One of the biggest benefits of declaring bankruptcy under chapter 13 is that applicants keep their property even after filing. In addition, this option offers a more affordable repayment plan that lasts for several years. However, chapter 13 has strict requirements that debtors must meet for a successful application. So, if you’re considering this option to solve your financial woes, speak to a bankruptcy attorney to know whether you’re eligible. You may have a right to declare bankruptcy under this chapter if you meet the following criteria.…
When people who owe huge debts default on payments, they get calls and letters from creditors threatening to take legal action. Ultimately, such threats can make you have sleepless nights worrying that you might lose your belongings if you don’t get money to repay your debts. Luckily, you can stop your creditors from acquiring your assets and discharge some of your debts by filing chapter 7 bankruptcy. However, before doing so, talk to an attorney to know whether this is the right chapter for your situation.…
One of the biggest issues that come between married couples is finances. One spouse may be more financially conservative while the other spends freely and takes on debt. Perhaps both of you have let your finances get out of control. No matter the issue, it is important to get your financial house clean to avoid future conflicts. One way to do this is to file for bankruptcy. If you are married, there are some considerations to think about if you want to file for bankruptcy:…
Many people do not turn to bankruptcy until they have no other options left on the table for their debt. If you decide to turn to Chapter 7 bankruptcy, you may want to find out the effects it will have on your finances before using it. Will it offer the fresh start you need? The answer depends on your current situation. Here is some information to help you know if Chapter 7 will give you the fresh start that you really need.…
When you need relief from your debts, you might decide to turn to bankruptcy. Bankruptcy may provide the relief you desperately need, but you must hire an attorney to help you with your case. Therefore, the first thing to do is find a bankruptcy law firm to hire for your case. As you begin looking for a lawyer, here are several things to consider to help you find the right law firm.…
If you are considering a bankruptcy filing, you might be entering unfamiliar territory. The below financial-related bankruptcy terms represent some important facets of a Chapter 7 filing that most filers should become familiar with before they file. Read on so you’ll gain a better understanding of the legal action you are about to undertake.
Classes/Bankruptcy Education
The retooling of the bankruptcy code a few years ago brought about a requirement that filers participate in two educational exercises.…
Chapter 13 bankruptcy law exists to give people an opportunity to get their financial lives back on track. Restructuring is the name of the game and that’s much different than you’ll see in a Chapter 7 liquidation where most assets get sold. A Chapter 13 bankruptcy often allows you to keep most or even all of your assets as long as you comply with an accepted payment schedule. For that reason, though, there are several things you need to know before you decide to restructure your debt obligations under the law.…
When you file for bankruptcy, it’s a very big deal. You are taking the debt you have and asking to have it lessened or removed completely. This is a big ask and should only be filed by those who really need it. Bankruptcy should not be treated as a get out of jail free card that you abuse every seven years. This is something that should be taken very seriously. When you file for your bankruptcy, there are mistakes you may make that could delay your bankruptcy or have your bankruptcy dismissed altogether.…
If you are a teacher, babysitter, nanny, or are otherwise in charge of children, your primary job is to ensure that the children are supervised properly. If a child gets hurt on your watch, there is a chance that you can be held liable for his or her injuries. One thing that will need to be determined is exactly how much supervision is adequate for the children you watch to help decide how much fault is yours.…
Chapter 13 bankruptcy is filed in federal bankruptcy court in the flier’s home state, but each state has its own rules concerning exemptions, or property that you can keep when filing for bankruptcy.
This type of bankruptcy allows a debtor to repay creditors according to their disposable income, or money that is left over after essential bills are paid. Debtors can keep nearly all of their property unless they have substantial assets than can be liquidated to help to satisfy their debts.…
