What Happens to a Jointly Owned Home in Bankruptcy?
The joint-owned property, such as that owned by a married couple, can affect how a bankruptcy is completed. If one spouse is going to file for bankruptcy, but there are assets in both of your names, it is imperative you speak with an attorney about these properties; especially when it comes to the family home….
5 Steps to Bankruptcy Planning
If you are considering bankruptcy, planning is essential. The actions you take, weeks and even months before you file, could dramatically impact the outcome of your case. Regardless of how bad your financial situation is, the more steps you take ahead of time, the better the outcome will be for your case – and the…
Credit Card Debt is Your Worst Enemy: 3 Ways to Defeat It
Credit card debt plagues millions of American consumers each year. In fact, the average American household in 2021 has $155,622 in debts. Those with credit cards had an average balance of more than $6,000 in 2021. Once credit cards can run your monthly budget, you might find that you are paying only the minimum and…
7 Steps to a Successful Bankruptcy
When you find yourself over your head with debt, and you can no longer meet your payment obligations, you might look to bankruptcy. Bankruptcy is a legal remedy for consumers who need a fresh start and relief from creditors and collection agencies. However, it is a serious financial decision that will impact your financial health…
Warning Signs that Bankruptcy is on the Horizon for You
No one goes through life expecting to file bankruptcy, but it happens. Sometimes, the warning signs are clear, while other times they are not so obvious. Regardless of your financial situation – or what you assume it will be like in the future – it is imperative that you know the warning signs of bankruptcy….
Will My Tax Refund be Affected by My Bankruptcy Case?
It is tax season, which means that you are probably anxiously awaiting your tax refund check. But, if you are in the process of bankruptcy, or if you have filed bankruptcy and you are in the repayment process, you might wonder what happens to your federal or state tax returns. If you have filed Chapter…
Will Bankruptcy Save My Home from Foreclosure?
Will bankruptcy save your home from foreclosure? Most homeowners facing bankruptcy are worried about one thing — the family home. Are you significantly behind on mortgage payments and struggling to meet debt obligations? If your mortgage lender is threatening to foreclose, bankruptcy might be your only option. With the protections of bankruptcy, you could prevent…
Insolvency Versus Bankruptcy: What is the Difference?
Insolvency and bankruptcy are often confused. While both apply to a business struggling to pay its obligations, each has different processes and outcomes. What is Insolvency? Insolvency is considered a financial status. It means that a business cannot promptly pay its obligations. According to the Internal Revenue Service (IRS), a business is insolvent when the…
What is Pre-Bankruptcy Counseling?
Most bankruptcy cases require that you have credit counseling, or pre-bankruptcy counseling, in a specified number of days before you can file the bankruptcy protection order in court. You will also be required to complete a course on debt management before your debts are discharged. This is the court’s way of ensuring that you learn…
What is a Bankruptcy Discharge and When Does It Happen?
What is a Bankruptcy discharge? At the end of your bankruptcy, you receive a discharge. This is a court order that is used for Chapter 7 and Chapter 13 bankruptcies, and it relieves you from debt obligations associated with the bankruptcy case. To receive a discharge from the court, you must satisfy all requirements. Once…