Bankruptcy law has allowed countless people to break free of debt and get their finances back on track but there are a lot of differences between chapter 7 and chapter 13 bankruptcy. You don’t have to wait until you’ve hit rock bottom before speaking with a bankruptcy attorney. If you have more debt than you can pay off in a reasonable period or collections agencies are harassing you, or you are in danger of losing your home, it’s time to consider whether Chapter 7 or Chapter 13 bankruptcy is right for you. [Read more…]
Bankruptcy and Estate Planning Articles
This is a collection of bankruptcy and estate planning articles to help you plan and improve your financial life.
Are you struggling to keep up with your bills? Are you considering filing for bankruptcy? If so, you are not alone. According to the American Bankruptcy Institute, more than 770,000 people filed for bankruptcy in 2016. Filing for bankruptcy can be a viable solution for many families. Before you make any final decision, however, it is important to understand the pros and cons of filing for bankruptcy. [Read more…]
When society is hooked on everything DIY, we are trained to find ways to do things without needing assistance or services from another party. The proliferation of YouTube videos about a range of topics from cooking to construction makes us think we can accomplish great feats with just a little guidance. However, thinking this way can sometimes cause many problems, especially where DIY bankruptcy is concerned. [Read more…]
You have put every penny you can spare toward your bills, yet nothing seems to pull you out of your debt dilemma. At this point, it may be worth considering one final option: filing for personal bankruptcy. As traumatic as this may seem, it enables many debtors to turn the corner and set themselves on a new (if lengthy) course toward a healthier financial future. The complexities of filing for bankruptcy can add an extra layer of intimidation to the process, but you should not let that deter you from doing what you need to do. To help you put your fears aside to focus on your debt-relief objectives, here’s a basic overview of what you can expect from the bankruptcy filing process.
How do payday loans and bankruptcy mix? If you are struggling with payday loans, you may be able to find some relief by filing bankruptcy. Payday loans are unsecured loans obtained through a variety of sources. Individuals often reach these loans for a fast and seemingly easy way to get funds, but interest rates are very high, and the repayment is quite difficult. Many are forced to take increasingly larger payday loans out to repay their existing loans. This cycle is financially debilitating, but bankruptcy may offer some an option. [Read more…]
It’s essential for individuals with student loans and bankruptcy needs to know that, while it is hard to do, it is not impossible to have their student debts discharged through bankruptcy. In many situations, bankruptcy is not available as a way of discharging student loans. For this to happen, you will need to show proof that the debt will impose some level of undue hardship on you and your dependents, as the Bankruptcy Code states. How can you do this? [Read more…]
If you’re feeling overwhelmed with debt, you might be considering a debt consolidation loan – after all, the idea of rolling all those maxed-out credit card bills, massive student loans, car payments, and other financial liabilities into a single payment seems pretty appealing, right? Let’s discuss whether debt consolidation or bankruptcy is your best option. [Read more…]
Each year in the United States, approximately 1.5 million people file for bankruptcy, and the principal reason behind the majority of personal bankruptcy cases is medical debt. A recent study by Harvard University revealed that about 62 percent of people who go bankrupt have significant medical expenses. Nearly three-quarters of those overwhelmed by medical-related bills have some health insurance. If you or your family has significant medical debt, bankruptcy could provide relief from credit collectors’ constant stress and give you a fresh financial start. [Read more…]
Bankruptcy is a complex legal proceeding with plenty of pitfalls awaiting you to try to navigate it on your own. Also, filing for bankruptcy has gotten more difficult over the past several years, and the rules change frequently. A bankruptcy attorney knows how to get you the result you want so you can pick up your life and move forward. [Read more…]
It doesn’t take much for a financial shortcoming to bring you down. For millions of Americans, a health crisis, a lost job, or an unforeseen loss can be the difference between making ends meet and insurmountable debt. If this sounds familiar, you’re not alone; in the U.S., over one million individuals file for bankruptcy each year. With these tips, you can improve your credit score after bankruptcy and take steps toward a healthy financial lifestyle. [Read more…]
Each state sets specific exemptions. There are also federal bankruptcy exemptions, but Arizona residents generally use the Arizona state exemptions. Exemptions are property or assets that are allowed to be kept after filing for bankruptcy. These are protected from creditor access. In this article, we will discuss bankruptcy exemptions in Arizona. [Read more…]
Bankruptcy can help restore your financial stability and give you the “breathing room” you need to achieve your original financial goals. In fact, many famous people have survived bankruptcy and gone on to accumulate enormous wealth. Founder of Ford Automotive Company Henry Ford filed for bankruptcy over 100 years ago. By 1947, he was worth nearly $2 billion. There are benefits of bankruptcy, and it can impact your life in some positive ways. [Read more…]
Chapter 7 is a simplified bankruptcy filing in which an individual claims bankruptcy and is then discharged from debts and is free to continue living a normal life. Also known as straight bankruptcy or liquidation, Chapter 7 is not permitted for all potential bankruptcy filers. To be eligible, individuals must meet a means test that demonstrates restricted income rendering debt repayment impossible. They must be filing openly and honestly with no prior Chapter 7 filings within the past eight years or a history of fraud. In this post, we discuss the types of debts that remain after a Chapter 7 bankruptcy discharge. [Read more…]