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How the Coronavirus Will Impact Your Bankruptcy

  The coronavirus has impacted most aspects of daily life including issues involving the federal, state, and local governments. Courts have understandably adjusted their regulations in consideration of the pandemic, but there are still some obligations that people filing for bankruptcy should still make sure to meet. This article reviews some critical issues that anyone in the process of navigating bankruptcy should understand about the coronavirus. Bankruptcy Court Closures  While some se[...]

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[...]

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 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[...]

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[...]

Discharging Tax Debt in Chapter 7 Bankruptcy

  For individuals who are facing financial difficulties, Chapter 7 bankruptcy is often the best option to remove debt and obtain a second chance at a strong credit score. Chapter 7 is frequently chosen by individuals who have a large amount of debt and little income to pay it off. Unfortunately, there are some types of debts that are not able to be discharged in Chapter 7, including student loans and income taxes. Even though income taxes are often not dischargeable in Chapter 7 bankruptcy,[...]

Bankruptcy and Wage Garnishment

An overwhelming number of individuals live from paycheck to paycheck. If you are one of these people, any disruption in your wages can place you in a dire financial situation. To make matters worse, if you are facing a wage garnishment, it is possible that creditors can take as much as a quarter or more of your wages. Many people discover that wage garnishments to this degree make it difficult to pay the bills. The Value of Automatic Bankruptcy Stays Immediately after filing for bankruptcy, you [...]