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Category: Bankruptcy

How Long Does Chapter 7 Bankruptcy Take?

When you are in deep financial trouble, one option may be Chapter 7 bankruptcy. Chapter 7 bankruptcy is also called liquidation bankruptcy. It is a type of personal bankruptcy that helps you quickly eliminate most types of debts. This type of bankruptcy is best for those who do not have the ability to consolidate and make regular payments. Instead, you will keep a limited number of assets and some of your property may be sold to repay debt. Once you go through Chapter 7 you will essentially have[...]

What are the Most Common Reasons for Bankruptcy?

Many people have financial difficulties. About a half million people each year file for bankruptcy in the United States. There are two main types of personal bankruptcy, including Chapter 7 and Chapter 13. They provide options for those who are facing financial difficulties. There are many reasons why people need to file bankruptcy. A knowledgeable bankruptcy attorney will answer your questions and guide you through the bankruptcy process.  Divorce When couples divorce, it may result in s[...]

Will Bankruptcy Impact My Job? What You Need to Know

Will Bankruptcy Impact My Job? What You Need to Know

Going through financial problems can be stressful and challenging. You may want to file bankruptcy but are unsure whether taking this action will impact your current or future employment. Bankruptcy is a personal choice and one that should not cause problems at work or make it difficult to get a job. Generally, bankruptcy is not made public, and therefore, it should not impact your career.   Will My Employer Demote Me Because of Bankruptcy? The law prohibits employers from discriminating[...]

How Often Can I File for Bankruptcy?

How Often Can I File for Bankruptcy?

If you have filed for bankruptcy in the past, you know that you can get into debt very easily. Sometimes, there are unforeseen circumstances that might make it best for you to file bankruptcy again. Even though you filed for bankruptcy in the past, it is still possible to file again as long as you follow the rules. There are laws in place that provide details for how long you must wait before you can file again after a prior bankruptcy. A knowledgeable bankruptcy attorney will help you through t[...]

Will Bankruptcy End Creditor Harassment?

When you owe money to your creditors, you may realize that you are frequently getting contacted for payment. Sometimes, it may seem as though you are fielding or trying to avoid calls on a constant basis. These calls can start to become quite annoying and they can reach the point of harassment. If you are in debt and getting bombarded with creditor calls, you may wonder whether bankruptcy will stop creditor harassment.  What is Creditor Harassment? When you owe money to a creditor, they h[...]

Five Common Bankruptcy Myths

Millions of Americans are in debt, and many might consider bankruptcy to help resolve their financial difficulties. If you are considering bankruptcy, it is helpful to learn as much as you can about it. There are many myths that are floating around, and you may have heard some of them. Here are five of the most common bankruptcy myths and the truth about how bankruptcy can help you.  Myth - Bankruptcy Ruins Your Credit Forever If you are in debt, you are likely already facing credit probl[...]

What is Medical Bankruptcy?

Visits to the hospital, overnight stays, surgical procedures, physical rehabilitation, and more can be extremely expensive. Medical costs have risen to extremes, and just a minor issue can result in thousands of dollars in expenses. Even with medical insurance, a patient may be on the hook for treatment, and sometimes, the costs can reach hundreds of thousands of dollars. Most people don’t have that type of money in the bank, and in some cases, medical bills can be so high that you might not b[...]

What is Secured Debt in Bankruptcy?

The decision to file bankruptcy is one of the most important choices you can make in your life. Bankruptcy can be extremely helpful and may help you get out of a serious financial problem. However, you should understand how debt is taken care of with bankruptcy to ensure that you will benefit from it. When you file Chapter 7 bankruptcy, you will need to liquidate your assets in order to repay most or all of your debt and start anew. There are two types of debt you need to be aware of - secured d[...]

How Should I Prepare for Bankruptcy?

When you are considering bankruptcy, it is helpful to understand how you can best prepare for filing. You do not need to be hasty, and in fact, you will want to ensure that you follow some steps that will help make the process easier and less stressful. An experienced bankruptcy attorney will assist you through the process. Review Your Budget One of the first things you need to do before you decide to file bankruptcy is to become completely aware of your budget. You need to see what your [...]

What Debts are Discharged in Chapter 7 Bankruptcy?

If you are drowning in debt and unable to catch up, you may be considering filing bankruptcy. Chapter 7 bankruptcy is also sometimes called a liquidation bankruptcy. This type of bankruptcy can provide you with a clean slate, and it may allow the discharge of some of your debts. It is helpful to understand what debts are discharged in a Chapter 7 bankruptcy. What Does Debt Discharge Mean? You likely have a number of debts, such as loans, credit cards, mortgages, medical bills, and more. D[...]