Can You Get Student Loan Payments under Control through Bankruptcy? You borrowed a lot of money to get through college, with the hope that you'd have a well-paying job that allowed you to quickly repay those loans, only to find it difficult to either find a job or get one that pays you what you need. Unfortunately, you're not alone. Studies show … [Read more...]
Your Bankruptcy Options When You Owe Money to an Ex-Spouse
May 24, 2019 by Leave a Comment
Should You Choose Chapter 7 or Chapter 13? Are you struggling to meet your financial obligations? Do your debts include family law obligations, such as child support or alimony arrearages? Have you considered be discharging or restructuring those debts could in a Chapter 7 or Chapter 13 proceeding? Domestic Support Obligations Are Not … [Read more...]
Your Bankruptcy Options When Continuing a Business
May 17, 2019 by Leave a Comment
What's Best for You—Chapter 11 or Chapter 7? If you own a business that's struggling, but you know it's just a matter of time before things turn around, you can still use the bankruptcy process to your benefit. When you file a bankruptcy petition, you will immediately get the benefit of the automatic stay, which prohibits your creditors from … [Read more...]
Your Bankruptcy Options When Closing Down a Business
May 10, 2019 by Leave a Comment
Should You Seek Protection under Chapter 11 or Chapter 7 If you own or operate your own business, but you're struggling to make a go of it, you need to honestly assess your chances of long term success. The bankruptcy laws can help you wind down a business, allowing you to put most of the losses behind you. What's the best way to use bankruptcy … [Read more...]
Can You Dispose of Assets before You File a Bankruptcy Petition?
April 29, 2019 by Leave a Comment
Steps to Minimize Potential Legal Problems When you are facing financial challenges, a common strategy is often to sell assets you don't need, so that you can pay off creditors or meet your basis needs. If you subsequently file for bankruptcy protection, though, you may face questions from the bankruptcy court regarding the disposition of those … [Read more...]
What Happens to Jointly Owned Property When You Seek Protection in Bankruptcy?
April 22, 2019 by Leave a Comment
You have unmanageable debt and have concluded that the only way to move forward is file a personal bankruptcy petition. You may own property jointly with friends or other family members, including parents, children and others. Perhaps a family member co-signed for you or a parent added you to a bank account or deed as an estate planning tool. … [Read more...]
Are Your Retirement Assets Safe When You File for Bankruptcy Protection?
April 15, 2019 by Leave a Comment
You've worked hard to prepare for a secure retirement, faithfully making contributions to your IRA or to a 401(k). Then you experience health problems, or lose your job, and the bills become unmanageable. A personal bankruptcy filing may be the only way to get back on your feet again. If you file for bankruptcy, though, will you jeopardize your … [Read more...]
How Does a Bankruptcy Filing affect an Inheritance?
April 8, 2019 by Leave a Comment
Can You Potentially Lose an Inheritance if You Seek Protection in Bankruptcy? You've had difficulty meeting your financial responsibilities, and have successfully discharged debts through a Chapter 7 proceeding. After the termination of the bankruptcy proceeding, you learn that you are the beneficiary of the estate of a loved one. What are the … [Read more...]
Are Any “Family Law” Obligations Dischargeable in Bankruptcy?
March 29, 2019 by Leave a Comment
The "Super Discharge" under Chapter 13 One of the fundamental principles related to the discharge of debts in a Chapter 7 proceeding is the prohibition of discharge of child support and alimony arrearages. But what about other divorce or family law-related debts to your ex-spouse, ones that have no connection to support obligations? Under Chapter … [Read more...]
Can You Discharge a Car Accident Verdict in Bankruptcy?
March 21, 2019 by Leave a Comment
It's not common that a private individual will have personal financial responsibility for damages suffered by another person in a motor vehicle accident. That's generally covered by automobile insurance. There are, however, isolated instances where you may be sued directly by another person, or by an insurance company, for losses incurred. Can you … [Read more...]
