Filing for bankruptcy can be a difficult decision for anyone. There can be many complicated aspects of the bankruptcy process, and filers may find that this is especially true when there is more than one person associated with a debt. It’s common knowledge that a debt can be held by more than one person. Debts… Read More
What is “zombie debt”?
When you file for bankruptcy, you do so expecting that the process will yield the discharge of certain debts and a fresh financial start. Some may find that some of their debts are not being recognized as discharged following bankruptcy. This type of debt is sometimes known as “zombie debt” because the discharged (or dead)… Read More
Importance of Rebuilding Credit after Bankruptcy
Rebuilding credit after bankruptcy doesn’t have to wait seven or ten years until the bankruptcy is no longer on a credit history (seven years for Chapter 13, ten years for Chapter 7). Bankruptcy petitioners may begin improving credit scores shortly after the bankruptcy process is complete. Moving on from Bankruptcy Even when bankruptcy occurs because… Read More
The Role of a Trustee in Bankruptcy
If you’re facing bankruptcy in Texas, a trustee will be part of the process. It’s important to understand the role of the bankruptcy trustee and how this person can affect the outcome of your case. What is a bankruptcy trustee? A bankruptcy trustee is an individual who is responsible for handling the bankruptcy filer’s estate…. Read More
The Automatic Stay in Bankruptcy
When you’re burdened by excessive debt, it can seem like the whole world is about to crash down on you. In addition to your credit card bills, you may also have back mortgage payments and utility bills that, if left unmet, can put your safety and well-being in the balance. When facing this precarious situation,… Read More
Good Idea to Apply for Credit Card after Bankruptcy?
Whether it’s possible to get a credit card after bankruptcy – or whether you should get one – is a concern of many who go through the process. As long as you want to obtain credit cards after bankruptcy for the right reasons, it can be a very good way to help rebuild credit. The… Read More
Understanding Property Exemptions in Bankruptcy
When you’re facing bankruptcy in Texas, you may wonder how much – if any – of your property you may be able to keep. The answer depends on your individual case and the laws of your state. In a bankruptcy, much of a person’s property may become property of the bankruptcy estate and used to… Read More
5 Tips for Dealing with the Aftermath of Bankruptcy
For many people, facing bankruptcy can seem overwhelming. Your finances are about to change in major ways, so it helps to be prepared and have a plan of action to get through the months and years following your bankruptcy. Some Steps to Deal with Bankruptcy 1. Start fresh. If excessive debts brought on your bankruptcy,… Read More
Avoid These Common Bankruptcy Scams
If you’re facing bankruptcy, it’s important to be aware of bankruptcy-related scams and how to protect yourself. When a person is facing financial crisis, it’s common to seek any and every possible avenue for getting back on their feet. Unfortunately, there are unscrupulous individuals who capitalize on the financial misfortune of others and take advantage… Read More
Tax Withholding: How it Relates to Bankruptcy
Tax withholding is the amount of funds withheld from paychecks, pensions, bonuses and other forms of income in order to pay an individual’s annual federal income tax. Ensuring enough tax is withheld is crucial to managing household finances properly and, in the end, preventing the need for bankruptcy. When an individual fails to withhold enough… Read More
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