Why Hire a Bankruptcy Attorney Bankruptcy cases come in different kinds, circumstances, and degrees of complexity. While it’s advisable that you go through bankruptcy aided by the legal services of an experienced bankruptcy attorney, it’s not required. Take note, however, that with certain assets of value, filings under Bankruptcy Chapter 13, cases involving fraud, [...]
Debtors usually file for bankruptcy voluntarily, but bankruptcy laws do allow creditors to force a debtor to declare bankruptcy by filing a petition for bankruptcy themselves. This is called involuntary bankruptcy. An involuntary bankruptcy petition is more often filed on behalf of business debtors, although an individual debtor of means may also be targeted. [...]
First and foremost, most taxes cannot be discharged in bankruptcy. You may have been given false hopes by advertisements that offer a way to wipe out tax debts in bankruptcy. However, it is more complicated than perceived to be. Most tax debts can’t be eliminated in bankruptcy -- the fact is, you are still [...]
The meeting of creditors or 341 meeting is a hearing that is held after a debtor files for bankruptcy under Chapter 7 or Chapter 13, both of which pertain to consumer bankruptcy in the bankruptcy code. At the meeting, a bankruptcy trustee will ask the bankrupt filer a series of questions related to the bankruptcy [...]
A bankruptcy filing is not an easy way out of debt. You will be faced with challenges that involve a mountain of paperwork. The Bankruptcy Forms in itself includes 23 separate forms totaling roughly 70 pages. The forms ask you about everything you make, spend, own and owe. Clearly, this burdensome requirement is a [...]
Filing for bankruptcy is usually effective at ridding oneself of debt and the accompanying stress from being hounded by collectors. For the elderly, however, it is typically not a good strategy for the reason that they have too much property or the other extreme, too little property. How does either situation affect bankruptcy? Bankruptcy [...]
It is possible to file a quick bankruptcy called “emergency bankruptcy” of “skeleton bankruptcy” to stop impending creditor action. You just need a few simple steps and some points to take note of. Will filing bankruptcy help me with my financial problems? In times where you need to be one step ahead of your [...]
Is it really wise to withdraw your savings from the bank before you file for bankruptcy? It may seem like you are outsmarting your creditors by taking out your money from the bank just to hide it from them. Sometimes, it is more prudent to spend your savings before you file for bankruptcy. However, [...]
If you are in dire financial straits, filing for bankruptcy is a great way to get a fresh start. You can heave a sigh of relief once your bankruptcy case is over and done with. However, with all the nuances and processes involved in a bankruptcy filing, it can get very confusing and sometimes, even burdensome. [...]
Has declaring bankruptcy crossed your mind? Do you ever wonder if filing bankruptcy is the answer to your financial troubles or it will just add more headaches for you? You will discover the answers soon enough as we reveal the myths that surround bankruptcy. As you learn about the advantages that you may gain [...]