Deciding To Declare Bankruptcy

Emotionally Bankrupt: Dealing With Bankruptcy

Posted by on Jul 27, 2016 in Uncategorized | Comments Off on Emotionally Bankrupt: Dealing With Bankruptcy

For many, the decision to file for bankruptcy is a difficult one and one not taken lightly. Financial circumstances that seem insurmountable can make even the most responsible among us desperate enough to seek debt relief via bankruptcy. Being prepared for the practical issues that surrounds bankruptcy is vital, but don’t neglect to pay attention to your emotional issues as well. If done correctly and with thoughtfulness, your bankruptcy can represent a learning experience and the fresh financial start you need. Read on to learn more...

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Providing A Defense In Answer To Credit Card Lawsuits

Posted by on Jun 29, 2016 in Uncategorized | Comments Off on Providing A Defense In Answer To Credit Card Lawsuits

You may need the help of a debt relief attorney if a credit card company or a collection agency is suing you. Whether an attorney negotiates with the creditor or debt collector to settle the debt for less than what you owe or raises a defense to the lawsuit, it’s important to know your rights, especially when it comes to providing a defense. Watch the Time Although the law varies from state to state, if a credit card company has waited too long to file suit against you and the statute of limitations has passed, the debt may be too old...

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Should You Reaffirm Your Home During Bankruptcy?

Posted by on Jun 17, 2016 in Uncategorized | Comments Off on Should You Reaffirm Your Home During Bankruptcy?

If you own your home and have fallen behind on mortgage payments along with your other bills, you may be facing foreclosure if you don’t file for bankruptcy quickly. Should you reaffirm your home or make plans to move after your Chapter 7 discharge is granted? Read on to learn more about reaffirming your home in bankruptcy, as well as some factors you’ll want to consider when deciding whether this is the right decision for you.  What is required in order to reaffirm your home in bankruptcy?  When you file for...

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Deciding Whether Or Not To Use Your Retirement Savings In Times Of Hardship

Posted by on May 23, 2016 in Uncategorized | Comments Off on Deciding Whether Or Not To Use Your Retirement Savings In Times Of Hardship

If it feels like the days till payday just keep multiplying or if you are struggling to pay your monthly obligations, you may be tempted to tap your retirement savings to alleviate your financial hardship. Before making that withdrawal, take a few moments to evaluate whether this is the right move for you.  1. Consider the Penalties Unfortunately, if you cash in your retirement account before you are 59.5, the amount you actually get is significantly less than the balance that you have right now. Withdrawals before the acceptable age are...

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Legal Fees, Attorney’s Fees And Bankruptcy: What You Can And Cannot Include

Posted by on May 14, 2016 in Uncategorized | Comments Off on Legal Fees, Attorney’s Fees And Bankruptcy: What You Can And Cannot Include

If you have decided to file for bankruptcy, you may be wondering if you can include any legal fees or attorney’s fees in your bankruptcy discharge. While there are some circumstances where it may be possible to do this, it is not recommended. However, if you know you are so far down and out financially that there is no alternative but to include these debts in your bankruptcy, here are a few things you should know about what you can and cannot include. What You Cannot Include There are plenty of legal fees and lawyer fees you cannot...

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5 Ways To Realistically Help You Avoid Filing For Bankruptcy

Posted by on May 12, 2016 in Uncategorized | Comments Off on 5 Ways To Realistically Help You Avoid Filing For Bankruptcy

Often, it’s a far better prospect to avoid bankruptcy if possible. Some people feel as if bankruptcy represents the only answer to their financial problems, but it’s possible to get beyond those problems on your own. At the very least, it’s worth trying a few of these things to see if they can help.   1. Do Some Research On the Subject There are many, many resources out there for people just like you. There are whole websites dedicated to avoiding bankruptcy. You need to learn when bankruptcy is the best solution, and...

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Should You File For Bankruptcy Now?

Posted by on May 4, 2016 in Uncategorized | Comments Off on Should You File For Bankruptcy Now?

Depending on your financial situation, filing for bankruptcy could be the best move for you. After making the decision to file, you need to determine exactly when you should. The timing of your bankruptcy could influence how well the process goes and whether or not you get the maximum benefits from it.  Why Should You File Now? The most important reason to file now is that when your documentation is filed, an automatic stay is put into place. The stay keeps your creditors from taking actions, such as filing for foreclosure or...

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How Does Reaffirmation Of Debts Work In Chapter 7 Bankruptcy?

Posted by on Apr 18, 2016 in Uncategorized | Comments Off on How Does Reaffirmation Of Debts Work In Chapter 7 Bankruptcy?

There are two main types of bankruptcy filings you can use if you need major debt relief, and a lot of people choose Chapter 7 if they are eligible for it. Chapter 7 is a good option because it wipes out debts you have, and you will then no longer be responsible for them. The downside is that you can lose some of the assets you have; however, there is something called reaffirmation of debts in Chapter 7, and this could help you keep some of the valuable things you own. What Is Reaffirmation Of Debt? Reaffirming a debt is a process you can use...

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How To Prevent An IRS Wage Garnishment

Posted by on Apr 4, 2016 in Uncategorized | Comments Off on How To Prevent An IRS Wage Garnishment

If you have unpaid taxes, there is a chance that the IRS could garnish your wages. This means that the IRS could contact your employer and ask for a certain percentage of your paycheck to be sent to them before you ever get paid. Not only can this be embarrassing, since you might not want your employer to know about your financial troubles, but it can also put you in a bad financial situation. Luckily, you do have options to prevent a garnishment from the IRS. These are a few potential options to look into. Strike Up a Payment Plan First...

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How To File For Chapter 13 Bankruptcy In Maryland

Posted by on Mar 25, 2016 in Uncategorized | Comments Off on How To File For Chapter 13 Bankruptcy In Maryland

While the basic rules and procedures are mandated by federal law, filing for Chapter 13 bankruptcy protection in each individual state will vary. The length of time that the debtor is required to repay creditors is determined by each state’s median income, and the amount of exemptions that may be claimed is also determined by each state. What is chapter 13 bankruptcy? This type of bankruptcy allows debtors to repay unsecured debt according to their disposable income. Unsecured debt is not secured by collateral, such as a house or car....

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