Tag Archives: Filing for bankruptcy
Dispelling Myths about Filing for Bankruptcy
Filing for bankruptcy is a big step toward regaining control of one’s finances, but for many people contemplating this decision, negative myths can delay taking action. Life is full of unanticipated and uncontrollable events that can derail a person’s financial security – major illness, serious accidents and long-term unemployment – to name just a… Read More »
How will I Know when Bankruptcy is the Right Choice for Me?
It is not easy to accept that you are facing such a large amount of debt that bankruptcy is your only option. But if you have exhausted all other options and you cannot realistically repay the debt on your own, this is a truth you need to accept. Speaking with an accredited financial counselor… Read More »
How to Know When it is Time to File for Bankruptcy
For many people, “bankruptcy” is a bad word. It often has connotations of failure or an inability to control one’s own financial habits. These connotations are untrue and harmful – individuals and companies use bankruptcy as a tool to manage their outstanding debt for many different reasons. More often than not, the circumstances that… Read More »
Best Practices to Do Prior to Filing for Bankruptcy
When you are facing an insurmountable level of personal debt, bankruptcy can be the way out. Although bankruptcy is not a legal process to take lightly, it is one to seriously consider if you feel like you cannot take control of your debt through other means. You can make the bankruptcy process easier for… Read More »
When you are Facing Bankruptcy, You Need to be Completely Honest with your Lawyer – No Matter How Embarrassing
Your lawyer is a professional. When you work with a bankruptcy lawyer, you trust that lawyer to help you reduce your debt by advising you through each step of the bankruptcy process. Each bankruptcy case is unique, and a strategy that helps one individual get out of debt will not necessarily help somebody else…. Read More »
I Cannot Get a Handle on my Debt. Is Bankruptcy my Only Option?
Probably not. In many cases, individuals with significant levels of personal debt have multiple options for taking control of their debt. Although bankruptcy is often one of these options, it usually is not the only option and in some cases, it is not the best option. Below are a few alternate options to bankruptcy… Read More »
Do I Qualify for Chapter 7 Bankruptcy?
For individuals who are struggling with personal debt, such as credit card or medical debt, there are generally two bankruptcy options: Chapter 7 and Chapter 13. Each has unique demands for the bankrupt individual and unique benefits. Although many consider Chapter 13 to be the less austere because you may keep unlimited assets, you… Read More »
What Are Bankruptcy Exemptions?
When you decide to file for Chapter 7 or 13 bankruptcy, you may fear that you will have to surrender all your assets or be restricted to subsistence income. However, this is not the case. There are some assets that the government has no interest in taking, and there are some which will fall… Read More »
Misconceptions About Chapter 13 Bankruptcy
When most people file for bankruptcy, they file under Chapter 7 of the U.S. Bankruptcy Code. However, there is another alternative. Chapter 13 is available to debtors who have slightly different circumstances than the average bankruptcy filer, and while there are a few more obligations to filing Chapter 13, it may benefit you more… Read More »
How Will My Bankruptcy Affect My Spouse?
Bankruptcy is a last resort for the overwhelming majority of people. If you are forced by circumstance to have to file, you almost certainly have a thousand questions about the future, and that load doubles if you are married. Many couples file for bankruptcy jointly, but this is not always the best choice, and… Read More »
