• 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]

  • What You Should Know About Bankruptcy And Foreclosure

    If you are currently struggling financially, you might be at risk of foreclosure. When you go through foreclosure, you lose your home due to being behind on your mortgage payments. If you are also going to file for bankruptcy due to the same financial issues, it might actually be able to stall the foreclosure and help you turn things around before it is too late. Here are some things to know about bankruptcy and foreclosure. [Read More]

  • Ways To Improve Credit After Bankruptcy So You Can Get Loans And Credit Faster

    Filing Chapter 7 bankruptcy can be a huge help if you are in debt, and this filing will remain on your credit report for 10 years. While this is a long time, you should know that this does not mean you will not be able to get credit lines or loans for the entire time. Here are several things you can do to help improve your credit score after bankruptcy so you can get approved for a credit card or loan faster. [Read More]

  • Increasing Your Chances Of Discharging Your Student Loans Through Bankruptcy

    Students loans have a reputation for being nearly impossible to discharge--even through bankruptcy--and so most individuals do not even bother to try. In reality, however, studies have shown that as much as 40 percent of the only .1 percent of all student loan holders who sought to have their loans lowered or eliminated succeeded, meaning nearly half of those who applied had their burden lessened. If you truly do not have the ability to pay your loans and can demonstrate this hardship, it may be worth your time to have your case examined by a bankruptcy attorney. [Read More]