blog

  • Take A Walk-Through The Means Test

    When you declare bankruptcy you are essentially admitting that you are unable to pay your bills now and in the immediate future. New bankruptcy rules prevent those with a certain level of income from filing chapter 7 bankruptcy. In an effort to make bankruptcy only appropriate for those that really need it, all filers should be prepared to prove income and to undergo a so-called means test if their income is above a certain level. [Read More]

  • The Benefits of a Chapter 13 Bankruptcy Over a Chapter 7 Bankruptcy

    When it comes to filing personal bankruptcy, many people believe that filing a Chapter 7 is better than filing a Chapter 13. In a Chapter 7 bankruptcy, your debt that qualifies is wiped out and you don't have to pay it back. In a Chapter 13 bankruptcy, you will establish a repayment plan and you are responsible for paying off some of the debt you owe. Although it seems like an easy decision, there are times when debtors aren't able to file for Chapter 7 because monthly income levels are too high and disposable income amounts make you ineligible. [Read More]

  • When You Can't Pay Your Mortgage: Tips For Avoiding Foreclosure

    When you experience a change in your financial security, you do everything you can to meet your obligations and pay your bills. However, sometimes the odds are stacked against you, and you no longer can pay your bills and your creditors. Missing payments to your mortgage lender can lead you into deeper financial trouble.  Most people want to avoid foreclosing on their home at all costs. The first step you need to take if you're experiencing trouble with your finances, especially if you are in danger of losing your house, is to contact a foreclosure attorney. [Read More]

  • Assets In Chapter 7 Bankruptcy

    In chapter 7 bankruptcy, the assets of the applicant will be considered to pay back some or all of the debt owed to the creditors. Assets are classified as exempt and nonexempt. The applicant cannot keep most assets that are considered nonexempt.   Differences Between Nonexempt and Exempt Assets Nonexempt assets will be valued and used to pay back creditors. However, there are exempt assets that will be excluded from evaluation. The applicant will be able to keep their exempt assets. [Read More]

  • A Debt Relief Lawyer Offers Several Great Options For Getting Out Of Debt

    Getting into debt can take time and can suddenly creep up on you; and at some point, you might feel like you hit rock bottom. You might be in such bad financial shape that you cannot even make minimum payments on all your debts. Are you in this position right now, and are you tired of all the collection calls you keep receiving? If so, visiting with a debt relief lawyer like Clinger Richard S is probably a good thing to do. [Read More]

  • Deeply In Debt? 4 Mistakes To Avoid When Filing For Bankruptcy

    If you're in debt, and you see no way out, you may need to file for bankruptcy. One of the benefits of filing for bankruptcy is that it provides you with the fresh start that you'll need to get back on your feet financially. Before filing for bankruptcy, however, you need to know that there some mistakes that can damage your case. Here are four mistakes you should avoid when filing for bankruptcy. [Read More]

  • Three Red Flags That May Complicate Your Bankruptcy Application

    If you want your Chapter 7 bankruptcy application to proceed efficiently and fast, you need to avoid anything that will raise red flags on the trustee's radar. The trustee has tremendous powers; they can even object to your discharge if they think the circumstances warrant it. Here are some of the red flags that may jeopardize your bankruptcy application: Discrepancy Between Reported Income And Supporting Documents The trustee has to know your income to determine if you pass the means test. [Read More]

  • 5 Tips To Deal With Bankruptcy Efficiently

    When you file for bankruptcy, you likely are in a stressed mindset. Not only is your financial state going to change, but you are going to have to take major steps to repair it once you have filed for bankruptcy to ensure that you don't end up in this financial state again. When you file for bankruptcy, you want to be sure that it goes smoothly. Here are five tips to help you ensure that this is going to happen: [Read More]

  • How Can Bankruptcy Help If You Are Facing Foreclosure?

    One of the difficult decisions you have to make when you are facing a foreclosure is whether or not you want to fight for the home or walk away. Both options can have financial consequences that could have a long-term impact on your future. If you are unsure of what you should do, here are some options and the possible consequences.  What If You Want To Keep the Home? If you want to keep the home, you can attempt to negotiate with the lender. [Read More]

  • What Happens If You Miss A Payment In A Chapter 13 Filing?

    A key part of a Chapter 13 bankruptcy is the repayment plan. If you fail to make your payments as agreed, you could suffer harsh financial consequences. If you are currently on a repayment plan, here is what you need to know.  What Are the Consequences of Missing Payments? The repayment plan in a Chapter 13 bankruptcy is based on how much you can reasonably afford after paying essentials, such as your mortgage. [Read More]