How to Decide Which Chapter of Bankruptcy to Declare
If you are experiencing financial troubles, do not feel like you are out of options. Individuals may qualify to file for bankruptcy. The question is: which chapter of bankruptcy is right for you? Here is a short, helpful guide on the different types of bankruptcy and what to expect with each one. How to Decide…
Reasons Why You Should Hire a Bankruptcy Attorney
Filing for bankruptcy is a big step to eliminate debt. We realize it can be uncomfortable, but for some, it might be one of the only options to get back on your feet. If this is your situation, and you are unsure where to start, we suggest speaking with a bankruptcy attorney. Let’s go over…
How to Know If Your Business Is Bankrupt
There are a few ways to tell if your company is going to crash (low revenue and high costs are one). While these might be overwhelming, bankruptcy is an option for many businesses that can serve as a light at the end of the tunnel. While things have been hard, you are far from out…
What Happens If You Do Not Disclose All of Your Assets When You File for Bankruptcy?
What happens if you do not disclose all of your assets when you file for bankruptcy? When filing for bankruptcy, you are required to disclose all assets and income. If you do not disclose all assets, including any recent transfers, your case may be dismissed and the court may impose criminal penalties – depending on…
Should You Tell Creditors You Are Filing for Bankruptcy?
Should you tell your creditors you are filing for bankruptcy? While you can tell creditors you are filing bankruptcy, doing so may not stop them from continuing to call and try to collect on a past due debt. The only way to stop them from harassing you for payment, legally, is to file for bankruptcy…
What Is Considered Disposable Income for Chapter 13?
When you file for bankruptcy, what is considered disposable income? No matter which chapter of bankruptcy you choose to file, the courts look at your disposable income and compare it to your monthly debt obligations. Disposable income is that which you can use to pay down debts, and if you have too much disposable income,…
What Debts Are Not Dischargeable in Bankruptcy?
What Debts are not Dischargeable in Bankruptcy? What debts are not dischargeable in bankruptcy? One common misconception among consumers is that you can discharge all debts and be 100 percent debt-free if you file for Chapter 7 bankruptcy. While you could discharge a vast majority of your debtors, the belief that you can remove 100…
What Is Relief from Automatic Stay?
Who gets relief from the automatic stay in bankruptcy? When a relief from the automatic stay is filed, it is done by a creditor. The creditor is asking the court to remove the automatic stay protection issued in bankruptcy so that they can continue collection efforts. Typically, the creditor does so when they need to…
How Much Should You Be in Debt before Filing for Bankruptcy?
How much debt should you be in before filing bankruptcy? A common question on consumer minds is whether or not they have enough debt to justify filing for bankruptcy. The answer is not as simple as “X dollars” is the threshold. Instead, it comes down to your unique financial situation, the type of debts you…
What to Expect at Your Chapter 12 Confirmation Hearing
Wondering what to expect at your Chapter 12 confirmation hearing? Chapter 12 bankruptcy is exclusively offered for family farmers and fishers. It allows these individuals to restructure their finances, save their business, and avoid court-ordered liquidation or foreclosure. Chapter 12 works similarly to Chapter 13 bankruptcy where you create a repayment plan that the courts…