How Does a Bankruptcy Affect Inheritances?

If a Debtor inherits money or property during their bankruptcy process, it can, and often does, affect the inheritance.  When someone files for bankruptcy, a bankruptcy estate is created. The estate consists of the Debtor’s property or assets owned. A bankruptcy estate is administered through a bankruptcy trustee, where the estate is temporarily considered a legal owner of the Debtor’s property and assets claimed. Read More

Refinancing in a time of need

During times of uncertainty, the question on most people’s mind is how to save money.  If you are a property owner refinancing your mortgage can help you meet your savings goals. Refinancing involves changing your existing mortgage for a new one with more favorable terms.  Mortgage refinance is a strategy to help homeowners meet their financial goals. When you refinance your new lender pays off the existing mortgage Read More

Disclosing Assets in a Bankruptcy

Bankruptcy is a debt relief tool that is available to those individuals who have found themselves facing unfortunate financial circumstances. A key component in any bankruptcy filing is the schedule of assets submitted to within your petition to the bankruptcy court. When filing, debtors have a mandatory obligation to disclose all of their assets, liabilities, debts, income, and expenses. Although a Chapter 13 Read More

Will COVID -19 Impact your Bankruptcy Case?

Will COVID -19 Impact your Bankruptcy Case? COVID-19  has been affecting various aspects of daily life including the federal, state, and local governments.  Although the courts have been slowly adjusting their rules and procedures in light of this pandemic – there are still some uncertainties in current and future debtors as to how they can move forward with their filings. The following are a few guidelines to follow Read More

Chapter 7 Bankruptcy

  The most common reasons you may find yourself needing to file bankruptcy are due to unemployment, overextended credit,  health issues and large medical expenses. If you qualify for a Chapter 7 Bankruptcy, it may allow you to discharge a variety of debts. The greatest benefit for a Chapter 7 bankruptcy is that it erases most of the debts; however, allowable debts to be discharged typically exclude obligations Read More

Common Chapters of Bankruptcy

Depending on your income, amount of debt, number of creditors, and whether or not your dire financial straits involve a business or corporation, you will be considering different types of bankruptcy filings. The most common type of filing is Chapter 7 bankruptcy, followed by Chapter 13. Chapter 7 and Chapter 13 filings are known as personal filings and are the most accessible types for individuals in distress over Read More

“Should I File Bankruptcy?” 7 Tips to Help You Make the Decision

Filing for bankruptcy is not exactly the type of lunch break conversation you want to have with your colleagues, and for good reason. It is a measure of last resort that reveals to the whole world that you are so far deep in debt, even the bank is suing you. If you do not have a contingency plan, it will destroy your credit and debilitate your borrowing ability. If you are wondering whether or not to file for Read More

A Brief Overview of Emergency Bankruptcy

If you need to stop an impending creditor action fast, you can file for chapter 7 or 13 bankruptcy. Doing this will trigger an order for automatic stay from the court, subsequently prohibiting creditors from collecting your assets (with certain exceptions). However, filing for bankruptcy is not a quick process and you could incur heavy losses by the time the order is given. This is where emergency bankruptcy comes Read More

4 Questions to Ask Yourself When Considering Bankruptcy

Getting into difficult financial situations is something that can happen to anyone. Whether it is caused by a job loss, medical issues, unexpected events, or any number of other things, you need to focus on finding the best solution to your situation. For many people, filing for bankruptcy is the ideal way to get their financial situation back in order. If you are considering this option, make sure you ask yourself Read More

A Fresh Start: The Advantages of Filing for Bankruptcy

If you are having financial difficulties, you have undoubtedly looked at all your options to try to get your finances under control. The reality is, however, that there are some situations where it is all but impossible to actually handle on your own. It is precisely these scenarios that the bankruptcy laws were put in place for, and they are an excellent solution. Bankruptcy provides you with a variety of advantages Read More

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