Articles Posted in Bankruptcy

What Is Pre- Bankruptcy Planning? This typically is done by evaluating the timing of your filing. There are some reasons why you might want to plan when to file is to legally move assets around or wait until your income best reflects your current situation. The process of converting non-exempt assets to exempt ones is…

Declaring yourself or your small business bankrupt is a complicated legal process that requires you to follow specific guidelines and procedures. It requires you to show your inability to repay your debts despite your best efforts. Once you file your bankruptcy petition, the court evaluates your assets and liabilities to confirm the facts stated in…

Financial difficulties come as uninvited guests, causing your ability to pay your debt to go awry. Bankruptcy lawyers are professionals who help clients get relief from their financial distress. Here are three steps to find the right attorney: 1. List of Potential Bankruptcy Attorneys Make a list of the bankruptcy lawyers in your area by…

As you may know, bankruptcy is a court proceeding in which a judge and court trustee examine the assets and liabilities of individuals and businesses who cannot pay their bills. Then the court will decide to discharge the debts and you will no longer be legally required to pay your debts. If your finances have…

The U.S. Constitution permits citizens to file for bankruptcy when they are no longer capable of repaying their debts. In such cases, you can file for personal bankruptcy by petitioning under the Bankruptcy Code, which is a Federal law. The Bankruptcy Code allows the petitioner to declare insolvency or to apply for restructuring their debts.…

Bankruptcy is one of the quickest and most affordable options to get out of debt. This is because bankruptcy stops debt collectors and even protects your assets. The most apparent benefit of filing for bankruptcy is to eliminate debts or dramatically minimize them. This legal process is known as “discharge”. In other words, the individual…

Are you struggling with overwhelming debt, but are you concerned about the consequences of bankruptcy? Does the bankruptcy process intimidate you? Are you worried you will never secure loans again after filing for bankruptcy? These are legitimate concerns; but, did you also know that the majority of your worries are probably based on myths about…

Are you juggling your monthly bills, or losing sleep worrying about your debt? Are you considering a debt consolidation loan or a risky title loan to get a fresh start? Not all debt relief options are equal, and one option could be the difference in saving your property or walking away worse than you started.…

When you are overwhelmed, and in debt, you may have tried other ways to get financial relief before you realized that bankruptcy is your best option. Most people don’t realize that there are some things that you should avoid before you file your bankruptcy paperwork with the court. There are specific actions that the court…

In 2005 the bankruptcy abuse prevention and consumer protection act was signed into law, stipulating that many types of retirement plans, including IRAs, are exempt assets in bankruptcy. These accounts cannot be used to satisfy creditors’ demands for payment on your debt. Protected Retirement Plans Company retirement plans such as simplified employee plan or SEP…