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Category: Bankruptcy

Common Reasons Why People do Not File for Bankruptcy

  No matter if it is a Chapter 7 bankruptcy or a debt settlement, any option to rebuild your credit will be dependent on your ability to learn about your available options and take the appropriate strategy. If you fail to take any action, there is a great risk that you will fall further behind on debt repayment.  One of the many challenges presented by options to rebuild your credit history is recognizing and overcoming some of the most common reasons that prevent people from getting out o[...]

What Happens After You File for Bankruptcy?

Many people view bankruptcy as a last resort when it comes to taking control of their financial debts. Despite the value that many people place on the bankruptcy process, most individuals do not know very much about what the bankruptcy process involves. The following will take a brief look at the difference between what happens after a person files for Chapter 7, 11, or 13 bankruptcy. Automatic Stays After filing for bankruptcy, you will enjoy the protection of an automatic stay. This means that[...]

Four Critical Things to Know About Bankruptcy

  When people struggle with insurmountable debt, bankruptcy can be a useful tool in getting back on track. The bankruptcy process is not something to be undertaken without consideration, however. It is a big deal and requires a significant commitment. To this end, it is critical to understand exactly what bankruptcy can and cannot do.  The following are a few of the most important things that you should remember when filing for bankruptcy.  Bankruptcy Takes Several Forms Most people who f[...]

What can You Keep After Declaring Bankruptcy in Florida?

One of the most common questions that potential bankruptcy filers have is whether they will be able to keep their possessions after bankruptcy. The answer is, “Sometimes.” It depends on a number of factors, but some personal property is considered to be “exempt,” meaning that the owner is able to keep that property after a bankruptcy discharge. One important consideration for people who are filing for bankruptcy is that in Chapter 7 bankruptcy, a person must have little to no disposable [...]

When is it a Good Idea to File for Bankruptcy?

  Statistics compiled by the federal government suggest that between 2005 to 2017, 12.8 million people filed for bankruptcy. Despite this large number, there are many other people who are left uncertain about whether it is a good idea to file for bankruptcy. Although many people know that the accumulation of a large amount of debt that cannot be paid off is a good sign that it is time to consider filing for bankruptcy, there are also a number of other situations in which filing for bankrup[...]

Is it Hard to Rent an Apartment After Bankruptcy?

It can be hard to rent an apartment after bankruptcy, but there are ways to increase your chances of doing so. Bankruptcy, a legal way to have many debts forgiven, can be your best option for getting out of debt and getting a fresh start on rebuilding your life; but having a bankruptcy on your record can make it more difficult to rent an apartment. At the Adam Law Group, our Jacksonville bankruptcy attorneys understand what you are going through. We recognize that many hard-working and r[...]

How Filing Bankruptcy can Impact Your Rental Property

While many people who file for bankruptcy understand the basics of the process, people frequently have questions about how specific types of property are handled. If you own a rental house, property, or commercial unit, it is important to consider how these types of property will be affected if you file for bankruptcy. Chapter 7 Bankruptcy and Rental Properties When a person files for bankruptcy under Chapter 7, the individual is allowed to keep certain property that is classified as exempt. Whi[...]

Filing for Bankruptcy Without a Lawyer

  Many Floridians who file for Chapter 7 bankruptcy are low on money. In an effort to save or sometimes because they feel that they can not afford one, people sometimes avoid retaining an attorney who can help them navigate the bankruptcy process. Unfortunately, there are a number of obstacles that people who navigate the bankruptcy process commonly encounter that require the assistance of an experienced bankruptcy lawyer. Some of the most common of these obstacles are reviewed below as a[...]

Why You Should Not be Afraid to File for Bankruptcy

  If you are interested in filing for Chapter 7 or Chapter 13 bankruptcy, it is common to feel scared about what lies ahead. The fears and uncertainties that people have about the process, however, are often unfounded. Soon after filing for bankruptcy, many people discover that the process is not as bad as they thought it would be. In the hopes of squashing any fears that you might have about bankruptcy, the following will examine the realities behind some of the most common fears about the[...]

Wage Garnishment and Bankruptcy

  By the time many people decide to file for bankruptcy, their creditors have begun to attempt to obtain repayment on outstanding debts. In some cases, these debts are so large that the debtors are not able to continue making payments, which results in creditors seeking legal action. One of the most common ways that creditors attempt to collect what they are due is by garnishing debtors’ wages. How Wage Garnishment Works Wage garnishment occurs when a creditor obtains an order from a jud[...]