Category Archives: Bankruptcy
Drop in Bankruptcy Filings Signs of Improved Economy
Consumers are considering options outside of bankruptcy for confronting their debt management problems. According to the American Bankruptcy Institute, the number of bankruptcies filed nationally declined 14 percent from the year-earlier period. There were 921,219 bankruptcies filed nationally through September. These numbers may seem high, but at this rate of decline the year-end totals stand […]
Why You May Want Credit Restoration After Filing Bankruptcy
Filing for bankruptcy can be an emotionally charged decision. You want to pay your debts, but the financial challenges can be overwhelming, especially in this economic climate. Filing for bankruptcy can lift the financial burden and provide a second chance for consumers with unmanageable debts. But how does a bankruptcy appear on your credit report […]
Chapter 13: What You Need to Know About Excluded Debt
Bankruptcy may be a “fresh start” but it may not leave the debtor completely debt free. Certain types of debts survive Chapter 13 bankruptcy and are not discharged. As a rule, the discharge releases the debtor from all debts provided for by the plan or disallowed, with the exception of certain debts. To the extent that they are […]
Avoid Bankruptcy Fraud
Faced with millions of dollars in debt exacerbated by high medical bills due to a serious heart condition, Grammy award-winning singer Toni Braxton filed for bankruptcy for the second time in 15 years. Ms. Braxton is now being accused of bankruptcy fraud after transferring more than $53,000 to her estranged husband, Keri Lewis. The trustee […]
Special Rules for Divorce and Bankruptcy
Sometimes financial problems are stress factors that lead to divorce. And, people who decide to divorce often consider bankruptcy as well. So, while divorce and bankruptcy may go hand in hand, it is important to realize that divorce changes the rules somewhat for bankruptcies. Divorce and bankruptcy become associated in several ways. Divorce addresses debts […]
What Debts Take Priority When You File Bankruptcy?
Will bankruptcy handle your most pressing debts? This is a major consideration when deciding whether or not to file bankruptcy. By law, not all debts are treated equally. Some take priority over others and get paid first. There are even certain debts that bankruptcy cannot eliminate at all. Suppose that your most pressing debt is […]
When to Delay Filing for Bankruptcy
Just as there are reasons you should file bankruptcy right away, there are times then a bankruptcy case should be delayed. The best way to know is to discuss your financial problems with a skilled bankruptcy lawyer. Some reasons your attorney may advise you to wait include: Divorce Monetary transfers Expected medical bills Recent credit […]
How Bankruptcy Affects an Inheritance
People may be concerned about an inheritance they expect to receive before filing for bankruptcy relief or what happens to an inheritance they receive after filing for bankruptcy relief. If you receive an inheritance prior to filing bankruptcy, depending on the monetary amount you receive, you may lose a large portion or all of the inheritance. If the value of the […]
What is a Trustee’s Role in a Bankruptcy Case?
There are two types of trustees, the trustee who immediately oversees a particular bankruptcy case, and the U.S. Trustee. Trustees A trustee is a private individual or corporation assigned by the bankruptcy court system to oversee a particular bankruptcy case. The trustee’s role in overseeing a bankruptcy involves various functions such as: Liquidating estate assets […]
Understanding Automatic Stays and Motions for Relief from Stay
By the time many people consider filing bankruptcy, they are buried in creditor collection calls or perhaps even threatened with wage garnishment, foreclosure or repossession. Consequently, it is a relief to understand what an automatic stay does for you. Filing a bankruptcy petition automatically triggers a court order called an automatic stay. An automatic stays […]
