Bankruptcy is a legal process for an overwhelmed or insolvent debtor who cannot pay his debts so that he will have an opportunity for a fresh start. Bankruptcy laws have different types of bankruptcy. One of the most common is Chapter 7 Bankruptcy where your properties will be liquidated by the bankruptcy trustee to pay…
Filing bankruptcy is when a person declares himself to be unable to pay his debts. It is a legal proceeding that enables insolvent persons to have a fresh start and is a legal right under federal law. As such, anyone can avail of this kind of remedy. Filing for bankruptcy gives you protection such as…
Wage Garnishment Overview Wage garnishment is a way for creditors to collect any debt you’ve incurred. Whoever handles your paycheck has to withhold some amount from your income. Your employer will send this amount to your creditors. The process is repeated until you pay back the amount you owe. Federal law places a limit on…
Many people are discouraged from filing for bankruptcy because of how much it tanks their credit score. However, there are plenty of easy and reliable ways to build up your score. Bankruptcy protection is one of the few rights Americans have to give them a fresh start at a secure financial future. Even after bankruptcy,…
It’s been a year since the COVID-19 pandemic started. Most Americans suffered a great deal: health problems, loss of loved ones, and financial problems. Businesses that were not able to cope with the virus are faced with the decision about whether or not to file for bankruptcy. The bankruptcy process helps a business repay or…
Deciding on which bankruptcy chapter is the best for your bankruptcy case will depend on your monthly income and assets, among other things. For example, a substantial amount of income might prevent you from bankruptcy filing under Chapter 7 (liquidation bankruptcy). In case you have any personal property that you would want to keep, you…
Filing bankruptcy enables a debtor to repay his or her debts to the creditors. Several advantages come with filing for bankruptcy. This includes an automatic stay, which takes effect immediately once the bankruptcy court has approved your bankruptcy petition. This may protect you from creditor harassment and wage garnishment. Struggling with debt and financial problems…
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…
