Monthly Archives: October 2018

One of the most challenging aspects of bankruptcy law is that a large number of clients have misconceptions about the process and what it entails. One of these is when it is appropriate to file for bankruptcy. While the bankruptcy process offers several advantages including the opportunity to start over at building a good credit record, bankruptcy is not for everyone. This article discusses some of the situations in which you should think twice before filing for bankruptcy. You are Able to Pay Your Debts Occasionally, some people think that it might be a good idea to file for bankruptcy even though their debt is much smaller than their income. In these situations, a person should instead create a short or long-term plan to pay those debts. If you are not in a position to pay your debts, however, you should give serious consideration to filing for bankruptcy. Your Debt is Primarily Taxes or Student Loans Debt associated with taxes or student loans are particularly difficult to discharge through bankruptcy. To be discharged, income tax must meet several requirements including being three years old and not assessed within the last 240 days. Because you are unlikely to discharge most types     Read More

Few people approach Chapter 7 or Chapter 13 bankruptcy without any concerns about what the process might involve. Instead, it is much more common to involve bankruptcy as a potential solution in difficult times, but also a process that comes with several particular challenges. This article will address some of the most common fears that people have when considering filing for bankruptcy. Bankruptcy Will Remain on Your Credit Report for Years Chapter 7 bankruptcy might only take several months to complete and offer the advantage of discharging you from debts, but many people worry that a bankruptcy will remain permanently on their record. In reality, many people discover that the bankruptcy filings remain on their record for a period of only a few years, after which they are able to begin rebuilding their credit score. Bankruptcy Records can be Viewed by Anyone Bankruptcy is a legal proceeding, which many people fear means that these records can be read by anyone. To access bankruptcy records, however, a person must have your name and other personal details. A person also must have the correct information to conduct an online search, which often means that these records are better hidden than many people     Read More