Can You File Without Your Spouse? Should You? It's not uncommon for spouses to each have their own separate finances, with individual bank accounts and debts. Accordingly, it's also not uncommon for one spouse to experience financial difficulties while the other does not. Bankruptcy can be the best solution to help a struggling spouse get a fresh … [Read more...]
Congress Considers Reforming Bankruptcy Laws
April 13, 2021 by Leave a Comment
Sponsors Say New Bill Will Simplify the Process In December 2020, Democrats in both the Senate and the House introduced a bill to radically reform the nation’s bankruptcy laws. The bill’s sponsors say the proposed legislation seeks to reduce costs and stumbling blocks that prevent consumers from reaping the intended benefits offiling for … [Read more...]
Bankruptcy Relief Under CARES Act
April 7, 2021 by Leave a Comment
Bankruptcy Court May Grant Discharge of Mortgage Debt After Multiple Missed Payments As a general rule, consumers can discharge debt through a Chapter 7 bankruptcy filing or reorganize their debts under Chapter 13. Under the CARES Act, enacted into law on December 21, 2020, the Bankruptcy Court now has the discretion to discharge certain mortgage … [Read more...]
Knowing When It’s Time to Consider Filing for Bankruptcy
March 16, 2021 by Leave a Comment
Signs That You May Need a Fresh Start If you’re like most people, you always see the silver lining. When you’re struggling to make ends meet, there’s always hope around the corner—a new job, a raise or promotion, something that will get you back to square one. That’s a great attitude to have, but sometimes it’s wishful thinking that, … [Read more...]
Paying for Bankruptcy
February 10, 2021 by Leave a Comment
The Out-of-Pocket Costs | How to Pay When You're Already Struggling? When you're struggling to make ends meet, and considering bankruptcy, another expense may seem like the last thing you need. Though bankruptcy may seem like the best way to get a fresh start, there are costs to bankruptcy—filing fees, the cost of mandatory credit counseling, and … [Read more...]
Choosing between Chapter 7 and Chapter 13
February 5, 2021 by Leave a Comment
Determining the Right Bankruptcy Filing If you experiencie financial challenges and conclude that your best strategy for moving forward is through bankruptcy, there are two paths you can potentially take—Chapter 7 or Chapter 13. You may not know if or how you qualify for one filing or the other. Here's an overview. Chapter 7 Bankruptcy … [Read more...]
How Soon After Bankruptcy Can You Qualify for a Mortgage?
January 16, 2021 by Leave a Comment
The Impact of a Chapter 7 or Chapter 13 Petition on Future Creditworthiness The pandemic has made life difficult for most Americans. You may have had a good job and been saving to buy a house, but now that job is gone, and you're falling behind on your financial obligations. You might feel that your prospects for turning things around are … [Read more...]
Can Filing for Bankruptcy Help You Get Credit?
December 7, 2020 by Leave a Comment
Bankruptcy May Make It Easier to Obtain Credit There's a common misperception that filing for bankruptcy will reflect negatively on your credit and make it more difficult for you to finance anything. In fact, filing for bankruptcy often leads potential creditors to view you as a safer risk. How can that be? It seems counterintuitive. Here's … [Read more...]
