When you file for bankruptcy a trustee is assigned to your case. This person is not there to help you. As a matter of fact, the trustee’s main responsibility is to take money and assets from you and pass it along to your creditors. The more money that is taken for creditors the more the […]
Chapter 13 bankruptcy is a great way to get your financial life back in order without putting your most valuable assets at risk. This type of bankruptcy allows you to remain in your home and exempt other assets, while getting control of your credit problems. You commit to a repayment plan lasting three to five […]
In many cases tax debts are non-dischargeable in a bankruptcy. Running up a tax debt and expecting to not have to pay it by filing for bankruptcy won’t work, so before you do anything that affects what you’ll owe Uncle Sam, make sure you consult with a credit expert or attorney. This is especially true […]
Debt comes with a great deal of baggage, especially when you’re overwhelmed by it. Nobody wants to have debt, but an affordable mortgage or car payment each month is manageable and considered “the norm.” However, when you have so much debt that you barely have enough to afford you’re living expenses each month, or that […]
Bankruptcy is a legal matter and like all legal matters, you have the right to represent yourself in court when filing for bankruptcy. Some people choose to do so because they believe it will save them money. Others file on their own for the simple fact they think it’s easy and will be able to […]
Fraud is one of the primary reasons bankruptcies are denied. If the court suspects you have hidden assets or you’ve done anything else that would indicate you are not being 100 percent honest about your financial situation, it can dismiss your request for bankruptcy without discharging your debts. And, as many filers have found out […]
Dealing with debt is one of the great challenges of adulthood. Whether or not to get into debt, how much to take on, how to pay it off, and how to deal with problems when they arise are questions that keep many people awake at night. Luckily, there are a number of tools you can […]
For many, bankruptcy is an absolute last resort – the final step a person takes after he or she has tried ignoring the problem, negotiating with creditors, and maybe even begging for relief. In some cases, bankruptcy is avoided because of its reputation. Of course, bankruptcy is nobody’s first choice for managing debt, but it […]
Filing for a bankruptcy is a very personal decision, but it can affect other people in your life. If you’ve delayed filing for bankruptcy for reasons that have to do with other people, you aren’t alone. Whether it’s the opinions of others or the fact that you have co-signers on loans who will be directly […]
One of the first decisions you’ll make when you file for bankruptcy is whether to choose Chapter 7 or Chapter 13. How do you know which is the better option? The filing process begins with a means test. This determines if you even qualify you for Chapter 7, but even if you pass the means […]
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