As is so often true of making big and difficult decisions, your decision to file for bankruptcy will probably provide enormous emotional relief.  Despite its taboos and challenges, filing takes matters out of your hands and puts you on the road to healing your financial health. Still, you have decisions to make about how you want to approach the process, and that includes deciding whether to tell your creditors about your plans. The answer to whether you should give your lenders a ‘heads-up’ is a matter of your own personal approach and comfort level, as well as your goals. What …Read More ➡

If you’re so deeply in debt that you’re considering filing for bankruptcy, opting out of hiring an attorney may seem like a smart and practical choice. After all, why spend money on a legal action that you can probably look up online, right? The truth is that once you get to the particulars of your personal situation, bankruptcy filings are far more complex than you’re likely to see on any how-to page. Additionally, there are limits to how much a bankruptcy attorney is permitted to charge. Here are our top reasons for why you should hire a bankruptcy lawyer. Identifying …Read More ➡

Even in the face of mounting debt, most people put off a bankruptcy filing until they simply are unable to do anything else. There are plenty of reasons for this. For most people, filing for Chapter 7 — or even for Chapter 13 bankruptcy — takes an emotional toll: right or wrong, people view bankruptcy as a black mark against them, and a sign of failure. Others may be hoping for some kind of windfall that will help to ease their financial woes. If you are anticipating coming into money and putting off your filing because you’re hoping to get …Read More ➡

Your bills are mounting — credit cards, mortgage, auto loans, and child support too. If you’ve concluded that bankruptcy is your only way to get out from under, then a brighter, less stressful future is ahead. Still, despite the promise of a fresh start free of calls from bill collectors, it’s important for you to understand that a bankruptcy filing does not eliminate every debt that you owe: most importantly, you need to know that the amount that you submit each week in child custody payments are not going to be affected at all. Whether you qualify for Chapter 7 …Read More ➡

Owning your own business is a life’s dream for many people. Whether you’re a sole proprietor, part of a partnership or LLC, or a shareholder of a corporation, your goal is for the business to be successful and profitable, but that isn’t always the case. If you’re facing a situation where bills are coming due that the business can’t pay, your creditors are going to look to you – and that leaves you wondering whether you’re legally on the hook. The answer to that question is less than straightforward. Most business owners know that sole proprietors and partnership members are …Read More ➡

For most people, the top reason to delay filing for bankruptcy is the fear of losing their homes. Though that certainly happens to some, many people are able to avoid this fate. It all comes down to what you own and what you owe, and a lot will depend on the bankruptcy chapter you file under. Other factors include your state’s rules regarding exemptions and the amount of equity you have in your home. The best way to find out if you’ll be able to protect the things most important to you is to consult with an experienced bankruptcy attorney …Read More ➡

One of the first things you learn when you approach filing for bankruptcy is that it’s not a magic wand. Though it can eliminate a good portion of your debts, doing so comes at a significant cost in terms of your credit rating, and possibly even some of your most treasured assets. It also doesn’t eliminate every debt you’ve accumulated over the years. While credit card debts and medical bills can certainly be wiped away, other obligations are not dischargeable. You will still have to pay for child support and alimony, student loans, and any compensation that you owe as …Read More ➡

Halloween is past, Thanksgiving is upon us, and the gift-giving celebrations are just weeks away. What most people think of as the most joyful and festive time of year can feel like sheer misery when you’re deeply in debt, as every aspect of the holidays seems to have a price tag attached. Whether you’ve just filed for bankruptcy or are about to file your papers, the process creates a shift in the way that you have to think – and in what you’re able to spend. Bankruptcy does represent an adjustment, but it does not have to ruin your holiday …Read More ➡

One of the most frightening aspects of a bankruptcy filing is contemplating the way that it will affect your day-to-day life. Will you be able to keep your house and your car? Will people find out and think less of you? And how are you going to be able to buy things if you no longer have credit and don’t have cash on hand?? The last of these questions is actually a pretty big deal. It’s one of the toughest things for people to get used to as they enter this new phase of their lives. Many even think about …Read More ➡

For most people, bankruptcy is a vague notion – something they’ve heard of but know little about. But if you’re one of the hundreds of thousands of Americans for whom debt has become insurmountable, bankruptcy has become a potential lifeline you’re hurrying to learn more about. One of the very first things you’ll want to understand is the difference between Chapter 7 and Chapter 13 bankruptcies, and whether you’re able to choose the one you prefer. Chapter 7 and Chapter 13 bankruptcy both exist to relieve debt, but the two have significant differences. Because Chapter 7 entirely liquidates almost all …Read More ➡