I thought I’d share a few “todo”‘s to keep in mind while you’re considering bankruptcy: 1. Keep your retirement account safe. Your retirement account can often be completely exempted from the bankruptcy. Don’t solve a problem today only to have a bigger one years from now. 2. Get your tax returns filed and keep copies.…
I thought I’d let you know about a few great websites for getting bankruptcy information. First is the website of the US Courts themselves. http://www.uscourts.gov/bankruptcycourts.html They have some really good overviews about the bankruptcy process. Another reliable site is the ABI Consumer Center, http://consumer.abiworld.org Finally, make sure you check out http://www.bankruptcylawnetwork.com . That blog is…
Homestead (If your spouse also files chapter 7 the amount is double or $70,000 ) In certain circumstances an unmarried debtor who is 65 years of age or older is entitled to retain an aggregate interest in the property not to exceed $65,000. $35,000* Motor vehicle $3,500 Tools of trade $2,000 Household furnishings – household…
Most people who file for bankruptcy already have poor credit because of debt and late payments. A bankruptcy filing will stay on your credit report for up to 10 years. But, by discharging debt, your credit score can actually improve. Lending institutions know that an individual cannot file for a Chapter 7 bankruptcy for 8…
Not only can you save money, but saving money and stashing it away for a rainy day is something you should do after your bankruptcy. Filing a bankruptcy by itself is not a solution to financial difficulty, but it can give you another chance at financial health. Sometimes bankruptcy is inevitable because of a huge…
Bankruptcy is complex. It involves both state and federal laws. Even so, some people are inclined to save money on attorney fees and try to do it themselves. It is not impossible, but does require a tremendous amount of homework. The most important thing is make sure you have the time and energy to research…
1. Although not required, most filers take the initial step of meeting with a bankruptcy attorney. Depending on your case, you may be required to meet with your lawyer on several occasions. 2. Provide your attorney with all requested information/documentation including bank statements, tax returns, and pay stubs. 3. Meet with your attorney to review…
Although there is no absolute answer to this question, bankruptcy helps folks who are having trouble paying their bills. If you are saddled with debt and unable to meet your monthly obligations, and your future earnings realistically are not likely to improve dramatically, bankruptcy might be appropriate for you. Bankruptcy might be a way for…
Payday loans seem like a temporary solution to a short-term problem. However, most people who use these services end up in a bigger hole than where they started. The temporary solution becomes a permanent problem. The Center for Responsible Lending explains how here: http://www.responsiblelending.org/payday-lending/ If you have had trouble with payday loans, contact us to…
Generally people stop paying their credit cards, medical bills, or other unsecured debt, and use that money to prepare to file bankruptcy. Most of my clients pay me using money they normally would have paid to their credit cards or other unsecured debts. In this way, the costs of bankruptcy are coming out of your…