Tag Archives: bankruptcy
Special Rules for Divorce and Bankruptcy
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 »
Actions that Damage Your Credit Score the Most
Today, people can monitor their credit scores by subscribing to services that provide them with periodic credit reports. People often have a fear of never fixing their credit scores after bankruptcy or other financial troubles, but credit scores can be restored. You can rebuild credit and restore a credit score to a former acceptable range,… Read More »
How Can Bankruptcy Help with an Underwater Mortgage?
As a result of the housing market crash, housing prices dropped in many regions of the United States. An underwater mortgage is a new term coined to describe house values that are less than the home’s mortgaged value. For example, let’s say that a couple bought a house for $300,000 and arranged a loan with… Read More »
Does Bankruptcy Get Rid of Liens?
There are three basic types of liens and bankruptcy treats each type differently. Consensual lien. When buying a home or car you consent to the lender putting a lien on the property, which serves as collateral for payment default. This is a consensual lien. Statutory lien. A statutory lien is one created under statutes, such… Read More »
Can Parties Sue Each Other in a Bankruptcy Case?
Most bankruptcies face few challenges. Your bankruptcy lawyer files the petition on your behalf and you meet with the trustee. The creditors’ meeting is frequently a formality and no creditors may even attend. All goes well with no blips on the radar screen, so to speak. However, some bankruptcies are complicated and do not move… Read More »
How Does the Process Work When Claiming a Bankruptcy Exemption?
An exemption is a piece of property that you can hold back during a bankruptcy. Exemptions range from cars to work tools and states have their own list of possible exemptions. When filing bankruptcy, your bankruptcy lawyer ensures that your Schedule C lists all the bankruptcy exemptions that you want to claim. Exemptions not listed… Read More »
Secured Credit Cards: An Option for Restoring Credit after Bankruptcy
Whether you are a young person starting out with no credit or are re-establishing credit after bankruptcy, one credit-building option is a secured credit card. A secured credit card requires a deposit to guarantee the card. For example, the bank may require an initial $500 deposit and give you a credit line of $500. As… Read More »
How Can Using Retail or Gas Cards Help Re-Establish Credit?
After bankruptcy, you may have to use more than one approach to re-establish credit. With any approach, the main thing is making regular payments. You are rebuilding trust with lenders and on time payment restores their trust in you, thereby rebuilding credit. Retail cards A retail card is not a Visa or MasterCard. These are… Read More »
Harrisburg’s City Debt on Hold for Bankruptcy Ban
Times have been tough for everyone since the financial crisis nearly five years ago, and inescapable debt has become a fact of life for many people, businesses and even municipalities. Pennsylvania’s capital city of Harrisburg is currently under the specter of bankruptcy. The governor plans to sign a bill extending a bankruptcy filing ban, currently… Read More »
Preparing for Bankruptcy: Protecting my Assets
Bankruptcy is a huge life event. You should prepare for it just as you would any other milestone, even though this probably isn’t as happy as a wedding or a birthday. You should put thought into it and be ready for what is about to come your way. An experienced bankruptcy attorney can walk you… Read More »
