Step-by-step How to File for Bankruptcy

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The U.S. Bankruptcy Code is a federal statute governing filing bankruptcy. This is done to ensure that the process is similar in the nation’s 90 federal bankruptcy courts. However, local variations and the uniqueness of each case still make this only a general outline which is why you should really hire a bankruptcy attorney. Nevertheless, here’s an outline of the process steps. Choose Which Type of Bankruptcy to File For There are a few different types of bankruptcy that you can apply for, each of Read More +

Common Myths Recurring Bankruptcy and Your Credit

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Your credit score will take a major hit, plummeting over 200 points, when you file for bankruptcy. However, if you have a lot of financial debt, bankruptcy may be the best way for you to liquidate your assets, discard or pay any debts, and get some financial relief. Therefore, when considering bankruptcy, you’ll want to know the truth about it before filing. Negative Information on Your Credit Report While some people will try to tell you that having negative information on your credit report before Read More +

What It Means to File Bankruptcy on A Car Loan

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There are a lot of people who mistakenly believe that if they file for bankruptcy, they’ll wipe out their car loan and still keep their vehicle. Unfortunately, this isn’t true. While bankruptcy unwinds your obligation to pay back your car loan, you still need to make payments if you want to keep your vehicle. Here are the answers to a few other common questions regarding this subject. How does bankruptcy work regarding my vehicle? When you file for bankruptcy, the contract that requires you to Read More +

the Pros and Cons of Filing for Bankruptcy

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There are many pros and cons of filing for bankruptcy. One of the biggest cons to doing so is that when you file for either a Chapter 7 or a Chapter 13 bankruptcy, it’ll show up on your consumer credit report for anywhere up to the 10 years of your life. Another thing that you’ll want to take into consideration is that if you want to file for a federally backed mortgage loan, some creditors won’t approve you for credit while you’re still in bankruptcy. Read More +

Options Besides Bankruptcy

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When you’re struggling with debt, filing for a Chapter 7 bankruptcy or Chapter 13 bankruptcy may be a good option. However, before doing so, you should take some time to see if there are any alternatives available because these could be your best remedy. Negotiate With Your Creditors If you either have some disposable income or you’re willing to sell some of your assets to get this type of income, you should try to negotiate with your creditors before filing for either a Chapter 7 Read More +

Buying A Car After Chapter 7 Bankruptcy

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A Chapter 7 bankruptcy may be on your credit report for as long as 10 years after when it was filed. You may need to get a car loan during this time. While it’ll be more difficult, it’s still doable if you make a larger down payment or you’re willing to pay the lender a higher interest rate. Is it a good idea to buy a car after a Chapter 7 bankruptcy? This really depends on your transportation needs and financial circumstances. One of the Read More +

Foreclosures 2022

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The last few years have been rough for Americans and the entire world. Stocks have been very volatile, inflation is up, and political unrest seems to be dividing the country even more than ever. To make matters even worse Foreclosures have been increasing over the past few months. In this article, we will discuss the topic of foreclosures in America, with a special focus on the state of Florida. WHAT IS A FORECLOSURE A Foreclosure is a legal process by which a lender tries to Read More +

Does Dismissal of A Bankruptcy Dismiss Any Adversary Proceedings?

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If a debtor files Bankruptcy, whether a Chapter 7 or Chapter 13 Bankruptcy, does an adversary proceeding filed against the debtor, subsequently result in the dismissal of the adversary proceeding? Some debtors who file a consumer form of bankruptcy, such as a Chapter 7 or Chapter 13, may expectantly or unexpectantly find themselves a defendant in an adversary proceeding. An adversary proceeding is an action filed in the bankruptcy court in which a creditor objects to the dischargeability of a certain debt based upon either Read More +

How Bankruptcy Can Affect Your Spouse

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One of the more common questions received by the bankruptcy lawyers is, ” How filing for bankruptcy will affect my spouse?” This question comes up frequently when just one of the spouses is planning to file for bankruptcy. Several people have a wrong impression that if they are married the spouse will also be responsible for the debt. However, in reality, this is not the case. Both the spouses will be on the hook only in case the debt was incurred in both the partners’ Read More +

Treatment of Child Support Arrears Owed to Bankruptcy Debtor

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How may the Bankruptcy Court treat child support arrears owed to a Debtor who files Bankruptcy? In such an instance, the Debtor or the Bankruptcy Attorney, on behalf of the Debtor, may engage in an analysis of two important concepts in Bankruptcy. The first question is whether child support or child support arrears are even to be included in the Bankruptcy Estate. How the property or asset in question is treated in its inclusion or exclusion from the Bankruptcy Estate, has a primary effect on Read More +