish Your Credit Rating After Bankruptcy
Bankruptcy is intended to offer a fresh start, which includes restoring your ability to obtain credit. Your credit score will take a hit after you file for bankruptcy, but this setback need not be long-term. Although bankruptcy can remain on your credit report for up to 10 years, it may be possible to decrease the Read More
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When Can Bankruptcy Be Used to Discharge Tax Debts?
Overdue taxes can be a huge burden for people who are trying to cope with other mounting debt. If you are considering bankruptcy, you may be able to be relieved of some or all of your tax debt, depending upon how long it has been owed. While current tax debt is generally nondischargeable, meaning that Read More
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Common Reasons for Bankruptcy Petition Denials and Discharge Denials
The U.S. Bankruptcy Court where you file for Chapter 7 or Chapter 13 has the power to deny your petition at any stage of your case. A judge can also prevent you from obtaining a debt discharge at the conclusion of the bankruptcy process, even for a debt that is normally considered to be dischargeable. Read More
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How Are Chapter 13 Plans Structured and How Are Payments Calculated?
If you’re experiencing burdensome debt but are skittish about declaring bankruptcy, Chapter 13 is an alternative that may be right for you. Unlike a Chapter 7 bankruptcy — in which many of your debts may be discharged but at the cost of losing much of your property — Chapter 13 allows you to pay off Read More
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Should a Chapter 7 Debtor Ever Sign a Debt Reaffirmation, and Why?
Chapter 7 bankruptcy can offer you a fresh start by relieving you of the financial obligations you had to your creditors. Although most of your non-exempt property is liquidated during the process to pay off your debt, there may be some property you want to keep, such as real estate or a vehicle. Consequently, there Read More
Read MoreHow Chapter 7 Can Provide a Fresh Start During the Pandemic
The coronavirus pandemic has had devastating financial effects on many families as a result of widespread job losses, business curtailments and company closures. If you have become burdened with overwhelming debt during these harsh times, a Chapter 7 bankruptcy may offer you the fresh start you need to move forward. If you are suffering loss Read More
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