Challenges People Commonly Face When Preparing To File For Bankruptcy
When people decide to file for bankruptcy, most of them will experience at least one or two challenges during the process; however, some may experience even more than this. Experiencing challenges during this process is normal and expected, and your lawyer will be there to help you learn what these challenges will be and how to get through them. Here are some common challenges people face when filing for bankruptcy.
Step By Step: Keeping Your Home Through Bankruptcy
Homes are more than just bricks and sticks, and when financial conditions prompt a bankruptcy consideration, it can create fear. A chapter 7 bankruptcy filing puts all of your property at risk including your home, but you should never allow fears of a home loss to prevent you from taking a closer look at what a chapter 7 could do for you. Read on to learn how to determine the likelihood of losing your home through bankruptcy.
Is Your Small Business In Debt? Debt Consolidation Can Help
If you fear that you need to file for bankruptcy, it's important to consult with a bankruptcy attorney or another financial professional. You may not need to file for bankruptcy; some people are able to consolidate their debts. What Is Debt Consolidation? If this is your first small business, one thing you may be overwhelmed with is multiple debts with different balances and interest rates. With consolidation, instead of paying each debt off separately, you will combine the debts into one monthly payment.
3 Facts To Help You Prepare For Your Chapter 7 Bankruptcy Hearing
Filing bankruptcy can be stressful and embarrassing, but adding a bankruptcy hearing to the mix can make many people even more nervous. If you are filing for bankruptcy or considering filing for bankruptcy, you may need to attend a formal hearing before your debts can be cleared. Check out these facts to help you prepare for your Chapter 7 bankruptcy hearing. The Hearing Is More Casual Than Court Hearings The bankruptcy hearing has many rules and regulations you must follow, but it is much less formal than a real court hearing.
Bankruptcy Debts That May Not Be Discharged
Are you hoping that bankruptcy will wipe away all of your past debts? That is not always the case. Here are some debts you could still be stuck with, even after a bankruptcy is finalized. Child Support Do you currently owe child support from a previous marriage? This debt won't just go away with a bankruptcy. In fact, this is a court-imposed financial responsibility, and you will still be obligated to pay all missed payments.
3 Ways Chapter 7 Offers Relief
When you have way too many bills and debts and not enough income, it typically does not take long to start falling behind on your payments. If you are in this position and have no money left after paying your bills, you could look into bankruptcy. Chapter 7 bankruptcy is one option you have, and here are three ways it offers relief to people in your situation. It Erases Debts
Planning To File For Bankruptcy? Do These 2 Things First
The bankruptcy filing process requires a lot of planning, with certain actions that you take impacting the case. If you want to have a good chance at having your bankruptcy filing approved, you'll need to do these two things. Take a Means Test There are laws in place that are designed to prevent people from using bankruptcy if they do not need it. This is done through means testing, which compares how much you make to other people that live in your state.
Seven Things To Know Before You Go Bankrupt
Bankruptcy is often associated with "fresh start." Because of this general perception, many people tend to think that filing for a bankruptcy is the only solution to solve large financial woes. However, there are at least seven things you need to know before you go bankrupt. Long-term Ramifications You should know that filing for bankruptcy has long-term ramifications to your personal life. Bankruptcy stays on your credit report for as long as ten years, making most investors to shut you down.
Stuck in Perpetual Credit Card Debt? Free Yourself With Chapter 13 Bankruptcy
Sometimes it's easy to get into credit card debt,but hard to get back out. Circumstances such as a floundering economy or a failed marriage can leave an individual struggling just to pay the monthly interest on their unsecured debt. Paying only the minimum payment on your debts means that the principal, or the amount you owe, never goes down, so you're stuck in a an ongoing cycle of debt. Filing for Chapter 13 bankruptcy protection may be your best bet for getting back on your feet and freeing yourself from this burden.
3 Things To Know If You Are Filing Bankruptcy Alone While Married
Bankruptcy is something you can file if you need serious help getting out of debt, and it is something you can do alone or with your spouse. Married couples do not have to both file, if just one needs relief; however, there are three important things you should know if you are considering filing alone while you are married. Both Incomes Must Be Included The branch of bankruptcy you file will be dependent upon your income.
Three Financial Solutions To Try Before Filing For Bankruptcy
If you are absolutely up to your eyeballs in debt, filing for bankruptcy can be a way out. However, it does have its consequences. The bankruptcy will appear on your credit history for 7 - 10 years (depending on the type of bankruptcy you file), and the process of going through bankruptcy is time-consuming and stressful, too. Thus, it is worth your while to try a few other possible financial solutions before you resort to bankruptcy.
3 Things to Consider Before Filing for Bankruptcy Alone if You Are Married
If you are married and have a lot of debt, you could file for bankruptcy with your spouse or by yourself. It is often better to file jointly; however, filing alone is fine in some situations. If your spouse is against filing for any reason, you could still go through with filing on your own, but there are several things you should know before you do this. Here are three important things to think through before you file alone.
Closing Your LLC? What Should You Know About Taxes?
If you've owned and operated your own service-based business for years but have decided to finally retire, you'll likely want to liquidate any remaining assets before closing your business for good. While selling a service-based business is possible in most markets, it can be tough to find someone who will maintain your business's goodwill among the community and perform work up to the standards you've spent decades setting. However, closing your business has some potential consequences as well.