Successfully Working Your Way to Discharge of Debts When you're looking to get a fresh financial start through a bankruptcy filing, the permanent discharge of debt through Chapter 7 often holds more attraction than repaying your creditors over a three-to-five-year period, as required under Chapter 13. But Chapter 7 can be tricky—you need to be … [Read more...]
When Chapter 13 May Be a Better Option Than Chapter 7
Why Reorganization Can Be Preferable to Liquidation When you're struggling to meet your financial obligations, the thought of having your debts permanently discharged can be appealing. That's what a Chapter 7 bankruptcy offers—the elimination of certain debts in exchange for the transfer of some of your assets to the bankruptcy court, to be used … [Read more...]
Bankruptcy and Your Home
Can You Keep Your Home When You File? Is It Easier with Chapter 7 or Chapter 13? If you're like many Americans, struggling financially because of the coronavirus pandemic, you may be considering bankruptcy as a way to get a fresh financial start. Your biggest concern, though, could be whether you'll be able to keep your house if you file for … [Read more...]
Bankruptcy for Married Couples
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
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
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
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
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
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...]