Considering Bankruptcy?Know Your Alternatives
Follow a Budget. Your budget is your spending plan that will help you live below your means, preventing you from accumulating unnecessary debt. Set money aside. Open a long-term account at a bank or credit union that offers low to no fees associated with withdrawing early. Financial experts recommend setting aside an emergency fund equivalent… Read More »
Filing for bankruptcy can be an emotionally charged decision. You want to pay your debts, but the financial challenges can be overwhelming, especially in this economic climate. Filing for bankruptcy can lift the financial burden and provide a second chance for consumers with unmanageable debts. But how does a bankruptcy appear on your credit report… Read More »
After receiving a general release from his debts under Chapter 7 bankruptcy, Roger Traversa filed for release from his $60,000 student loan debt, claiming that it would be an undue hardship for him to repay. Traversa testified that it was difficult for him to obtain and hold onto employment opportunities because of issues with depression,… Read More »
Bankruptcy may be a “fresh start” but it may not leave the debtor completely debt free. Certain types of debts survive Chapter 13 bankruptcy and are not discharged. As a rule, the discharge releases the debtor from all debts provided for by the plan or disallowed, with the exception of certain debts. To the extent that they are… Read More »
Faced with millions of dollars in debt exacerbated by high medical bills due to a serious heart condition, Grammy award-winning singer Toni Braxton filed for bankruptcy for the second time in 15 years. Ms. Braxton is now being accused of bankruptcy fraud after transferring more than $53,000 to her estranged husband, Keri Lewis. The trustee… Read More »
As the US unemployment rate continues to rise and fall unpredictably, and medical bills and credit card debt soar, more families hit hard by financial troubles look for solutions. No one is immune, not even the family of an Olympic champion who has the potential earning power of a Fortune 500 executive. Recently the mother… Read More »
Sometimes financial problems are stress factors that lead to divorce. And, people who decide to divorce often consider bankruptcy as well. So, while divorce and bankruptcy may go hand in hand, it is important to realize that divorce changes the rules somewhat for bankruptcies. Divorce and bankruptcy become associated in several ways. Divorce addresses debts… Read More »
Will bankruptcy handle your most pressing debts? This is a major consideration when deciding whether or not to file bankruptcy. By law, not all debts are treated equally. Some take priority over others and get paid first. There are even certain debts that bankruptcy cannot eliminate at all. Suppose that your most pressing debt is… Read More »
Just as there are reasons you should file bankruptcy right away, there are times then a bankruptcy case should be delayed. The best way to know is to discuss your financial problems with a skilled bankruptcy lawyer. Some reasons your attorney may advise you to wait include: Divorce Monetary transfers Expected medical bills Recent credit… Read More »
People may be concerned about an inheritance they expect to receive before filing for bankruptcy relief or what happens to an inheritance they receive after filing for bankruptcy relief. If you receive an inheritance prior to filing bankruptcy, depending on the monetary amount you receive, you may lose a large portion or all of the inheritance. If the value of the… Read More »
