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Category: Bankruptcy

Supreme Court Issues Decisions About Bankruptcy Discharge Violations

In 2019, the Supreme Court issued a unanimous opinion establishing the standard that courts must follow to hold a creditor in civil contempt for violation of a bankruptcy discharge. Arriving at its decision, the Supreme Court rejected both the subjective and strict liability standards. As a result, courts are now permitted to hold a creditor in contempt for violating a discharge order only when there are no fair grounds of doubt as to whether the creditor’s conduct during discharge is lawful. [...]

What to Know Before Filing for Bankruptcy

  Life is hectic. If you find yourself unable to face some of the debts that you owe, remember that you are not alone. For many people, filing for bankruptcy can offer substantial relief and a second opportunity to rebuild credit. While a bankruptcy lawyer can handle the legal issues involved with your case, it can also help to understand some important facts about bankruptcy before you begin the process. Who is Eligible to File for Bankruptcy? Anyone who can demonstrate that he or she is [...]

Understanding How Bankruptcy can Impact Children

  If you have decided to file for bankruptcy, you likely have a number of important questions. You may be wondering what assets you will be able to keep after the bankruptcy has concluded as well as what your future life will be like. It is also common to wonder exactly what the bankruptcy process involves.  If you are a parent, you might also be worried about how bankruptcy will impact any money that you have saved for your children as well as how your bankruptcy will affect your children[...]

How the Bankruptcy Process Impacts Your Inheritance

  Deciding to pursue bankruptcy is never simple or easy. For many people who are suddenly faced with an overwhelming amount of debt, bankruptcy can be the best option, though still feel intimidating. Ultimately, bankruptcy allows an individual the opportunity to escape debt and create a better financial future.  The decision to pursue bankruptcy can be made much more complicated if a loved one recently passed away and you now expect to receive an inheritance. The following takes a brief ex[...]

Converting from Chapter 13 to Chapter 7 Bankruptcy

One of the most common questions asked by people navigating the bankruptcy process is what type of bankruptcy is best for them. Many people overlook the fact that what type of bankruptcy works best can change during the process. If an individual is no longer able to afford Chapter 13 bankruptcy payments, it is possible to convert a case to Chapter 7.    The following reviews some of the important details about the conversion process that individuals weathering the bankruptcy process should[...]

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[...]