-
How Many Times Can I File for Bankruptcy?
The goal of filing for bankruptcy is twofold: get out from under insurmountable debt and get a fresh start on financial stability. Unfortunately, not everybody succeeds in that second part. In fact, a study found that 8% of people who file for bankruptcy eventually file a second time around. Though you can file for bankruptcy protection as many times as you need to (and qualify), the Bankruptcy Code does impose a minimum amount of time that must pass between filings, with those thresholds dependent upon the type of bankruptcy you originally filed for and the type you want to file …Read More ➡
-
What Happens to My Car During Bankruptcy?
Cars and trucks represent different things to different people. For some, it means freedom, while others have tied their identity to the car they drive. Still, others rightly view their vehicle as a tool they rely on to get their work done or to get them to or from their job, school, or other responsibilities. For all these reasons, their car is one of the top concerns among bankruptcy filers. Here’s what you need to know about how bankruptcy courts approach vehicles. If you file for Chapter 7 bankruptcy, it will automatically stop collection calls about your car and put …Read More ➡
-
Can I Get Remarried After a Divorce?
There are so many reasons for getting divorced and so many ways to experience the process. If the end of your marriage represents freedom or was the result of your falling in love with somebody else, then getting remarried may be the first thing you want to do. If the divorce came as a shock or as part of a betrayal – or if the divorce itself was incredibly toxic – the idea of getting married again may be the furthest thing from your mind. Whatever your situation, preferences, or goals, it is important for you to know your rights …Read More ➡
-
Debt-Relief Options to Try Before Bankruptcy
Getting into debt is easy. There are many ways that it can happen, ranging from things that are out of your control like medical emergencies and job losses to simply buying more than you can afford to pay for. No matter how it happened, getting out is a lot harder. Though bankruptcy is one of the most popular options available to those with bills that they simply can’t afford to pay, it is not always the best answer. Here are some of the other debt-relief options that you can try before filing for Chapter 7 or Chapter 13 bankruptcy. Don’t …Read More ➡
-
Is Bankruptcy my Best Option for Credit Card Debt?
People rarely use cash to pay for anything these days. Credit cards make consumers’ lives easier, especially now that a wave of your smart phone or watch allows you to walk away with whatever your heart desires. Unfortunately, this ease of use can lead to trouble, especially if your income can’t keep up with your spending or your needs and your credit card debt has grown out of control. Beyond shopping, if you need to pay a medical bill or have your car repaired or pay for your child’s orthodontia and you don’t have cash in the bank, a credit …Read More ➡
-
Will I Lose My Pet in a Bankruptcy?
Bankruptcy is an invaluable tool for those who are facing mounting debts, but the advantages of a fresh start have to be weighed against the loss of the assets that will need to be sacrificed to the bankruptcy trustee for sale. As hard as it is to consider giving up a home, a vehicle, cherished jewelry or heirlooms, those things pale in comparison to the idea of having to give up a family pet. Still, under bankruptcy rules any animals that are owned need to be listed as assets — even your beloved dog, cat, bird, or snake The good …Read More ➡
-
Protecting Your Mental Health During Divorce
Divorces that are drama-free are rare, and even if you’re the spouse who initiated the process, the experience can be painful and emotionally damaging. Getting through the process with your mental health intact is a challenge, but the tips below can help you through it. The overriding idea is to be kind to yourself: You are going through a traumatic event – and so is your partner – be forgiving of yourself when you make mistakes, and try to offer your spouse the same grace if you can. Understand that you are going to be on a constant emotional rollercoaster. …Read More ➡
-
Are the Consequences of Bankruptcy Worth It?
If you’re thinking about filing for bankruptcy, there’s a good chance that you’ve heard all the cautionary tales about how bankruptcy will destroy your credit and economic reputation. The truth is that the naysayers who warn against the bankruptcy process have never been in deep debt themselves. They have no understanding of the impact of piles of unpayable bills and nonstop collection calls. They also fail to recognize that doing nothing and continuing to struggle with debt does nothing to rebuild credit – while filing for bankruptcy eventually does. The truth is that those who are considering bankruptcy are already …Read More ➡
-
Keeping Your Business During a Personal Bankruptcy
If you are filing for Chapter 7 personal bankruptcy and you are a business owner, there is a good chance that the filing will lead to your business being shuttered. The determining factor is whether you operate as a sole proprietorship, an LLC or partnership, or a corporation. Individuals who operate sole proprietorships enjoy several advantages for being what is known as “pass through” entities, but when it comes to bankruptcy these benefits generally work against you. That is because there is little to no separation between the owner and the organization. At the very least the bankruptcy trustee will …Read More ➡
-
Can I Transfer Savings or Property to Family Members Before a Bankruptcy?
Filing for bankruptcy is an intimidating, scary process, and when you are anticipating doing so, it is natural to try to protect assets that are important to you and to provide for those who are closest to you. Before you do anything, it’s important to make sure that you know what you’re allowed and not allowed to do, as paying debts to friends or family members, or transferring savings or property out of your name and into a family member’s can lead to charges of fraud or preferential treatment. Your best bet is to seek advice from an experienced bankruptcy …Read More ➡
Find out everything you need to know about Philadelphia bankruptcy, PA divorce, immigration, etc. by reading our latest blog posts.
