There are three inevitabilities in life: birth, death, and taxes. While the first generally happens without your input, the last two take careful planning and preparation throughout adulthood. An estate plan may be an uncomfortable topic, especially for individuals who anticipate many years of life left, but it is an essential part of preparing for the future. Even if you feel as though you don’t have the assets to warrant the time and energy establishing a plan can entail, making arrangements for your estate is extremely important. [Read more…]
Under Chapter 7 bankruptcy, the bankruptcy court can take your nonexempt property so that your creditors can be paid using the proceeds from their sale. In exchange, the bankruptcy court will also discharge most of your debt, thus giving you a chance to start over. Unfortunately, if you owe child support, you will not be able to discharge that debt by filing for Chapter 7 bankruptcy because child support debt is considered to be so important that it gets classified as a priority debt. [Read more…]
There’s nothing more stressful than receiving harassing phone calls and threatening letters in the mail from creditors. It’s bad enough as it is that you owe the debt to begin with. That’s stressful enough in-and-of it-self so the last thing you need is constant reminders to increase your stress and anxiety level, especially daily reminders.
The good news is that when you file for bankruptcy, all of those stressful phone calls and letters in the mail stop. And that’s thanks to the protection provided to you by the United States Bankruptcy Code.
If you’re considering divorce and bankruptcy all at once, you’re probably wondering which process comes first. It is fairly common for a bankruptcy proceeding to follow a divorce, but this is typically not by choice. Divorce is often cited as a leading cause of bankruptcy.
Filing bankruptcy is never an easy decision. But, it is the best courses of action when you find yourself in serious financial circumstances which require a drastic but direct approach to improve things. Bankruptcy protects you from your creditors being able to garnish wages and bank accounts, harass you and continue to ask for payments which you cannot currently pay. [Read more…]
History is full of successful people who filed bankruptcy. Abraham Lincoln, Henry Ford, Walt Disney, Milton Hershey, H.J. Heinz are prime examples of people who filed for bankruptcy and went on to become financially successful. [Read more…]