Whether your mountain of bills is the result of bad luck, an injury or illness, or spending habits that got out of hand, the start of a new year offers the promise of a fresh start. If your debt is insurmountable, this may be the perfect time to break free and file for bankruptcy. But make sure that you do it the right way. Here are our top bankruptcy tips for the new year. Don’t purchase luxury items right before filing. If you spent a ton on Christmas gifts with the idea that you’d be able to discharge all of …Read More ➡

If you’re considering a bankruptcy filing, you’re probably facing mounting bills and seemingly endless calls from creditors and collection agencies. Some debtors have already reached the point where their creditors have taken legal action and garnished their wages. When your wages are garnished, it means that your employer withholds a portion of your salary and sends it directly to the entity that needs to be paid. Garnishment can take many forms. When a creditor such as a credit card or medical office exhausts its collection efforts they can go to court to get a judgment against you for the amount …Read More ➡

Even people who know almost nothing about bankruptcy know that Chapter 7 bankruptcy wipes out their credit card debt. Once a person files and qualifies for bankruptcy they are assigned a trustee who analyzes their debts, separating out the non-dischargable obligations like child support and tax bills from dischargable claims such as medical bills and credit card bills. Creditors in the latter category are essentially last in line for compensation from the debtor’s remaining assets, and that means that you’re off the hook for charges that have been racked up on your Visa or Master Card. But that doesn’t mean …Read More ➡

When you’re deep in debt, every financial obligation becomes a pain point. Bankruptcy provides a way out, a chance to start fresh and escape the bills and debt collectors that keep popping up like mushrooms. Still, eliminating your debts doesn’t mean that you won’t have future expenses. Your living expenses will continue, including any rent that you’ve agreed to pay. Here is what you will need to know about how filing for bankruptcy will (and will not) impact your leased housing situation. If you are currently renting an apartment or house, are current in your payments and plan to continue …Read More ➡

If you own your own business, you probably view it as a piece of yourself. After all, you’ve invested a huge amount of your time and money into it, as well as intellectual and emotional capital. For many business owners, the idea of losing their business feels like a death, and if that’s the case for you, filing for personal bankruptcy may feel like a very scary proposition. Here’s what you need to know. There are two ways to file for personal bankruptcy protection. Under Chapter 13 you are indicating that you can pay your bills but you need more …Read More ➡

Many people think that filing for bankruptcy is the equivalent of waving a magic wand that entirely eliminates their financial worries. But if you are in debt, there is a good chance that some of your financial obligations will remain with you, even after your credit card debts and other bills have been discharged. That’s because there are some debts that simply cannot be eliminated, even by a bankruptcy court. What this means is that even if you have seen your credit card bills, medical bills, mortgage and auto loans, and other personal debts waived, you will still need to …Read More ➡