Bankruptcy Law Blog

The automatic stay prevents most creditors, collection agencies or any other party seeking to collect a debt from you to contact you. By law, they must stop all collection attempts from you, this includes: ∙ Phone calls ∙ Letters ∙ Liens ∙ Wage garnishments ∙ Lawsuits ∙ Repossessions ∙ Shut off utilities or services ∙…

When you file bankruptcy, the court will want to know if anyone else could be responsible for the debt you are attempting to discharge. They may look for these other parties, called co-debtors, in attempts to collect amounts unpaid by your discharge. Some of your debts may have co-debtors, co-signers, ex-spouses, non-filing spouses, or joint…

If you and your spouse are considering filing bankruptcy, there may be barriers you didn’t know about. For instance, if you did not obtain a license and go through a ceremony, the federal government may not consider you married. For many couples, it may be beneficial to file as a married couple to save money…

Sometimes it is difficult to know what type of bankruptcy would be in your best interest; here is a quick guide to cover the basics. You should ultimately talk to a bankruptcy attorney to determine the best course of action for your unique situation. Analysis of Income and Debt In both Chapter 7 and Chapter…

Chapter 13 bankruptcy is for reorganization and repayment of your debt. People often choose Chapter 13 when they are behind in their secured loans such as their home or vehicles, and they want to keep those assets. Chapter 13 bankruptcy can also be an option if someone doesn’t qualify to file a Chapter 7 liquidation…

If you fall behind on your car payments, and you believe your vehicle is about to be repossessed, one of the first things you should do is remove any personal items out of your car. Sometimes personal belongings can vanish from your car at the impound lot. If you leave necessary items in your vehicle…

If you fall behind in your student loans, the government has a number of ways to come after you to get their money. When you stop paying on your student loans altogether, they are considered to be in default. If your student loans are in default, the government can deny you new student loans and…

When you are having financial difficulties, sometimes the timing of when you file for bankruptcy can be just as important as the type you file. Delaying Filing There may be times you might want to delay filing bankruptcy for a few months to make sure your work bonuses or one-time payments are not going to…

If you find that you are in financial trouble again after your bankruptcy has been discharged, you may need to file again to get bankruptcy protection from your creditors. You can file for bankruptcy as often as you want, but you will only receive a discharge if the legal requirements are met. Chapter 7 If…

Chapter 7 is often the most straightforward and quickest type of personal bankruptcy. This type of bankruptcy is considered a liquidation bankruptcy. Upon completing all of the required steps, your qualifying debt will be discharged within an average of six months. Chapter 13 bankruptcy is regarded as a reorganization bankruptcy. In this type of personal…