What Is a Chapter 7 Filing? What Are the Benefits? What Are the Limitations? Something unexpected has happened in your life. You've been in an accident or you have a serious illness, making it impossible for you to work. Your employer has been so affected by COVID that you've lost your job. Your spouse has filed for divorce. Now what? If you're … [Read more...]
Reasons You Might File Chapter 13 Instead of Chapter 7
Pursuing Reorganization Rather than Discharge of Debt When you’re considering seeking protection under the American bankruptcy laws, a Chapter 7 petition may seem like the best way to go. After all, you’ll get to totally wipe the slate clean on your debts, right? Isn’t that what you really want? Not necessarily. While fully discharging your … [Read more...]
Get a Fresh Start in 2023
A Personal Bankruptcy Filing Can Help You Get Your Finances in Order If you're like most Americans, you want to make some changes in your life. For many, the turning of the calendar can be the perfect time and the right motivation to do just that. If one of your New Year's resolutions is to get your financial house in order, you may want to … [Read more...]
Dos and Don’ts before Filing for Bankruptcy Protection
How to Get the Most Out of a Bankruptcy Petition If you are struggling to keep your head above water financially, and you have no realistic prospects that your situation will improve, bankruptcy may be the best option for you. To ensure that you accomplish everything that you want with the bankruptcy, and that you don't run afoul of any laws, here … [Read more...]
Should You File for Bankruptcy before the Holidays?
The Benefits of Filing before the Holiday Season It's the holiday season—the "most wonderful time of the year," according to the old song. But if you're struggling financially, it can simply be the source of even more stress. The thought of filing for bankruptcy right before Christmas—now that's a real downer. But there are a number of good … [Read more...]
Common Mistakes Debtors Make on the Chapter 7 Means Test
Errors to Avoid So That You Qualify to Discharge Your Debts If you're looking for a fresh start in bankruptcy and you want to be permanently rid of some of your debts, you'll want to file a petition under Chapter 7 of the bankruptcy laws. To qualify, though, you'll need to submit to a "means test," whereby you demonstrate to the bankruptcy court … [Read more...]
What Debts Should You Pay While in Bankruptcy?
Payments You Want to Continue to Make after Filing for Bankruptcy When you file for personal bankruptcy protection, whether under Chapter 7 or Chapter 13, an automatic stay immediately goes into effect, preventing your creditors from calling, writing or taking legal action to collect certain debts. There's a common misperception that, once the … [Read more...]