One of the common reasons that people give us for not wanting to file for bankruptcy is that they are afraid that they will lose their homes. The answer to that question depends on what type of bankruptcy they are filing and how much equity they have in their home. It is possible to lose a home in bankruptcy,…
The main type of bankruptcy for which you would need to determine eligibility is Chapter 7. In this bankruptcy, you can get discharged from many of your debts. However, there are very strict limits on those who may qualify for this type of relief. If you do not qualify for Chapter 7 bankruptcy, you must use Chapter 13 for…
While there is no legal requirement to hire a lawyer for a bankruptcy case, it is certainly in your best interests. The bankruptcy process comes at a difficult time in your life. There are a number of mistakes that you could make on your own that could complicate things for you. Many decisions are made before you even file…
When you start looking into bankruptcy, the amount of information you find can be overwhelming. Between new terminology related to exemptions and discharges and the various types of bankruptcy, it’s easy to get lost down the rabbit hole. The most common forms of consumer bankruptcy are Chapter 7 bankruptcy and Chapter 13. In the material below, we briefly discuss…
Credit card debt can get out of control quickly. Perhaps you used a credit card to cover unexpected medical bills or recently lost your job and can’t keep up with your bills. Regardless of the reason you are in credit card debt, high interest rates and aggressive collection tactics can make this type of debt difficult to deal with….
The pandemic took many people for a serious financial loop. Between people losing jobs and not being able to work because of their health, many are still stuck with a large overhang of debt. The good news is that bankruptcy laws may be able to help you get a fresh start. The bankruptcy that many people are familiar with…
Many people think that bankruptcy is a magical solution to all their debt issues. However, while bankruptcy can help significantly improve your financial situation, it is not a magic wand that can immediately wipe out every single debt you have. This does not mean that bankruptcy is not beneficial – it certainly is for many people. You should always…
If you are already having trouble paying your bills, you might be planning to file for Chapter 7 bankruptcy in the near future. With the holidays right around the corner, you might think it is a good solution to max out your credit cards on holiday spending since you are going to include those balances in your bankruptcy filing….
When you have your initial consultation with a bankruptcy lawyer, you will leave with a sense of where you stand and whether bankruptcy is an option for you. Before you reach that point, your lawyer will likely ask many questions about your financial situation to advise about what is right for you. You should come prepared with as much…
Bankruptcy allows you a fresh financial start in life. Depending on the type of bankruptcy that you file, that could be that many of your debts are wiped out completely. Regardless of the form of bankruptcy, you will get breathing room that will put you on a better financial course. There are two different types of bankruptcy: Chapter 7…
