Ways to Avoid Common Financial Pitfalls In many instances, the factors that lead to bankruptcy are unpredictable. You suffer a personal injury or lose your job. There are, however, many common factors that contribute to the need to seek protection from creditors. Here are a few simple measures you can employ to reduce the likelihood that you'll … [Read more...]
Knowing When It’s Time to File for Bankruptcy Protection
March 17, 2020 by Leave a Comment
The Telltale Signs that You Should Contact an Experienced Bankruptcy Lawyer In our first blog this month, we wrote about overcoming the stigmas associated with bankruptcy. Unfortunately, inaccurate preconceptions about bankruptcy result in many people waiting too long to file and making the situation much worse than it needs to be. If you're … [Read more...]
Talking to Friends and Family After You’ve Filed for Bankruptcy Protection
March 11, 2020 by Leave a Comment
Overcoming the Stigma Associated with Bankruptcy For many people who opt for protection under American bankruptcy law, the decision whether to file is less about whether it will help them financially and more about how they will be perceived by friends and family. Though U.S. bankruptcy laws exist to give debtors an opportunity for a fresh start, … [Read more...]
Chapter 13 Reorganization and Real Property Debts
February 24, 2020 by Leave a Comment
The Best Way to Get Control of Mortgage and Property Tax Obligations For many who seek protection under American bankruptcy law, financial troubles relate largely to ownership of real property. For example, owners may be behind on mortgage payments and property taxes, facing tax liens and potential foreclosure. You can seek to discharge debts in … [Read more...]
Will You Lose Damages from a Personal Injury Claim in a Bankruptcy Proceeding?
February 20, 2020 by Leave a Comment
Bankruptcy and Personal Injury Claims Can You Keep Compensation Received in a Personal Injury Lawsuit? One of the common causes of bankruptcy is unanticipated and unreimbursed medical expenses, often as a result of an accident. When you file a personal injury lawsuit, it often can take months or years before you see any compensation. If you are … [Read more...]
The Potential Impact of Bankruptcy on Your Employment
February 6, 2020 by Leave a Comment
Can You Lose Your Job If You File? Will It Disqualify You from Future Employment? For many people facing unmanageable debt, there's a fear of filing for bankruptcy protection. That fear is based on concerns of job loss and negative impact on future employment opportunities. Can an employer terminate you for seeking protection under the bankruptcy … [Read more...]
Legal Actions Not Affected by a Bankruptcy Filing
January 31, 2020 by Leave a Comment
The Impact of a Bankruptcy Filing on Other Legal Proceedings When you file a petition under Chapter 7, Chapter 13 or any other part of American bankruptcy law, an automatic stay immediately goes into effect, preventing creditors from filing or proceeding with any legal action to collect the debt except through the bankruptcy process. The automatic … [Read more...]
Avoiding the Means Test in a Chapter 7 Bankruptcy Filing
January 24, 2020 by Leave a Comment
The Limited Circumstances Where You Don't Have to Submit to the Means Test When American bankruptcy law was amended in 2005, the framers of the revised Bankruptcy Code, with the intent of reducing the number of Chapter 7 petitions, added a requirement that debtors qualify for Chapter 7 by submitting to a means test. That test is designed to … [Read more...]
Discharging Tax Debts in Bankruptcy
January 14, 2020 by Leave a Comment
The Limited Circumstances Where You Can Wipe Out Tax Arrearages in Bankruptcy In Chapter 7 bankruptcy proceedings, you can permanently eliminate certain debts in exchange for transferring property to the bankruptcy trustee, who sells those assets to satisfy creditors. Among debts generally considered not to be dischargeable in Chapter 7 are tax … [Read more...]
The Documents You’ll Need for a Chapter 7 Bankruptcy Filing
January 8, 2020 by Leave a Comment
A Checklist to Help You Streamline the Process American bankruptcy laws were enacted to give debtors a second chance. With a Chapter 7 petition, you can permanently discharge some of your debts in exchange for transferring some property to the bankruptcy trustee, who will sell it to pay creditors. However, one requirement of the bankruptcy process … [Read more...]
