Category Archives: Chapter 7
A Skilled Attorney Can Assist with Personal Bankruptcy
You may feel like you can manage your debts and other financial difficulties on your own, but when it comes to filing for personal bankruptcy, it’s crucial to seek the help of an experienced bankruptcy attorney to ensure you make it through this complicated process with the best chance of full financial recovery. Seeking advice […]
Filing for Bankruptcy in Retirement
Retirement is supposed to be a time to relax and enjoy the fruits of your lifelong labor. Unfortunately, new research shows that retirees appear to be turning to bankruptcy more frequently to help them resolve their debts. A University of Michigan law professor documented the rise of retirees filing for bankruptcy over the last few […]
Can Bankruptcy Wipe Tax Debt Clean?
Grammy-winning singer Dionne Warwick recently filed for bankruptcy in New Jersey, her home state. The singer cites her more than $10.7 million in federal and California tax debt as the reason for bankruptcy. The debt includes substantial penalties and interest that accrued on the back taxes. Although Warwick reports an income of $20,950 a month, […]
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 […]
Supreme Court Offers No Guidance on Student Loan Undue Hardship Test
After receiving a general release from his debts under Chapter 7 bankruptcy, Roger Traversa filed for release from his $60,000 student loan debt, claiming that it would be an undue hardship for him to repay. Traversa testified that it was difficult for him to obtain and hold onto employment opportunities because of issues with depression, […]
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 Can Bankruptcy Help with an Underwater Mortgage?
As a result of the housing market crash, housing prices dropped in many regions of the United States. An underwater mortgage is a new term coined to describe house values that are less than the home’s mortgaged value. For example, let’s say that a couple bought a house for $300,000 and arranged a loan with […]
Debt after Death
When Whitney Houston died on February 11, 2012, rumors swirled about the late singer. One of those rumors was that Ms. Houston was broke when she passed away, having run through all the money she earned in the 80s and early 90s. This begs an interesting question. What happens to your debt in death? Does […]
Credit Cards and Bankruptcy
With credit cards as easy to get as ever and disruptions to income, such as job loss or serious medical disability, occurring to people every day, it’s no wonder that credit cards make up a large portion of discharged debt in bankruptcy. Here are a few things to note when considering bankruptcy as an option […]
