By Jeff Field | Published February 20, 2024 | Posted in Bankruptcy, Chapter 13, Chapter 7 | Tagged Tags: bankruptcy relief, credit score, misconceptions | Leave a comment
Bankruptcy is a remedy designed to give people in financial trouble a path to a fresh start. It carries no penalties as long as a debtor pursues it honestly and in good faith. However, many people are still reluctant to file for bankruptcy, often out of fear that it carries a stigma that will affect Read More
Read MoreChapter 13 is a form of bankruptcy meant for people who, despite being in financial straits, have the resources to repay at least a portion of their outstanding debts over time. Those debts are discharged only after the debtor completes a court-approved repayment plan that lasts three or five years. Which time period applies depends Read More
Read MoreFacing an impending utility shut-off due to unpaid bills can be a daunting prospect. Electricity, gas, water and telephone are essential services, and loss of them can affect your health and security. Utility debts usually reach this state of emergency as part of a larger financial crisis. Fortunately, bankruptcy can provide a temporary reprieve and Read More
Read MoreBankruptcy is a legal process designed to help individuals and businesses overcome overwhelming financial difficulties by providing a fresh start. For individuals, the two most common forms of bankruptcy are Chapter 7 and Chapter 13. While these chapters serve similar purposes, they differ in their approach towards debt resolution and in their allowance of second Read More
Read MoreBankruptcy proceedings serve as a legal mechanism for debtors to obtain relief from overwhelming financial obligations, allowing them to reorganize their debts or liquidate their assets for the benefit of creditors. Ideally, a bankruptcy case proceeds without contention, but when disagreements arise, the bankruptcy code provides a forum for resolving them, known as an adversary Read More
Read MoreChapter 7 bankruptcy allows individuals to obtain a fresh start by discharging most of their debts while liquidating their assets to pay off creditors. However, there are ways that debtors can shield a substantial amount of their assets from liquidation. One of these is the redemption option. A debtor can keep a financed car by Read More
Read MoreHome prices in Georgia and across the country rose steadily through 2023 and show no signs of abating, despite a surge in mortgage interest rates. This is due to a shortage of housing inventory caused in large part by older Americans buying up properties, many for investment purposes. But whatever the reasons, an inflated residential Read More
Read MoreMarried people who are in financial straits have the option of filing jointly for bankruptcy, but that doesn’t always mean they should. Since assets and expenses are often shared in a marriage, it’s common for the money troubles of one spouse to impact the other. But sometimes one spouse has more property and the other Read More
Read MoreIf you are considering filing for bankruptcy and are on disability, you may be concerned about how the case will affect the benefits you are receiving. Although they are deemed assets under bankruptcy law, disability benefits are generally protected from creditors by being covered by state and/or federal exemptions. However, having these benefits as part Read More
Read MoreDeciding to file for bankruptcy is a significant event that you may fear will affect your life in multiple ways. Among your likely concerns is the potential impact of bankruptcy on your present employment status and future job prospects. However, there is less reason to worry than you might think. Generally, a personal bankruptcy should Read More
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