-
Steps to Take Before Filing for Bankruptcy
Bankruptcy is a legal proceeding that most people have heard of, but until you’ve actually gone through it you don’t know what to expect or how to prepare. Like anything unfamiliar, filing for bankruptcy can be intimidating to anticipate, but if you take the following steps one at a time, you can feel confident as you move forward. Complete credit counseling – These courses are required prior to filing for bankruptcy. They only take about an hour and can be taken online or over the phone. The cost of this class is generally about $25. Pull together all of your …Read More ➡
-
Will I Lose My Work Tools During Bankruptcy?
One of the scariest aspects of filing for bankruptcy – and particularly for Chapter 7 bankruptcy – is the knowledge that the court has the right to sell your assets to satisfy your creditors. As stressful as this is for the average person, if your ability to earn a living is dependent upon items that you’ve invested a significant amount of money in, it is perfectly reasonable to fear that these items will be sold, leaving you with no way to support yourself unless you spend that money all over again. Fortunately, there are certain exemptions to asset sales that …Read More ➡
-
At What Age is Bankruptcy Most Common?
Filing for bankruptcy has an unfortunate and unfair negative association. Though it is easy for those who are not facing serious debt to sit in judgment, these individuals have no sense of the types of pressures or circumstances that have led to a person’s economic woes. A closer look at the statistical realities of bankruptcy makes clear that in the vast majority of cases, bankruptcy filings are a result of outside issues that have left the filers with no real choice. If you are considering filing for bankruptcy, it is perfectly normal for you to feel isolated and alone. The …Read More ➡
-
How to Handle Divorce After Adultery
Adultery is an extremely painful experience. It is completely normal for a spouse who has learned about their husband or wife’s affair to feel anger, pain, and grief all at once. The emotions you feel may run the gamut, from wanting to strike back and cause equivalent pain to questioning your own self-worth. Some people immediately move to try to save their marriage, while others see no way out but divorce. There is no right answer on what to do – it is a completely personal decision. One of the myths that circles around divorce holds that clients whose spouses …Read More ➡
-
Should I Try to Save Money Before Filing for Bankruptcy?
If you’re getting ready to file for bankruptcy, you may be wondering what will happen to your various bank accounts, and particularly any savings or retirement funds that you may have. While most people know that it is a very bad idea to run up additional debt immediately before filing for bankruptcy, there is less known as to what you will be able to keep. Putting money in savings may seem like a good idea at first, as once you’ve filed for bankruptcy it will generally preclude your creditors from bothering you. But that doesn’t mean that what is in …Read More ➡
-
What Information do I Need to Provide My Bankruptcy Attorney?
Moving forward with a bankruptcy filing can be an emotional decision and one that many people only make when they believe they have no other options. If you’ve just made that decision, or are looking for advice as to whether there are alternatives you’re not aware of, the best thing you can do is to seek help from an experienced bankruptcy attorney who will patiently review your documents, assess your situation and give you their opinion on your best path forward. To make sure that your bankruptcy attorney has a complete sense of your financial situation, you need to provide …Read More ➡
-
Are Alimony Payments Taxable?
For years, people whose divorce agreements required that they pay alimony to their ex-spouse were able to deduct those payments from their annual income, thus reducing their tax liability. At the same time, the recipients of those payments were required to report them as taxable income. But the passage of the Tax Cuts and Jobs Act (TCJA) put an end to that practice for anybody whose divorces were put into place after December 31, 2018. For those divorced after that date and through the end of 2025 (when the TCJA expires), the alimony deduction is eliminated, though the ability to …Read More ➡
-
Will Bankruptcy Ruin My Financial Future?
Though there is no doubt that filing for bankruptcy will have a strong negative impact on your credit score – the most significant negative impact of any single event – to say that it will ruin your financial future is probably overstating reality. The truth is that even though filing for bankruptcy will have a big effect initially, it is probably the biggest step towards improving your credit that a person who is unable to pay their bills can take. For some people who have gotten themselves into intractable debt, filing for bankruptcy actually raises their credit score. This may …Read More ➡
-
Are Millennial Divorce Rates Lower than Previous Generations?
There was once a time when the odds of a marriage lasting were universally accepted as being roughly 50-50, which did not bode well for those considering tying the knot. But recent data analysis has provided some eye-opening statistics about the societal shifts around matrimony. Researchers have found that younger generations are proving significantly more adept at making their marriages last. The reasons for this are not entirely clear, but the numbers are irrefutable. People are waiting longer to get married, and once they get married, they’re managing to avoid divorce and stay married. The different generational groups have approached …Read More ➡
-
Will Bankruptcy Allow My Ex to Stop Child Support Payments?
Filing for bankruptcy is a legal action that seeks the discharge of an individual’s debts. It is essentially a statement that their financial situation makes it impossible for them to meet their obligations, and looks to the bankruptcy court to allow them to start fresh. There are two different types of bankruptcy filing, with Chapter 13 allowing the individual to pay their in a more extended way or reducing the interest charged or amount owed, and Chapter 7 eliminating their debt entirely. In both types of bankruptcy filing, child support is not considered dischargeable and the individual is expected to …Read More ➡
Find out everything you need to know about Philadelphia bankruptcy, PA divorce, immigration, etc. by reading our latest blog posts.
