Advice

Are You A Good Candidate For Bankruptcy? Owing money does not feel good, especially when the amount feels overwhelming. Debtors sometimes feel like they are drowning, which leads them to consider bankruptcy. The problem is that many do not know this is an option they can consider. It is okay to feel unsure because bankruptcy is a tricky option that can seem confusing, but the following four signs may help you figure out if bankruptcy is right for you: Question 1: Exactly How Much Debt Are You In? The first sign that bankruptcy might be the right option for you is [...]

What Do I Need to Report When Filing for Bankruptcy? Consider the essential documents needed for filing Bankruptcy. Whether filing a Chapter 7 or Chapter 13 bankruptcy, the paperwork required is usually the same. In order to file the correct documents make sure you check your district as well as the trustee handling your bankruptcy. Listed below are the typical documentation needed for filing. Tax Returns It is probable that you will have to submit copies of your tax transcripts as well as your tax returns for the past 2 years. Additionally, you will need to provide a valid explanation for [...]

What Happens if my Case Gets Dismissed? Filing for bankruptcy is important if you have outstanding debts and you need more time to pay up. But how can you handle it if your bankruptcy case was denied and you know you need it to survive? If this happens to you, just know that all hope is not lost as there may be other options to explore for you to smile again if you act quickly. These options are meant to be taken seriously and quickly too. If you are quick to act, there may be a reconsideration of the dismissal. Inadequate [...]

Protecting Properties From Creditors After Bankruptcy Legally speaking, what are the properties that can be kept after bankruptcy? Upon declaration of and qualification for bankruptcy, the first thing that comes to mind is how to save specific properties such as house, vehicles, retirement account, life pensions or annuities, and other personal items as well. This is the reason why most individuals who intend to declare bankruptcy would rather put the declaration on hold for the time being. However, putting off bankruptcy for a considerable length of time may result to creditors acquiring judgments against your properties which may result to levies [...]

Bankruptcy: Can it provide freedom? In today's economy, finances are closely monitored in the family household. From budgeting for food, entertainment, car payments or other financial responsibilities it can get a little overwhelming. Now trying to manage that along with the everyday needs of caring for children, spouses and even pets might raise your blood pressure level a little. Anxiety, as defined by Merriam-Webster, is fear or nervousness about what might happen. Let's take a few unexpected things that could happen: Injury to family or pet Death of a loved one Loss of job or income All of these would qualify [...]

Bankruptcy Facts vs. Fiction/ Bankruptcy Myths Busted The most common bankruptcy myths are broken down by Attorney Keith Cornwell. Included in these are those debt tall tales that create such fear among those individuals applying for bankruptcy. Myth: It is TOO LATE to file for bankruptcy if a creditor has SUED you. Truth: Bankruptcy will put an immediate STOP to a foreclosure, lawsuit, levy and/or wage attachment, and a sheriff sale. The Automatic Stay of the Bankruptcy Code, under section 362, is a very powerful provision. All of a debtor's creditors are directed to cease all collection activities, by this Section [...]