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Deciding if Chapter 7 Bankruptcy is Right for You

  Among the numerous questions that people ask about Chapter 7 bankruptcy, one of the most common is whether a person is a good candidate for Chapter 7. The answer to this question depends on a number of complex factors, which we will review below. Do You Own Property? If you do not have a source of income or any assets, a creditor will often not be able to collect from you, which means that filing for bankruptcy may not be necessary. If you do have a source of income and valuable assets, h[...]

Navigating the Negative Emotions of Bankruptcy

  Not only is bankruptcy a financially difficult arrangement, it can also result in a number of negative emotions. While some people experience a period of relief after filing for bankruptcy because there are no longer creditors to harass them, other individuals can feel stressed out and overwhelmed by the complex legal process and the long time it can take to work through it. The following explores some tips for taking control of yourself and your emotions when filing for bankruptcy. Take [...]

Common Bankruptcy Myths

The bankruptcy process can be quite complex. For this reason, there are a number of common misconceptions about bankruptcy that should not be perpetuated. The following will take a look at the reality behind some of the most common myths that are shared about the bankruptcy process. You Will Never Have Good Credit After Filing for Bankruptcy While a bankruptcy will remain on your credit report for several years from the date of your filing, it is possible to rebuild your credit score after the b[...]

Common Bankruptcy Myths Debunked

Filing for bankruptcy is a significant life event that can have a devastating impact on your credit score. For some people facing serious financial difficulties, however, bankruptcy is the best option for paying off debts, obtaining financial relief, and getting a new start at building a good credit score. Despite the advantages of bankruptcy, there are still a number of myths held by people about what exactly bankruptcy entails. The following will take a closer look at some of the most common m[...]

Filing for Bankruptcy as a Senior Citizen

Given the increasing prices associates with health care, a large number of senior citizens have begun to file for bankruptcy. What some people do not know is that senior citizens who file for bankruptcy are offered a number of distinct advantages. Despite this, bankruptcy is not the best option for everyone. Why Bankruptcy is Not Always the Best Option Pursuing bankruptcy can be an attractive option for some senior citizens because it enables them to erase debts and pursue a better credit histor[...]

What to do With Your Car Following Chapter 7 Bankruptcy

Contrary to what some people believe, it is not necessary to give away all of your belongings, including motor vehicles, after filing for bankruptcy. If you own a car and file for Chapter 7 bankruptcy, the chances are good that you will be able to exclude a certain amount of the vehicle’s worth. Unfortunately, if the vehicle’s worth is much more than you are able to protect, the bankruptcy trustee who is assigned to your case will likely sell and distribute the remaining proceeds. Chapter 7 [...]

How Long Does Chapter 7 Bankruptcy Take?

  The Chapter 7 bankruptcy process allows a person to remove qualifying debt without being required to pay into a repayment plan. People who pass the means test are able to keep the property that they need to maintain their home. There are a number of questions asked by people navigating the Chapter 7 bankruptcy process, but one of the most commonly asked questions is how long a person can expect the bankruptcy process to take. The short answer is that Chapter 7 bankruptcy often takes betw[...]

How Creditors Must Respond After You File for Bankruptcy

After you file for bankruptcy, all of your creditors must stop calling you in an effort to collect compensation. Unfortunately, creditors do not always follow the rules, and some people report that they are harassed by creditors even after declaring bankruptcy. If you are experiencing difficulties with a creditor, you should not hesitate to contact an experienced attorney who can help make sure that your rights are protected. The Value of Automatic Stays An automatic stay refers to a legal acti[...]

Declaring Bankruptcy in Florida and Salary Increases

If you are not able to handle your financial situation, Chapter 7 and Chapter 13 bankruptcy are available for you to restructure your debt. Each year, many people discover that the bankruptcy process offers them the opportunity to rebuild their credit and have a fresh start. Unfortunately, in some situations, bankruptcy can be a particularly complex process. To make sure that this process is successfully navigated, many people find it helpful to obtain the assistance of an experienced bankruptcy[...]

When is it Okay to File for Bankruptcy?

One of the most common problems faced by people who are overwhelmed with debt is determining when it is okay to file for bankruptcy. Even if people are struggling with their bills, it can be difficult to decide that bankruptcy is the best option. The following will review several of the questions that you should ask yourself to determine whether you are ready to file for bankruptcy. If you do decide that bankruptcy is a good option for you, should not hesitate to obtain the assistance of an expe[...]