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Bankruptcy

Who Files for Bankruptcy?

ByMonicaApril 24, 2020April 9, 2020

All kinds of people from all walks of life, file for bankruptcy. Over 1.5 million people from last year, filed for non-business bankruptcy. It is a very tough, agonizing decision an individual makes when deciding whether to file or not. Usually when one decides to file, they are overwhelmed with debt. Their financial resources cannot […]

Bankruptcy

Bankruptcy Can Improve Your Credit Score By Eliminating Debt

ByMonicaApril 16, 2020April 9, 2020

There’s a persisting myth that bankruptcy will ruin your credit score for good. But with more middle class Americans than ever filing for bankruptcy, it’s a myth that’s hopefully about to come to an end. Millions of folks who are unemployed or at risk of foreclosure are turning to bankruptcy for a fresh financial start. […]

Bankruptcy

Bankruptcy Myths Help Keep Consumers in Debt

ByMonicaApril 8, 2020April 9, 2020

A little mystery can be a good thing, at least when it comes to relationships, birthday presents and detective novels. But when it comes to your finances? Not so much. For many folks, bankruptcy represents the unknown. We have a hunch that it could drastically lower our debt, but we continue to avoid it for […]

Bankruptcy

Why More Senior Citizens Are Filing For Bankruptcy In Retirement

ByMonicaMarch 31, 2020April 9, 2020

I always thought senior citizens spent their retirement golfing and gardening. Turns out they spend it much like the rest of us – stressing over how to pay growing bills. Since the recession began, the number of senior citizens filing for bankruptcy has skyrocketed. Expensive prescriptions, decreasing home values and stock market crashes have left […]

Bankruptcy

What does a Chapter 7 Bankruptcy accomplish?

ByMonicaMarch 23, 2020April 9, 2020

A Chapter 7 Bankruptcy is used to discharge all of your unsecured debt. If you have secured debt (for example, a house loan secured by a mortgage on the house or a car loan secured by a car) you can discharge that as well, but only if you surrender the collateral (i.e., the house or […]

Bankruptcy

Types of Bankruptcy

ByMonicaMarch 14, 2020April 9, 2020

Chapter 7 Otherwise referred to as a “Straight Bankruptcy” or “Liquidation”. In a Ch. 7 Bankruptcy, the debtor can discharge (eliminate the legal obligation to repay) unsecured debts. you’ll be ready to keep valuable assets, as there are some exemptions which will be available to you. But any property that doesn’t meet one among these […]

Bankruptcy

The Grass is Greener After Bankruptcy

ByMonicaMarch 6, 2020January 7, 2020

Many people find the decision to file for personal bankruptcy to be an emotional one. You may be feeling stressed out, disappointed, happy or relieved—or a combination of these emotions. But take heart: Once you’ve emerged from bankruptcy, things will be better. How Bankruptcy Can Help You Filing for bankruptcy allows you to rid yourself of […]

Bankruptcy

Legal Strategies Bankruptcy Attorneys Use to Keep Assets from Creditors

ByMonicaFebruary 27, 2020January 7, 2020

Contrary to popular belief, when you file for personal bankruptcy, you don’t lose everything you own to your creditors. Chapter 7 bankruptcy allows you to keep certain exempt property, such as clothing, retirement accounts, household items and an automobile. Non-exempt property is sold to repay your creditors and most debt that remains is discharged, or forgiven. Chapter 13 bankruptcy potentially […]

Bankruptcy

How Bankruptcy Protection and Foreclosure Defense Intersect

ByMonicaFebruary 19, 2020January 7, 2020

Many homeowners who have fallen behind on their bills and are considering personal bankruptcy protection may also be at risk of losing their homes to foreclosure. If you’re in this position, you may be wondering whether bankruptcy can help you save your home. That’s a good question! You may be able to delay the foreclosure […]

Bankruptcy

Will the Second Obama Term Bring About Bankruptcy Reform?

ByMonicaFebruary 13, 2020January 7, 2020

U.S. bankruptcy laws were last overhauled in 2005. Will another wave of reform occur during President Obama’s second term? Perhaps. Some Groups Already Planning for Bankruptcy Reform Two groups are already looking at how bankruptcy laws and rules can be updated: The American Bankruptcy Institute, which is a trade group for bankruptcy attorneys and other professionals, has assembled […]

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