Debts by fraud are not dischargeable when filing for bankruptcy; those who accumulate debt they have no intention of paying back will still be responsible for it after bankruptcy. Using credit cards irresponsibly and accumulating luxury debt right before you file for bankruptcy is a red flag, … [Read more...]

The Brunner test is a way to determine if certain types of debt can be discharged based on hardship. Bankruptcy does not eliminate all types of debt such as student loans, so tests like these may be used to determine if the debt can be discharged. A Look at the Brunner Test  To determine if you … [Read more...]

Filing for bankruptcy is a serious decision. Although it can discharge some debts and stop harassment from creditors, it stays on a credit report for up to 10 years, damaging filers' credit. However, what happens when a homeowner is behind on mortgage payments and does not want to lose his or her … [Read more...]

You should be aware of the bankruptcy exemptions in your state if you are filing. When you file for bankruptcy, your assets may be sold in order to pay off creditors for the amount of debt you owe.  Each state has different laws as to the types and amounts of assets that can be excluded from sale, … [Read more...]

Although bankruptcy may appear to be your only option, it’s important to understand some reasons why it may be better to wait. There could be financial repercussions you haven’t considered, or you may need to weigh whether Chapter 7 or Chapter 13 bankruptcy is right for you. The following are … [Read more...]

Filing for bankruptcy may be your only option if you are unable to meet your financial obligations. Talking with an attorney can help you to decide if this is right choice, and what type of bankruptcy would be in your best interest. What You Shouldn't Do When Filing for Bankruptcy  While there are … [Read more...]

Declaring bankruptcy isn’t something that most people intend on doing. But when you cannot pay your bills and creditors are breathing down your neck, it may be the only way to get back on your feet. Although it can be a difficult decision to make, and there may be complexities involved in your … [Read more...]

After reviewing your financial situation, you have determined that the best option is to file for bankruptcy. Your next step is to hire an attorney. It’s important to choose the right lawyer because it can impact the success and outcome of your bankruptcy significantly. Failing to hire someone … [Read more...]

Bankruptcy may sound like the easiest way out of a financial mess. However, that isn’t always the case. Anyone considering filing for bankruptcy should seek legal counsel. The following are five tips for anyone who is considering filing for bankruptcy: analyze your financial situation to … [Read more...]