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Who will benefit from filing Chapter 13?

Archive for November, 2011

Who will benefit from filing Chapter 13?

Filing for a Chapter 13, also known as a wage earner’s plan, can help those who have tried all the other means in ditching their outstanding debt. By filing for Chapter 13, the debtors can not only avoid foreclosure or repossessions but can also pay back a part of  their debts over three to five […]

Advantages of Filing for Chapter 7 Bankruptcy

Mounting debts and a slow economy have made the repayment of loans an uphill task for most debtors. Debts may spiral out of hand especially when faced with unforeseen incidences, such as the loss of a job or significant hospitalization. There are many options to bail you out of these tight spots, such as debt […]

Everything You need to Know about Consumer Bankruptcy

The Bankruptcy Code, which is listed in the United States Code as Title 11, has undergone various amendments since its enactment. The Bankruptcy Code ensures a well laid out legal procedure to deal with the debts of both individuals and businesses and forms a common federal law to govern all bankruptcy cases.   Typically a […]

Bankruptcy and Military Security Clearances

Every member of the military must apply for a personal military security clearance.  A person entering the military does not automatically receive a security clearance; it must be formally applied for and granted.  Along with relevant personal data, the security clearance application requires specific disclosure about financial delinquencies, which include personal Chapter 7 and Chapter […]

Where Will I Live After the Bankruptcy?

Plenty of my clients are worried about where they will live if they file for personal bankruptcy and hand over their (usually far under water) house. They’ve heard horror stories about people with bankruptcies being incapable of finding a place to rent. But things aren’t as horrible as they fear.My usual recommendation is to not […]

Start Thinking About Bankruptcy Before You Are Broke

Oftentimes folks wait until they’ve spent every last penny they have before contacting a lawyer regarding bankruptcy. This seems like common sense: You go broke and then you go bankrupt. However, this is not how you should go about it. There’s a saying that goes, “Bankruptcy is not for people who are broke. Bankruptcy is […]

The “Should I File for Bankruptcy?” Test

Before anyone decides to take action on whether or not bankruptcy is the solution to their financial solution, a true gauge of their financial situation must be taken into consideration. While a high amount of debt on say, a mortgage, may be daunting, depending on the payments and length of terms versus a smaller amount […]

Tax Implications of Cancelled Debt

As many Americans continue to struggle financially through this tough economy, a flurry of debt counselors and debt reduction options have flourished and become big business. While many of these companies provide plans to settle your debt for less than you owe or negiotiate short sales on mortgages for overvalued homes, these programs typically fail […]

Five Things Not to Do When You Owe Too Much Money

When a layoff or catastrophic, unmanageable debt begins to pile on, many people look to extreme or knee-jerk reactions in finding solutions to manage their financial situation without first consulting an attorney or financial advisor. Here are five common conundrums to keep yourself from acting on when you owe more than you can afford and […]