Bankruptcy Law Blog

A common bankruptcy myth is that filing bankruptcy will ruin your credit for the future. The truth is, many people find their overall credit starts improving following a bankruptcy. While bankruptcy will be recorded on your credit score for up to ten years, it is not the end of the road for obtaining credit. You…

When you are considering bankruptcy to get out from under your debt, you may see many legal terms unfamiliar to you. If you have a brief understanding of the definitions, you may be less overwhelmed and confused by the whole bankruptcy process. This is by no means the complete list, but it will help you…

Financial stress is the number one burden on the success or failure of a marriage. Often people find themselves facing both financial ruin and separation from their spouse. If you are having marital and financial difficulties and feel bankruptcy and divorce are your best options, you may want to consider the timing of both legal…

What Is Pre- Bankruptcy Planning? This typically is done by evaluating the timing of your filing. There are some reasons why you might want to plan when to file is to legally move assets around or wait until your income best reflects your current situation. The process of converting non-exempt assets to exempt ones is…

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…

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…

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…

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…

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…

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…