Bankruptcy Law Blog

One of the most difficult outcomes when confronting financial challenges is bankruptcy. However, bankruptcy was designed to protect and help consumers. Most individuals who file for bankruptcy will file for chapter 7 or chapter 13. Which chapter of the Bankruptcy Code to file under is one of the first choices you must make when declaring…

As we expect the nation to enter a recession in the coming weeks, many Americans are panicking about how to protect their funds and families from what could be financially hard times. For the nation, the strategy is much more complicated. There is no one answer to this question as each recession is different and…

Since the pandemic the economy has been turbulent to say the least. We have heard discussions of inflation, and many are often unaware of what it is or how it could impact our day to day lives. Inflation is an economic concept that refers to the overall increase in the prices of goods and services…

The rise in mortgage interest rates is influenced by the Federal Reserve raising the federal funds rate. The federal funds rate is the rate at which depository institutions lend reserve balances to other depository institutions overnight on an uncollateralized basis; meaning the funds are not backed by an asset. The federal funds rate is the…

One of the requirements in the process of debt relief through bankruptcy is to take two financial education courses. Before filing bankruptcy, you must take a pre-filing credit course called a credit counseling course. Before receiving a debt discharge, you must complete a debtor education course. Class In Session A credit counseling course is a…

It is estimated that nearly one-third of Americans are unaware of their risk of financial hardship. Some people don’t even recognize the significance of their debt burdens until an emergency arises. Many others simply fall into financial hardship suddenly, when the unexpected occurs. Regardless of how a person ends up under water, one thing that…

Did you know that some debts aren’t eligible for bankruptcy? This is often the case for unsuspecting individuals that have a large tax debt. The reason is that tax debts do not always qualify for bankruptcy debt relief. However, there are some cases in which a tax debt can qualify for a discharge of debt…

Falling behind on your taxes and having to cope with the IRS’s penalties may be a difficult situation that affects every aspect of your life. Fortunately, you have several choices for reducing or eliminating your tax due with the IRS. Overwhelming tax debt isn’t an unsolvable problem, whether you tackle it yourself or employ an…

The bankruptcy process can seem intimidating to those who are unfamiliar with the process. Often thought of as the consequence of poor money management and irresponsibility, the bankruptcy process is actually intended to benefit citizens. The rules of bankruptcy were developed to help those suffering undue financial hardship regain a fresh start. The first step…

People suffering financial hardship often have more worries than just their mounting bills and inability to pay them. Often times people experience fear over losing their property and assets as part of the process. Although there are some instances in which nonessential property could be liquidated to satisfy a debt in bankruptcy, there are also…