Tag: file for bankruptcy Archive
The Meaning of Surrender in Terms of Bankruptcy
When you’re filing bankruptcy, the word “surrender” doesn’t actually mean surrender. Bankruptcy has a way of altering the meaning of words that we all think we know under normal circumstances and surrender just happens to be one of them. For instance, many bankruptcy petitioners surrender their car or their property. ...
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Filing Bankruptcy: When To Stop Making Payments to Creditors
When you decide to declare bankruptcy, you must make a comprehensive list of all creditors to which you owe money. Every one of them must be listed in the paperwork as bankruptcy is designed to treat all creditors fairly in regards to payment and nonpayment. Depending on the petitioner’s specific ...
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Bankruptcy Basics: Halting the Garnishment of Your Paycheck
Bankruptcy petitioners always have a reason that they filed for bankruptcy. In every instance it was because they had too much debt to handle, but in almost every instance there was also that one last problem or situation that caused them to make the leap to petition the court for ...
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Bankruptcy Does Not Discharge Criminal Debts
If you are facing a major amount of criminal debt and feel you have no way to feasibly cover the financial burden it imposes, you may be considering bankruptcy as a solution. The first thing you should know in this situation is that bankruptcy does not discharge criminal debts. The ...
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Bankruptcy Issues: Determining the Validity of a Debtor’s Settlement Offer
Many individuals considering bankruptcy have gone to great lengths to reach a more secure financial footing before they took that last step and obtained a bankruptcy attorney. One of the many options that can be useful for those attempting to avoid filing for bankruptcy is settling debts with creditors. This ...
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Bankruptcy’s Law of Preferences: Getting Garnished Wages Back
When in a tight situation financially, it can get to the point where you thought you could manage or catch up and suddenly, your bank account has been cleaned out and your wages are being garnished. This can be completely devastating as it leaves the individual (and sometimes family) without ...
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Purchasing a Vehicle Before Receiving Bankruptcy Discharge
There are many bankruptcy petitioners who fear the consequences wreaking havoc on their ability to have a vehicle and stay mobile. Bankruptcy laws may leave petitioners aware that they can’t keep the vehicle they have currently (for a number of different reasons), but equally aware that they will need a ...
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Bankruptcy is Particularly Popular Amongst Baby Boomers
A recent study (American Bankruptcy Institute, ABI Journal, September 2007) indicated that 42% of people filing bankruptcy fall between the ages of 45 and 64. It appears that older Americans are filing for bankruptcy protection at a drastically faster rate than their younger counterparts. In fact, “Baby Boomer” bankruptcies are ...
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Student Loans, Parent Student Loans & Bankruptcy
Many couples “help” their adult children. Some buy them cars, some provide down payments for cars or housing. Others pay cell phone bills. But one of the most common methods of financial assistance that parents provide their “grown up” children is with finances for college: student loans. In some cases, ...
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Converting Chapter 13 to Chapter 7 Due to Divorce
If you are in the midst of a Chapter 13 bankruptcy plan and you find yourself facing a divorce, you don’t want to add to the emotional stress with financial stress that can be avoided. Divorce typically comes with some major financial changes: two households instead of one, spousal maintenance, ...
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