Can You Lose Individual Retirement Account Assets in a Bankruptcy? When you file for protection under Chapter 7 of the bankruptcy laws, a "bankruptcy estate" will be created, into which certain assets of yours will be transferred. If those assets are not exempt under state or federal law, the bankruptcy trustee may choose to sell them to pay down … [Read more...]
When a Creditor Tries to Collect on a Debt that Has Been Discharged
December 31, 2018 by Leave a Comment
Your Rights When a Creditor Ignores a Bankruptcy Order When you successfully file a Chapter 7 bankruptcy petition, you'll be able to permanently absolve yourself from financial responsibility for any debts included in the filing. But what happens if you've completed a personal bankruptcy filing, the court has entered a discharge order and a … [Read more...]
Can You Use Bankruptcy to Avoid Foreclosure?
December 20, 2018 by Leave a Comment
When you're struggling to meet your financial obligations, one of the first debts that can get away from you is your mortgage. Unfortunately, it won't take long before you find yourself involved in foreclosure proceedings. Perhaps there's light at the end of the tunnel—you can see that your financial situation will improve dramatically in the near … [Read more...]
Filing for Protection under Chapter 12 of the Bankruptcy Laws The Special Provisions for Family Farmers
December 13, 2018 by Leave a Comment
Most individuals who seek bankruptcy protection must file under Chapter 7 or Chapter 13. Chapter 7 allows you to permanently discharge debts in exchange for the sale of certain property. With a Chapter 13 filing, you can set up new payment arrangements with your creditors, satisfying your debts over a three-to-five year period. However, if you're a … [Read more...]
Should You File a Personal or a Business Bankruptcy Petition?
December 4, 2018 by Leave a Comment
Choosing the Right Filing When your business is experiencing financial difficulties, it's almost certain to have a detrimental impact on your personal finances as well. If you don't have the business resources to properly compensate yourself, you can easily fall behind on your mortgage, car payments or other obligations. The bankruptcy laws were … [Read more...]
Bankruptcy and Retirement Assets
November 30, 2018 by Leave a Comment
Can Your Retirement Assets Be Available to Creditors in a Bankruptcy Proceeding? It's no secret that medical expenses are one of the primary causes of personal bankruptcy filings in the United States. Unfortunately, as you age, your risk of health problems and substantial medical bills increases significantly. You may be edging in on retirement, … [Read more...]
Bankruptcy and Inheritance
November 21, 2018 by Leave a Comment
The bankruptcy laws are in place to give individuals an opportunity to start over again, allowing you to either discharge debts permanently or restructure your obligations with creditors. You may wonder, though, what happens after the bankruptcy is over. Suppose you file for protection, eliminate certain debts and then receive notice some months … [Read more...]
Filing Multiple Bankruptcy Petitions
November 12, 2018 by Leave a Comment
What is the Impact on the Automatic Stay One of the most attractive features of the American bankruptcy laws is the automatic stay. Under this provision, once you file for protection, your creditors cannot harass you in any way in an attempt to collect payments on the debt. That includes phone calls, letters or legal action, other than through the … [Read more...]
Situations Where Chapter 7 Bankruptcy May Not Be Available
August 24, 2018 by Leave a Comment
Under the federal bankruptcy laws, you can discharge most unsecured debts through a Chapter 7 proceeding, though you need to qualify by submitting to a means test first. Child support arrearages, student loan payments and tax obligations are generally not dischargeable, with extremely limited exceptions. There are other instances where bankruptcy … [Read more...]
Things that You Can Do to Minimize the Risk of Bankruptcy
August 6, 2018 by Leave a Comment
The federal bankruptcy laws are in place for good reason—so that you can get a fresh start when the circumstances of life cause you to incur unmanageable debt. But the bankruptcy process is rarely a simple or stress-free one. If you can avoid filing for bankruptcy, you'll often be better off in the long run. Here are some simple strategies for … [Read more...]
