
Bankruptcy Options for Married Couples
Married couples often share the same debts, but that is not always the case. There are bankruptcy filing options for both situations. One partner may need to wipe out their debts but want to avoid harming the other partner’s credit. In some states, it can be beneficial to file for bankruptcy jointly. Before deciding, you should know the pros and cons of each filing option for married...

Did You File for Bankruptcy in 2018? Here Is How It Affects Your Tax Return
So, you made the decision to reclaim your life from financial trouble in 2018 and file for bankruptcy. When you file, you basically separate from your estate. You can think of your estate as a separate person. This can create some complexities during tax season. To add more into the mix, the chapter under which you file can change things! Read on to learn more about the fun of taxes...

How the New Bankruptcy Bill Affects Small Businesses
There are many reasons a business looks at bankruptcy as an option. Competition, economic climate, lawsuits, and many more situations can create an unsustainable environment. Believe it or not, some businesses cannot afford to declare bankruptcy so they just close. The new bankruptcy bill was inevitable. Support for small businesses similar to that of chapters 12 and 13 is long overdue....

Three Thing To Know About Chapter 13 Bankruptcy Cases
Chapter 13 bankruptcy is a form of bankruptcy that requires the debtor to enter into a plan of debt repayment. It is similar to debt consolidation, but has the backing of Court approval, so your lenders do not have a choice about whether to participate in your proposal. When a Chapter 13 case is filed, a repayment plan is proposed and eventually approved by the Court. The debtor then makes a...

Two Ways To Prevent Foreclosure
Foreclosure is your mortgage lender’s way to take back your house if you become delinquent on your mortgage note. Some lenders act more quickly than others, while some take a while to start the foreclosure process. In either case, you need to know that there are things you can to do prevent a foreclosure and save your house. If you are in this situation, let us help by explaining your options...

Is The Paperwork Different For A Chapter 7 Versus A Chapter 13?
There are two types of consumer bankruptcy cases; a Chapter 7 and a Chapter 13. A Chapter 7 is a total liquidation of all of your debts, expect the ones for things you want to keep. Most people need to hang on to at least their home and their car, even in bankruptcy, and so these loans still have to be paid. On the other hand, a Chapter 13 is a reorganization of debts, where you pay back less...

What Can I Do If My Chapter 13 Plan Payments Are Too High?
Most people who file bankruptcy don’t have a lot of extra money each month. For this reason a Chapter 7 case is usually preferred, because a Chapter 7 will get rid of all of your unsecured debt while a Chapter 13 will require repayment of at least a portion of unsecured balances. The amount of unsecured debt you have to pay back in a Chapter 13 bankruptcy depends on the amount of income you...

How Does Bankruptcy Affect Credit?
If you are having a hard time paying the bills and are behind on certain things, chances are your credit score has taken a hit. Your credit score is what lenders rely upon when making loans, and a higher score usually results in being offered more favorable lending terms. The most important of these terms is typically the interest rate, and people with credit that is considered good usually...

Can I Buy A New Car If I File For Bankruptcy?
Houses and cars are the two biggest purchases most of us make during our lifetimes. A lot of research goes into making either of these purchases, and both can be life changing. When you buy a new home you are making the decision to plant roots, and maybe raise a family in one spot. When you look at new cars, you have to decide which one will be just right for you as far as size and safety....

Can My Student Loan Lender File A Proof Of Claim In My Bankruptcy After The Deadline?
When consumers have more debt than they can repay, bankruptcy is a good way to eliminate that debt and get back on track. There are two types of bankruptcy available to a consumer, a Chapter 7 or a Chapter 13. A Chapter 7 is a liquidation of debt, where all of the unsecured debts are wiped out, giving the debtor the chance to pay for the secured debts they choose to repay (like house and car...