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Blog Posts in December, 2012

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  • What Happens to Joint Property in Bankruptcy?

    Posted By admin || 28-Dec-2012

    Joint Property and Bankruptcy If you are considering bankruptcy protection as a married individual you may have concerns about joint property and whether or not it can be protected from creditors. The outcome of your case may depend on the chapter you file, the state you live in, if you file on your own or with your spouse and ownership of property. If You File Your Case Alone If you choose to ...
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  • Fraudulent Credit Card Charges in Bankruptcy

    Posted By admin || 26-Dec-2012

    Bankruptcy and Fraudulent Credit Card Charges Credit card debt is one of the most common forms of debt that is discharged or eliminated in bankruptcy. While bankruptcy is a powerful tool that can eliminate qualifying debt, if a credit card company senses fraud in your case, this may reduce chances of the debtor getting debt discharged. So what is the difference between card charges that are ...
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  • What Are Bankruptcy Options for Small Businesses?

    Posted By admin || 21-Dec-2012

    Bankruptcy Options for Small Businesses If you are a small business owner struggling to pay debt obligations you may be considering bankruptcy as an option. There are different bankruptcy filings to consider that are based on how your business is organized. It helps to get a better understanding of each bankruptcy option before making the decision to file. Chapter 7 Bankruptcy An option for ...
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  • Does Chapter 7 Bankruptcy Protect Accident Insurance Proceeds?

    Posted By admin || 20-Dec-2012

    Bankruptcy and Accident Insurance Proceeds If you received proceeds due to an accident you were involved in, there are issues to consider that can affect their protection eligibility in a chapter 7 bankruptcy. Depending on when the accident took place and why the proceeds were paid, bankruptcy exemptions may protect proceeds from creditors. An issue that will be under review includes when the ...
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  • How is the Film Industry Avoiding Bankruptcy?

    Posted By admin || 19-Dec-2012

    The film industry's annual ticket sales have declined almost every year since 2002 but gross annual revenue has doubled. If fewer people are going to the movies, how is the industry avoiding bankruptcy?
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  • Bankruptcy: When Getting Out of Debt is a Goal for the New Year

    Posted By admin || 18-Dec-2012

    Bankruptcy is known for helping people gain a fresh start. A new year's resolution many consumers make includes getting out of debt. Even if you don't believe in making resolutions you may see getting out of debt as one your financial goals you want to achieve in the new year. Many review their options for how they will tackle their debt after the holidays. Yet, if bankruptcy is an option you are ...
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  • What You Should Know about Discharging Debt in Bankruptcy

    Posted By admin || 17-Dec-2012

    Discharging Debt in Bankruptcy Whether you file Chapter 7 or Chapter 13 bankruptcy, the general goal is to regain control of your finances and get out of debt. Chapter 7 bankruptcy is known for discharging or eliminating debt while Chapter 13 helps reorganize debt with a payment schedule. Certain debts in Chapter 13 may still continue to be paid by the debtor if it doesn't qualify for a discharge. ...
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  • Does Alimony or Child Support Need to Be Reported as Income When Filing Bankruptcy?

    Posted By admin || 14-Dec-2012

    When you file bankruptcy you are required to report monthly income, usually for the last 6 months leading up to the filing. This is used to help debtors complete the Means Test which determines eligibility for Chapter 7 bankruptcy while reviewing expenses, debt and household size. In some cases, monthly income may allow a debtor to file Chapter 13 bankruptcy instead of Chapter 7. The test helps ...
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  • Can Bankruptcy Help Me Keep My Motorcycle?

    Posted By admin || 13-Dec-2012

    Consumers interested in filing bankruptcy may come across myths and misconceptions that cause confusion. For instance, some are under the impression that as soon as they file bankruptcy they must surrender their assets. This isn't true and it's not often the case. If you have a motorcycle it is likely you'll be able to keep it with a few things being considered. When you file bankruptcy it is ...
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  • Can Bankruptcy Stop Collection Attempts from the IRS?

    Posted By admin || 12-Dec-2012

    Bankruptcy may stop collection attempts from the Internal Revenue Service (IRS), but depending on taxes owed and the chapter you file, it may only be temporary. The automatic stay in bankruptcy helps halt collection attempts from creditors including the IRS. It also helps stop legal proceedings such as wage garnishment. The automatic stay prevents further collection attempts such as phone calls, ...
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  • Can I File Bankruptcy If I Am in Retirement?

    Posted By admin || 11-Dec-2012

    Bankruptcy and Retirement Over the past few years more consumers over the age of 65 continue to struggle with outstanding debt. Studies have shown that more seniors are turning to bankruptcy to help deal with their debt troubles. In 2007, close to 7% of debtors who filed for bankruptcy were senior citizens over the age of 65. While bankruptcy is an option there are issues seniors should consider ...
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  • Should I Stop Using My Credit for a Certain Time Period before Filing Bankruptcy?

    Posted By admin || 10-Dec-2012

    Credit card use may be a concern for debtors experiencing job loss or those finding it a challenge to make ends meet. While juggling daily expenses many have a hard time meeting debt obligations. Bankruptcy may be the next step for those who are considering the option. Many consumers understand they should stop using their card before seeking protection. Yet, one topic of concern includes knowing ...
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  • Can Bankruptcy Help Me if I am Behind on Spousal or Child Support Payments?

    Posted By admin || 7-Dec-2012

    Debtors who fall behind on making spousal or child support payments may be under the impression they cannot file for bankruptcy. In fact, if you meet qualifications and requirements to file, you can seek bankruptcy protection when you fall behind. Yet, keep in mind that bankruptcy may not discharge debt related to back child support or spousal support payments. Bankruptcy may help in discharging ...
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  • Can Home Owner Association (HOA) Dues Be Discharged in Bankruptcy?

    Posted By admin || 6-Dec-2012

    Can Home Owner's Due's be Discharged in Bankruptcy? When it comes to Home Owner Association (HOA) dues in a bankruptcy case they can often present challenges even for legal experts to tackle. The topic isn't discussed often which has led many to be misinformed. Chapter 7 bankruptcy allows a variety of debts to be eliminated, but when it comes to HOA dues it may depend on whether or not you plan to ...
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  • What Happens If I Win the Lottery before My Bankruptcy Case is Completed?

    Posted By admin || 5-Dec-2012

    Jackpot amounts in recent months have caught the attention of millions hoping to get a piece of the prize if they don't win it entirely. With jackpot amounts reaching historical heights many dream about what they would do with such a windfall. Lottery wins have been known to change lives dramatically. With that being said, what happens if you win the lottery after filing bankruptcy? The bankruptcy ...
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  • Using Bankruptcy to Stop Credit Card Collections

    Posted By admin || 4-Dec-2012

    Can Bankruptcy Stop Credit Card Collections? Bankruptcy CAN stop collection attempts from credit card companies that include lawsuits or other forms of legal action. The automatic stay offers protection from collection attempts and stays in place until your case is completed. The stay goes into effect when you file bankruptcy, either Chapter 7 or Chapter 13. The Automatic Stay When you file ...
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  • Chapter 13 Bankruptcy: What Happens When You Fall Behind on Payments?

    Posted By admin || 3-Dec-2012

    Your Chapter 13 bankruptcy payment should be a priority each month and as a debtor, that is an important responsibility to uphold. This includes knowing when your payment is due and the amount. The repayment plan helps in getting finances back in order and upon obtaining approval, you make good on your promise to the court in keeping up with payments on time. If you feel you will not be able to ...
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