Bankruptcy Law Blog

Two of the most common types of debt include secured and unsecured. Secured debts, like car and home loans, are tied to collateral that can be repossessed if you fail to make a payment. Unsecured debts, like credit cards and payday loans, are not tied to collateral or assets; making them much easier to resolve…

It might seem that there is a direct connection between money management and bankruptcy. Money management skills are not always about being prepared or staying alert about your money. However, the financial burden is often unexpected and more complicated than it appears. Filing for bankruptcy can be a solid plan for debt relief when the…

Wage garnishment is a court-ordered procedure in which the court directs your employer to send a part of your earnings to a person or an organization you owe money to. This process of wage garnishment usually stays until the debt you owe is fully cleared. Wage garnishment orders are generally exercised on debts like child…

Credit card debt is a billion-dollar problem in America. Large credit card debt is always a cause of concern for an individual. Thus, a lot of people file for Chapter 7 bankruptcy to remove their credit card debt quickly and with minimal repayment of debts owed. What are the possible consequences of having credit card…

The primary reason an individual goes for bankruptcy is to get their debts discharged by an order from the court. Once they get the discharge, they no longer need to worry about repayments to their creditors. However, the road to financial freedom is not always easy. Bankruptcy proceedings can be complicated, and sometimes the creditors…

Filing for bankruptcy is not always an easy path, but it is essential to avoid inevitable common mistakes that many individuals have made in the past. Mistake #1: Waiting too long to file One of the main mistakes debtors make is waiting too long to speak with a bankruptcy attorney, opening their financial insolvency to…

A common bankruptcy myth is that filing bankruptcy will ruin your credit for the future. The truth is, many people find their overall credit starts improving following a bankruptcy. While bankruptcy will be recorded on your credit score for up to ten years, it is not the end of the road for obtaining credit. You…

When you are considering bankruptcy to get out from under your debt, you may see many legal terms unfamiliar to you. If you have a brief understanding of the definitions, you may be less overwhelmed and confused by the whole bankruptcy process. This is by no means the complete list, but it will help you…

Financial stress is the number one burden on the success or failure of a marriage. Often people find themselves facing both financial ruin and separation from their spouse. If you are having marital and financial difficulties and feel bankruptcy and divorce are your best options, you may want to consider the timing of both legal…

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…