Consumer Bankruptcy
Bankruptcy and Cosigners
The Effect of Filing Bankruptcy on Cosigners Many times when a person is seeking to obtain a loan a cosigner is required. Many times these cosigners are either a friend or family member who signs a legal document or contract and promises to pay your loan in the event that you default on your payments. This cosigner becomes legally…
Read MoreFiling Time Limits in Bankruptcy
How often can I receive a discharge of debts through bankruptcy? Although you can file bankruptcy as many times as you want, you can only obtain a discharge – wiping your debts away – periodically based on what chapter you have filed. CHAPTER 7: If you have received a discharge in a Chapter 7…
Read MoreBankruptcy Basics: Watch out for Bankruptcy Crimes
When filing bankruptcy, always tell the truth! When filing for bankruptcy protection, a debtor must be honest and accurate in dealing with the court or face serious consequences, including being charged with a crime. The court requires debtors to divulge all assets and debts to insure the protection of creditors. By signing your petition, you…
Read MoreRebuilding Credit After Bankruptcy
Good News – Rebuilding Credit is Possible in as Little as 2 Years! Maybe you have heard it before – filing for bankruptcy ruins your credit and don’t even think about rebuilding credit for at least ten years. This is false and perhaps the most popular myth about filing bankruptcy. Credit card companies, debt consolidation companies and others, all…
Read MoreHow Long Does a Bankruptcy Take?
What is the time table for bankruptcy? – Depends on the chapter you file How long a bankruptcy will take, from the time of filing until discharge, is one of many concerns clients have when considering whether or not to file. Although this can depend on many circumstances, it mostly depends on which type, or…
Read MoreWho is not eligible for a Chapter 7 discharge?
Is It Time To File for Chapter 7 Bankruptcy Protection? Generally, the following persons are not eligible for a Chapter 7 discharge: A person who has been granted a discharge in a Ch. 7 case filed within the last 8 years. A person who has been granted a discharge in a Ch. 13 case filed within…
Read MoreCredit Counseling Requirements in Bankruptcy
A Requirement of Filing: Credit Counseling Class In 2005 Congress adopted new bankruptcy laws known as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), one of the requirements of this new law included at requirement for debtors to obtain credit counseling from a government approved organization within 180 days before filing for bankruptcy…
Read MoreHeard a Bankruptcy Myth – Don't Believe It!
The Creatures of the Court and Tales of Discharge – Bankruptcy Myths Debunked No area of law is more fraught with myths than bankruptcy law. When you are considering filing you will hear all kinds of information which is half-true, misleading or outright false. Like a mythical mermaid which some say lure a sailor to…
Read MoreBankruptcy: Pre-filing Do's and Don'ts
Pre-Bankruptcy Do’s and Don’ts If your bills are pilling up and creditors are continually harassing you, but you are not sure that you will have to file bankruptcy, there are some Do’s and Don’ts which may protect some of your property if you do eventually file. DO Continue making payments on vehicles which you intend…
Read MoreBankruptcy: Post-Filing Do's and Don'ts
If I have already filed for Chapter 7 bankruptcy protection, there are some important Do’s and Don’ts which come into play during the pendency of your case. DO continue making payments on vehicles which you intend to keep. Creditors secured by a car or truck can usually repossess the vehicle without notice to you anytime…
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