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If You’re Struggling with Student Debt, Can Bankruptcy Help?
Are you having a hard time paying your bills? Is a big part of your problem your student loan debt? If so, you’re not alone. According to Investopedia.com, 54% of all college attendees assume student debt at an average of over $35,000, and almost 15% carry that debt into adulthood. Even more troubling is the fact that over 10% of student debt is currently at least 90 days past due. If you are one of those who sees no way to paying this debt off, you may be considering bankruptcy. You may also have heard that student debt will not …Read More ➡
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What Kind of Property is Liquidated During Chapter 7 Bankruptcy?
If you’ve been struggling to pay your bills and your income is simply not enough to cover your debts, it’s probably time to file for a Chapter 7 bankruptcy. Of the two types of bankruptcy filings most frequently used by consumers, Chapter 7 is the one that will entirely discharge most of your debts rather than simply reducing, reorganizing or recalibrating your existing debts (which is what happens under a Chapter 13 bankruptcy). Though the discharge of debts has the obvious advantage of presenting you with a brand-new financial start, it also comes with the downside of having to sell …Read More ➡
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Can a Bankruptcy Filing be Denied?
For most people, filing for bankruptcy is not an easy decision, but once they’ve made up their mind to move forward, the idea of a fresh start becomes very appealing. Unfortunately, the process is not as easy as simply filling out some paperwork. There are strict eligibility rules for a Chapter 7 bankruptcy filing, and if you don’t qualify you are likely to be shuffled into a different category of bankruptcy, Chapter 13. Though both can eliminate the harassing phone calls and collection notices that often drive people to file in the first place, the two are very different. Under …Read More ➡
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Is Marriage Abandonment Grounds for Divorce?
Pennsylvania is a no-fault divorce state which means that in most cases, there is no need to prove or justify a divorce filing. However, there are some situations that demand more aggressive divorce action than the no-fault process allows. When this is the case, Pennsylvania also provides a few possibilities for filing for an at-fault divorce, and marriage abandonment is one of them. There are a few good reasons for wanting to pursue an at-fault divorce. You may need the divorce to move more quickly than the at-fault divorce allow. You may hope to qualify for spousal support, and that …Read More ➡
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Is Debt Repayment Easier After Chapter 13 Bankruptcy?
When you’ve decided to file for Chapter 13 bankruptcy, it puts you in a position that is different from that of people who file for Chapter 7 bankruptcy. Where a Chapter 7 bankruptcy discharges almost all of your debts, under Chapter 13 the terms of your debts are modified with the specific mission of making it easier for you to satisfy your creditors. In most cases, a Chapter 13 bankruptcy will allow you to pay off your debts in a five-year period. The repayment plan may extend the amount of time you have to pay off the debt as well …Read More ➡
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Do You Qualify for Bankruptcy Exemptions in Pennsylvania?
The idea of filing for bankruptcy is extremely stressful, especially when you’re faced with the very real possibility of losing assets. Though there are certain exemptions available, the state of Pennsylvania has particularly strict rules regarding exemptions. It’s important for any Pennsylvania resident filing for bankruptcy to work with an attorney who truly knows and understands the rules and who can guide you through the process. When an individual who lives in Pennsylvania files for bankruptcy, they have the choice of using either the federal bankruptcy exemptions or the ones offered under Pennsylvania’s state laws. Though you’ll want to review …Read More ➡
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Is a Bankruptcy Attorney Worth the Money?
When you’re so unable to pay off your debts that you are considering filing for bankruptcy, it makes sense to think that a bankruptcy attorney is money you don’t need to spend. After all, the internet has all the information that anybody needs to go through the process, right? The truth is that even though there is no legal requirement that you use a bankruptcy attorney, there is a lot more to the process than just filling out some forms. Bankruptcy attorneys provide services and a degree of knowledge and expertise that makes their fees well worth the money. Here …Read More ➡
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How to Build a Budget After Bankruptcy
Once you’ve made the decision to move forward with a bankruptcy filing, your next step should be planning for the future. If your bankruptcy was the result of a medical emergency or some other unexpected disaster, that’s one thing – but if your debt arose from misguided money handling, you need to change your way of doing things. You don’t want to mess up that clean slate with the spending habits that led to your financial trouble. The first thing you need to do is build a budget – and stick to it. If this is the first time you’ve …Read More ➡
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Questions to Ask Your Bankruptcy Attorney
After weeks of going back and forth about what you should do about your debt, you’ve finally taken the first step and made an appointment with a bankruptcy attorney. It’s a smart decision, as an experienced and knowledgeable lawyer can provide you with the guidance you need to set yourself on the path to financial recovery. Though you may think bankruptcy is your only option, a bankruptcy attorney will be able to assess your situation and explain the choices you have, and what the outcome of each would be. To make sure that your appointment is productive, it’s a good …Read More ➡
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Bankruptcy Tips for the Elderly
Filing for bankruptcy is frequently depicted as a fresh start – a chance to start over financially. Though the idea of new beginnings and discharged debt may be appealing in the prime of your life, it feels particularly dissonant if you are elderly and unable to generate new income. Many seniors have spent a lifetime making mortgage payments and fear that they will lose their homes outright if they file for bankruptcy, yet don’t know what else to do. Here are some helpful bankruptcy tips for the elderly. The first thing that seniors need to understand is that bankruptcy may …Read More ➡
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