Bankruptcy is a big step for most Americans. Your struggle with debt has probably been exhausting, expensive, and ongoing. But once you do make the difficult decision to file for bankruptcy protection, now may not be the best time to do so. In some cases, you would do well to delay filing your case for a few important — and time-sensitive — reasons. Here are some examples to help you find the best path forward for yourself.
23 February 2023
When people talk about bankruptcy, they rightly tend to focus on the discharge of their debts. The discharge aspect is important in nearly all cases, but it's not the only tool available in bankruptcy. You may also want to speak with a bankruptcy lawyer about these four other features of the process. Court Order Staying Collection Actions After a judge accepts your initial petition for relief, the court will issue an order staying any future collection actions.
29 April 2022
Filing for bankruptcy can help get you out of serious financial debt, but the process is not a short or easy one. You do not have to work with an attorney when filing for bankruptcy, but there are many good reasons to do so. Here are some notable reasons to consider finding a law firm to help you file for bankruptcy: They'll Help You Decide What Type of Bankruptcy to File For
10 November 2021
The American legal system has two basic forms of bankruptcy: liquidation, and restructuring. Liquidation is a process where the court sells a debtor's non-exempt assets and gives the proceeds to creditors. Once the sale is over, all of the debts from the filing are done, even if there is a significant unpaid amount. Chapter 7 bankruptcy covers liquidation. Restructuring is a process where the court adjusts the debt total to a lower amount in exchange for the debtor agreeing to pay in full within three to five years.
24 June 2021
One of the more puzzling aspects of Chapter 13 bankruptcy for folks who've never filed before is the seemingly open-ended nature of restructuring plans. The law requires you and your Chapter 13 bankruptcy attorney to present a plan in good faith that doesn't take advantage of the system. At the same time, you don't want to present a plan that might leave you short of the goal at the end of the three to five years you'll likely have to pay.
21 October 2020
In the bankruptcy system, there are two basic ways to address a debtor's situation. These are restructuring and liquidation. Restructuring means that the creditors may have to accept a smaller amount of what's owed to them, but they'll largely get paid as long as the debtor follows the plan. Liquidation is a more aggressive process that oftentimes leads to much of what the debtor owns being sold. Here's how that idea fits into chapter 7 bankruptcy law.
4 May 2020
Money problems can put a big strain on a marriage. If you and your spouse have decided to divorce over money, deciding when you file for bankruptcy can be a factor. You don't want to file in the middle of your divorce because this gets complicated quickly. You are already trying to figure out who is entitled to what assets and who is responsible for each debt. If you want to clear up your debt before separating, filing for bankruptcy before filing for divorce is a good option.
2 May 2019
If your wages are being garnished due to unpaid child support, you might be having a hard time dealing with a smaller paycheck. Luckily, there are things you can do to help the situation. Here are some ideas to consider. 1. Argue the amount owed. Legally, in many states, paychecks can be garnished for child support as soon as the courts decide on the child-support payment schedule. However, in most cases, your paycheck will not be garnished unless your child-support payments are in arrears, meaning late.
1 August 2016
Just because you think you can't pay your debts doesn't mean you really can't pay them and should file for bankruptcy. Bankruptcy gives you a way out of a financial quagmire; it does have its disadvantages. For example, it remains on your credit record for many years. Therefore, it's advisable to analyze your situation carefully and only file for bankruptcy if it is the last resort. Here are three strategies to analyze your financial situation:
14 March 2016
If you are in a position such that you are considering bankruptcy, then it is very important that you consider all of your options very carefully. Making the wrong decision can make a bad situation even worse. To help you out, here are some things that you should consider before making a commitment. Could you pay back your debts eventually? The best option for debt relief will almost always be a repayment plan over several years.
27 August 2015