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  • How do Bankruptcy Lawyers Get Paid?

    You might wonder how you can afford to pay a bankruptcy lawyer if you are unable to pay your other bills. If so, you are not alone. But the cost of retaining an Orlando bankruptcy lawyer may be more reasonable than you think. It is, however, important to understand how a bankruptcy lawyer is paid. After all, if you are contemplating bankruptcy, the assumption is that you have limited funds and are unable to pay most of your bills. First, Decide What Type Of Bankruptcy Case You Are Filing The type of bankruptcy protection you are using makes a big difference in your lawyer’s options for charging and collecting his or her fees. There are two types of bankruptcy cases that individuals typically file. Each…

  • Bankruptcy Experts Push for End to Debt Limits in Chapter 13 Bankruptcy

    Debt can quickly spiral out of control due to unforeseen or unpreventable events that require spending large amounts of money and/or suffering a substantial loss of income. When debt becomes this overwhelming, many people turn to bankruptcy for relief. Living with the burden of unmanageable debt is an oppressive situation that rarely gives the debtor a real opportunity to regain financial health. Bankruptcy is intended to give debtors this chance, but there are rules that must be followed before the bankruptcy process is accessible. Chapter 13 bankruptcy is a popular option for debt relief among individuals with regular income wanting to keep certain property, or when a Chapter 7 discharge is not available. Qualifying for Chapter 13 is usually less restrictive compared to Chapter 7…

  • How will Bankruptcy Affect my Credit Report?

    Here is the short answer: your bankruptcy case will remain on your credit report for several years and it will reduce your credit score initially, but it will improve. There is no way around these facts; they are simply part of the bankruptcy process and something you agree to when you file for bankruptcy. The chapter you file plays a role in how the bankruptcy affects your credit report, as well as the actions you take after you file for bankruptcy. Even if you do not file for bankruptcy, debts for which you are responsible, can impact your credit score. These include accounts named in bankruptcy cases that name you as a beneficiary, tax liens, judgments, and third party debts in your name.  Ways Chapter…

  • Can the State Harass Me Over Child Support After a Chapter 13 Bankruptcy?

    When you file for bankruptcy, the automatic stay goes into effect. This is a stop on all debt collection attempts from your creditors. It is meant to give you some “breathing room” as you work through the bankruptcy process. There are two notable exceptions to this stop: collection attempts for child support and collection attempts for alimony. If you are delinquent in your payment of either of these orders, the state is authorized to take actions to collect the money you owe. These actions can include wage garnishment and seizure of your tax return or lottery winnings.  It is Not Harassment; It is the State Ensuring your Children are Supported The reason why the automatic stay does not halt child support and alimony payments is…

  • Eliminating Divorce Obligations through Bankruptcy

    Bankruptcy is a tool used by many to reduce debts that they cannot reduce on their own. Individuals struggling with personal debt can use Chapter 7 or Chapter 13 bankruptcy to discharge their debts. If you are considering filing for divorce, you might be worried about the costs involved with the divorce process and the debt you might face when the process is complete. Discuss your concerns with your lawyer to get a better sense of what you can expect from your specific case. Bankruptcy and the Automatic Stay When you file for bankruptcy, an automatic stay is enacted. This is a court order to your creditors to cease all collection attempts until the bankruptcy is finalized. Having an automatic stay in place to stop…

  • Will Bankruptcy Help With Divorce Obligations?

    Sometimes, a divorce can trigger a financial crisis for one or both parties involved.  Adding divorce-related financial obligations like alimony or child support can cause significant problems, which may even lead to bankruptcy.  It is perhaps natural to wonder if filing for bankruptcy will eliminate any of these obligations. Support Obligations The U.S. Bankruptcy Code allows individual debtors to file under either Chapter 7 or Chapter 13 protection, depending on their income level and the nature of their debts.  Regardless of which chapter you file under, however, the Code is clear: support obligations are not dischargeable in bankruptcy.  Support obligations, by the Code’s definition, include nearly every expense associated with them: alimony, child support and lawyer fees, connected with alimony and child support. The rationale…