It’s that time of year again. Holiday sales are ramping up and calling all of our names. While it’s tempting to take advantage of holiday bargains, if you’re experiencing financial difficulties – and especially if you’re considering bankruptcy — you’re much better off staying away from the stores and stepping away from the keyboard. As much money as you could save by taking advantage of deep discounts, you’re far better off taking a more conservative approach to shopping right now. Those prices — no matter how much you save — can get you into big trouble down the road. Maybe …Read More ➡

When you’re considering a bankruptcy filing, you may feel like you’re alone, but in truth, there are plenty of people in the same boat that you are: most years see about half a million people filing for personal bankruptcy, with years of economic stress leading to over a million filings.  Working with a bankruptcy attorney and knowing what to expect can alleviate a lot of the stress. Here’s a summary of the process from start to finish. Initial meeting – A bankruptcy attorney will assess your financial situation and explain all your options — including debt consolidation and negotiating with …Read More ➡

It’s common for individuals who are having financial trouble – or who have an insufficient credit history – to ask a friend, family member, or colleague to co-sign a loan. It’s also common for married couples and family members to be joint account holders on checking and savings accounts. But when someone who is financially healthy is a co-signer or joint account holder with a person who files for bankruptcy, it puts the financially healthy person in a precarious position. Here’s what you need to know about protecting yourself in this type of situation. Co-Signer and Joint Account Holder Liability …Read More ➡

There are so many rewards of being self-employed that individuals who set it as a goal often forget or dismiss the downsides. Just as applying for a mortgage is more complex when you don’t have a W-2 to prove your income, the same is true for a bankruptcy filing. If you’re self-employed and you’ve found yourself pondering a Chapter 7 or Chapter 13 filing, there are special considerations you’ll have to weigh, particularly surrounding income verification and asset valuation. When you’re self-employed, you’re responsible for your own financial records, accounts payables and receivables, and tax payments. Though entrepreneurs are incessantly …Read More ➡

Moving forward with a bankruptcy filing is a very big decision. Not only do you need to worry about the impact on your credit, but there are also very real concerns about being able to hold on to your most valued assets. While it is absolutely true that a Chapter 7 bankruptcy filing carries the risk of asset loss, it is also true that going into the process with the guidance of an experienced attorney will ensure that you have a strategy in place that maximizes your ability to protect what matters to you most. Below you’ll find information on …Read More ➡

Unlike a Chapter 11 bankruptcy filing, a Chapter 13 bankruptcy does not discharge all of your debts: Instead, it reorganizes them and allows you to repay all or part of them over an extended period, usually three to five years. Chapter 13 is sometimes referred to as a wage earner’s plan because it is offered to those whose income is sufficient to – eventually – meet their liabilities. Still, even though your debts will be paid off, it can have a significant impact on your credit score, often lowering it by 100-200 points or more, being noted on your credit …Read More ➡

It’s easy to see the attraction of taking out student loans: the money they provide can make all the difference. Unfortunately, the assumption that with a degree, these loans will be easily paid back doesn’t always pan out, and borrowers find themselves mired in unmanageable debt.  If this has happened to you and you’re considering filing for bankruptcy, here’s what you need to know about the legal challenges of trying to discharge student loan debt, and about the other options available to you. Bankruptcy offers the advantage of discharge, but only if you are successful In the past, student loans …Read More ➡

Filing for bankruptcy is a decision people reach when they’re at the end of their financial rope. But even those who feel they have no more choice will find that they have options available to them. The most important of these is the question of whether to file for Chapter 7 or Chapter 13. Chapter 7 and Chapter 13 are each different sections of the U.S. Bankruptcy Code, and there are significant differences between the two, and different outcomes. Let’s take a quick overview of the two. Chapter 7 is also known as liquidation bankruptcy because it is the type …Read More ➡

Being notified of a foreclosure action is one of the most chilling things that a homeowner can face. This legal process is not something that happens randomly or that a lender wants to pursue: it generally takes repeated missed mortgage payments and warnings before a lender moves to take action. If your debt has resulted in you missing so many payments on your real estate loans that the bank is looking to repossess it, then filing for bankruptcy may offer you temporary respite, but the type of bankruptcy you file for and the timing of your filing will both play …Read More ➡

Being notified of a foreclosure action is one of the most chilling things that a homeowner can face. This legal process is not something that happens randomly or that a lender wants to pursue: it generally takes repeated missed mortgage payments and warnings before a lender moves to take action. If your debt has resulted in you missing so many payments on your real estate loans that the bank is looking to repossess it, then filing for bankruptcy may offer you temporary respite, but the type of bankruptcy you file for and the timing of your filing will both play …Read More ➡