How to Manage Your Mental Health When Filing Bankruptcy

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While money can’t buy happiness, it can make you feel sad, embarrassed, fearful, and stressed. These emotions may cause you to put off filing bankruptcy, but instead of letting your emotions stop you, remind them that this is a financial strategy that’ll give you a fresh start. Albeit, it’ll take time, and you’ll need to manage your mental health during this time. There are some things you can do to deal with it in a healthy way. Acknowledge the reality of your situation and how Read More +

Will My Employer Find Out If I File for Bankruptcy?

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Understandably, there are some things from your personal life that you don’t want to talk to your employer about (e.g., money, religion, politics). However, there may come a time when you need to file for bankruptcy. When this happens, you may wonder whether your employer will know. The short answer to this question is that more than likely, the fact that you’re filing for bankruptcy will remain a private matter. Of course, every bankruptcy is a public record. It’s quite rare to have a situation Read More +

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 +

Popular Tax Breaks Not Being Extended

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Many changes regarding the tax code will be occurring over the next couple of years. Along with a massive end-of-year spending bill, lawmakers also modified the treatment of retirement savings. Unfortunately, they didn’t give any tax credits. Therefore, there are four tax breaks that won’t be extended. The Child Tax Credit Currently, most parents receive a tax credit of up to $2,000 per year for each child. This became more generous throughout the first half of Biden’s term, which was viewed as successful by most Read More +

Introducing Your Chapter 13 Bankruptcy Trustee’s Role

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Undergoing a Chapter 13 bankruptcy is both stressful and time-consuming. You feel as though your life is in the court’s hands as they determine your disposable income and decide upon an amount that’ll be used towards repaying your debts over the next 3 to 5 years. They’re also the ones who will determine whether you can take out any more significant debt during this time. To help oversee these things, as well as others, you have a Trustee appointed to your case. What Your Chapter 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 +

5 Tips When Preparing to File for Bankruptcy

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Filing bankruptcy could be one of the biggest financial decisions you ever take. It can have significant implications for your finances and your personal life over the next few years and beyond. Therefore, it’s important to consider what is involved with filing bankruptcy and what you can do in order to prepare better for this big financial step in Clearwater. Let’s consider some of the top tips that could help you when preparing to file for bankruptcy. Spend Time Researching It’s important to know what 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 +

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 +