The bankruptcy process helps an individual resolve his or her financial problems and pay back debts. Filing for bankruptcy may cover credit card debt, medical debt, and certain tax debt, among others. A bankruptcy attorney can help you understand how to file a bankruptcy petition and proceed with debt management when necessary. Without sufficient knowledge…
Building your credit after bankruptcy is not impossible. One way to do so is by setting up a credit card account. One can go through a credit card application during a bankruptcy filing. However, given your debts, it would be especially challenging to get credit from card companies. If you are currently filing for bankruptcy…
Chapter 7 bankruptcy may initially seem like a devil’s trade-off where you give up your properties, in exchange for wiping your debt slate clean. That is until you learn about bankruptcy exemptions. In Louisiana, certain exemptions will allow certain assets to be excluded from the bankruptcy estate which the trustee sells and liquidates to pay…
Being bankrupt has become a reality for a lot of people. As such, debt-relief through bankruptcy filing has become a welcome option for people struggling financially. Declaring bankruptcy will enable you to pay back lenders, wipe out your debts, and have a fresh start at life. Before proceeding, however, you must first be familiar with…
If you’re planning to file bankruptcy, it’s important to be aware of the costs involved. Having a local bankruptcy lawyer review your case before filing your petition can help you know what steps to take to avoid having unnecessary expenses. The average cost of bankruptcy filings for both types of bankruptcy are shown in the…
For a debtor who is overwhelmed with debt, filing bankruptcy may be the relief they’re looking for. Most debtors file consumer bankruptcy under Chapter 7 or Chapter 13. While a Chapter 7 bankruptcy wipes out qualifying debts and eliminates liability after completing the bankruptcy process, it also means losing nonexempt property and assets that you…
Have you been missing payments on your mortgage due to financial difficulties? If you are facing the threat of foreclosure, you’re probably wondering how you can save your family’s home. There are legal steps to delay or even halt property sales instead of voluntarily giving up your possession. Below are the three best options you…
Filing for bankruptcy under Chapter 13, also called a wage earner’s plan, helps people with modest incomes to build a strategy to pay back their debts. Here, debtors propose and adhere to a repayment plan as they make payments to their creditors or lender. As such, among the different types of bankruptcy, Chapter 13 is…
If you’ve just completed bankruptcy, it’s going to impact you in important ways. You’ll now have your debts under control, and you’ve been given a fresh start to rebuild your finances. If you’re like most people, you accumulated your debt slowly. It took a long time to get to the point where your debts felt…
Although Congress has allocated billions of dollars in coronavirus relief for small businesses, there are still expected to be a growing number of companies that file for bankruptcy. The unprecedented shutdown of so much of the nation to enforce social distancing measures has closed hundreds of non-essential businesses. Business filings under Chapter 11 bankruptcy rose…
