How To Start A Bankruptcy
Starting the bankruptcy process can be easy, or it can be difficult. It really does depend on your approach. Consulting a bankruptcy lawyer is the smartest move anyone can take. While legal assistance...
View ArticleEmployment Is Not A Bankruptcy Barrier
One myth that often does the rounds suggests that bankruptcy is only for the poor. Having a job or any form of regular income is then thought to preclude bankruptcy. This is a complete myth. In fact,...
View ArticleWhat Are The Income Levels To Qualify For Bankruptcy?
There are no minimum or maximum income levels when it comes to filing for bankruptcy. However, your income levels will determine which Chapter you may file under. Bankruptcy petitioners must complete a...
View ArticleHow Debts Are Discharged In A Chapter 13 Bankruptcy
Debts in a Chapter 13 bankruptcy are handled differently than a Chapter 7 bankruptcy. Under the Chapter 7 petition, a debtor’s non-exempt assets are seized and sold and the funds used to pay off...
View ArticleRemove Doubt By Engaging A Bankruptcy Lawyer
One of the biggest barriers to filing for bankruptcy for many people is doubt. There is a general feeling in the community that bankruptcy punishes the debtor and gives all the power to creditors....
View ArticleThe Simple English Guide To Bankruptcy
Bankruptcy – the word sends shudders down the spines of many people. It shouldn’t. While filing for bankruptcy may have had bad wraps on it in the past, the process itself is really fairly...
View ArticleHow Child Support Received Is Handled In Bankruptcy Petitions
Bankruptcy is an extremely convoluted act, so much so that some petitions are dismissed, or later reopened, simply because the petitioner failed to include child support or alimony payments received....
View ArticleBankruptcy Law – Converting From Chapter 13 To Chapter 7
One of the problems associated with a Chapter 13 petition for bankruptcy is that of time. A petitioner must commit to a repayment plan that is scheduled for at least three years, and three years can be...
View ArticleThe Debts That Can Be Discharged Through Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is not as generous as a Chapter 13 when it comes to the range of debts that can be discharged. However, there are still a wide range of unsecured debts that can be discharged....
View ArticleWhen A Business Should Consider Liquidation
There are times in business when you know that liquidation (Chapter 7 Bankruptcy) is the only way out. However, there are other situations where a reconstruction (Chapter 11 Bankruptcy) may be an...
View ArticleYour Rights Under Bankruptcy Law
Bankruptcy laws are double edged – they are designed to protect creditors and debtors. Some experts claim that these laws lean to heavily towards debtors while others claim those same laws lean to much...
View ArticleHow Bankruptcy Fails Many Home Borrowers
Filing for bankruptcy is meant to protect debtors who are struggling with too much debt by allowing them to discharge those debts and effectively start their lives all over. From some debtors, a home...
View ArticleCan You Cancel A Bankruptcy Petition?
Sounds like an easy situation. You file for bankruptcy, your circumstances change so you ask the court to dismiss your petition so you can get on with your life. No problems, right? Wrong – it can...
View ArticleWhy Are Some Chapter 13 Bankruptcy Payment Plans Rejected
When filing for a Chapter 13 bankruptcy a debtor must include a payment plan that they are willing to commit to for at least three years. This payment plan must equate to what the court would estimate...
View ArticleCan You File For Bankruptcy Again In The Future?
Can you file for bankruptcy again if you find yourself in trouble once more? There is no limit to the number of times you can file for bankruptcy. However, there is a limit to the relief you may...
View ArticleThe Effects Of An Inheritance On Bankruptcy
There is often an argument that those who have received a significant inheritance should not be in a position to require the protection of a bankruptcy petition. As we know, in life, not everything is...
View ArticleHow To Protect Co-Signers In Bankruptcy
While bankruptcy provides a lot of protection for debtors, it provides very little protection for any co-signers, unless of course they file for bankruptcy as well. Under the provisions for a Chapter 7...
View ArticleChanging Bankruptcy Chapters At A Later Date
There are times when the need for bankruptcy is such that filing for any Chapter is better than nothing at all. This is often the situation when a debtor requires the protection of the stay that comes...
View ArticleWhy Is A Chapter 7 Bankruptcy Referred To As A Liquidation Bankruptcy
In simple terms, there are two types of bankruptcy that affect most people – a liquidation bankruptcy (or Chapter 7 bankruptcy) and a reorganization bankruptcy (or Chapter 11 and Chapter 13...
View ArticleBankruptcy Law: When Is A Business Not A Business?
If you own a business and that business starts to have financial difficulties, you have the choice between a Chapter 7 or Chapter 11 petition for bankruptcy. Under the Chapter 11 petition, the business...
View ArticleHow Bankruptcy Helps Small Businesses Survive
While bankruptcy for businesses is often thought of as a death knell for that business, it can often be the first step to that business’s survival. A Chapter 7 bankruptcy for business will result in...
View ArticleInvoluntary Bankruptcy Can Be The Wake Up Call You Need
There are times when individuals and small businesses avoid bankruptcy like it was the plague. They often go to extraordinary lengths to avoid bankruptcy, including taking on more debt in order to...
View ArticleI Have A Job Offer – Can I Still File For Bankruptcy?
Being unemployed puts a severe strain on a family’s income. So much so that the majority of bankruptcy petitions are made under the protection of a Chapter 7. This liquidates any eligible assets then...
View ArticleFour Ways To Change or Terminate A Chapter 13 Bankruptcy Plan
A Chapter 13 bankruptcy petition lasts for a minimum of three years (maximum five years) and given the turbulence we have seen in the economy in recent years, anything can happen in that three year...
View ArticleFiling For Bankruptcy After Losing Your Job
When a husband and wife are both working, credit can be easy to manage. However, if just one of that couple loses their job, that credit can suddenly get out of control. There are some bankruptcy...
View ArticleWho Tells Creditors You Are Bankrupt?
Not being able to pay bills is one thing, but filing for bankruptcy is another. Many people find it difficult to file for bankruptcy, even though they are up to their eye-balls in debt. Some debtors...
View ArticleHow One Day Can Totally Change Your Bankruptcy Eligibility
There’s a saying we hear a lot in law – “what a difference a day makes.” In law, this is very true. If you file for bankruptcy on a Thursday, you may be ineligible for a Chapter 7 – submit that same...
View ArticleYou Must File Your Tax Returns Before Filing For Bankruptcy
There is one area of an individual’s finances that really peeves bankruptcy lawyers, and that’s their taxation returns. You can only file for a Chapter 7 petition for bankruptcy if your tax returns are...
View ArticleHow To Value Assets When Filing For Bankruptcy
When filing for bankruptcy, the bankruptcy court, and more particularly the appointed trustee, needs to know what assets you own and what their value are. This enables the trustee to place a value on...
View ArticleZero Balance Debts And Bankruptcy
While bankruptcy is designed to help people escape serious debt problems, the situation becomes interesting when it comes to credit accounts with zero balances. These are typically credit card debts,...
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