If you feel there is no hope of paying back your unsecured debt, like credit cards, medical bills, or personal loans during the next five years, you may want to find ways to get debt relief. Debt relief through bankruptcy A good strategy is to talk with a bankruptcy lawyer before proceeding to any debt…
Continue reading ›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…
Continue reading ›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…
Continue reading ›Contrary to popular belief, filing for bankruptcy does not mean that you give up everything that you own. There are bankruptcy exemptions that protect your property even after your filing. Bankruptcy exemptions are the laws that stipulate that your creditors or the court trustee cannot touch specific property. The bankruptcy code is a federal law…
Continue reading ›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…
Continue reading ›Bankruptcy is sometimes frowned upon, especially if you do not know the flexible provisions under the Bankruptcy Code. Chapter 13 deals with the adjustment of debts. This provision lets the petitioner apply for protection from bankruptcy by seeking a repayment plan to repay the debts. This repayment plan is usually structured to allow the petitioner…
Continue reading ›If you or your business are going through financial difficulties and you wish to file for bankruptcy, you may choose to do so under the bankruptcy code. The Bankruptcy Reform Act of 1978, often referred to as the Bankruptcy Code is a federal law and must be read along with the Bankruptcy Abuse Prevention and…
Continue reading ›As the year 2020 continues to witness a sharp decline in economic growth, businesses all over the U.S. are filing for bankruptcy. This mainly includes the brick-and-mortar retail sector businesses that have succumbed to the economic meltdown due to operational difficulties and financial stress. As a result, quite a few retail companies have petitioned for…
Continue reading ›If you fell behind in your secured debt and the bankruptcy court approved a payment plan for you. You may be wondering how you can live so frugally during the three to five years you will be paying the court toward your past debt. Filing bankruptcy can provide you with a fresh financial start, and…
Continue reading ›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.…
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