Whether you file for protection under Chapter 7 or Chapter 13, the bankruptcy process includes four steps: Preparation Filing 341 Meeting Discharge 1. Preparation Your attorney will tell you precisely what information and documentation you must prepare before he can initiate your paperwork. You will need to show proof of all household income. You will… Read More
5 Signs That Bankruptcy May Be Warranted
Your debts have been growing for some time and you’ve been fighting the good fight in an effort to keep up with them. How do you decide when it’s time to seek relief under federal bankruptcy protection? Here are five signs that bankruptcy might be a wise option. You’re using credit cards to make ends… Read More
Pros & Cons of Filing Chapter 7 Bankruptcy
Chapter 7 bankruptcy can help liquidate many of your assets, but not everyone qualifies. There are pros and cons of filing that should be considered by those who are considering declaring bankruptcy. The following are some of the pros of filing Chapter 7 bankruptcy: the process takes a few months; credit can be rebuilt; it… Read More
10 Considerations Before Deciding to File Bankruptcy
Before deciding to file bankruptcy, look into the benefits and disadvantages that it may bring. Talking with a bankruptcy lawyer first can help guide you in making a decision that is right for you. 10 Considerations When Contemplating Bankruptcy If you are considering filing for bankruptcy, consider: not all debt may be discharged; there is… Read More
How Bankruptcy Stops Creditors – The Automatic Stay
If you get behind in paying your bills, harassment from creditors can be very tough to deal with. Creditors will keep sending you more threatening letters. They may begin to file legal papers in attempt to get a judgment. They will call you repeatedly. They may repossess your automobile or your house. Creditors may even… Read More
Live a Smart & Happy Life Post-Bankruptcy
If you’re filing for bankruptcy, you can use it as a springboard for a better, happier life. But that means making smart financial choices after the filing process is over. Tips for Post-Bankruptcy Life People who file for bankruptcy no longer are viewed as being branded financially untrustworthy; that stigma is dying. “The purpose of… Read More
7 Things Bankruptcy Can Do for You
Bankruptcy cannot solve all your financial problems, but there is much to be said about how much stress it can relieve when you feel like you’re being crushed under the weight of financial pressures. The Benefits of Bankruptcy First, let’s be clear what bankruptcy cannot do: It can’t instantly make you into a smart spender;… Read More
Getting a Secured Credit Card after Bankruptcy
A secured credit card is a relatively safe and effective tool for establishing credit after filing for bankruptcy. Like anything, there are risks and rewards associated with getting a secured credit card. On the one hand, using a secured credit card can demonstrate responsibility to the credit bureaus. Conversely, missing just one payment can sideline… Read More
Bankruptcy and Bank Accounts
When preparing for bankruptcy, it’s important to understand how your bank accounts might be affected and what to do to protect them. Many people ask, “Will I be able to keep my checking accounts when I file for bankruptcy?” The answer is…maybe. If the bank allows it, then, yes. You may keep your account. However,… Read More
10 Cities That Have Declared Bankruptcy
The legal, political, and financial world is abuzz with the news that Detroit has declared bankruptcy. Disputes are ongoing as to whether the declaration is in keeping with the Michigan State Constitution, while business analysts have applauded the move, saying it is necessary for Detroit’s fiscal recovery. But while declaring bankruptcy is certainly an unusual… Read More
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