Monthly Archives: January 2019

Navigating Chapter 7 Bankruptcy if You do Not Have Any Money

If you have considered filing for bankruptcy, you are likely short on money and tired of being harassed by creditors. Unfortunately, it is not free to file for bankruptcy even though the process is designed for individuals who are facing a large amount of debt. This article will examine how much you can expect the bankruptcy process to cost and list some reasons why this process is still often a wise idea if you are facing financial difficulties. The Assistance of a Bankruptcy Lawyer Some people try to save money during the bankruptcy process by avoiding paying for a bankruptcy lawyer. While it is possible to navigate the bankruptcy process on your own, there is a much lower success rate for individuals who try to file for bankruptcy without the help of a lawyer. While an attorney is not required to navigate the bankruptcy process, it is almost always a good idea to obtain the assistance of one. Other Costs Associated with the Bankruptcy Process Even after hiring an attorney, there are other costs associated with the bankruptcy process. The average filing fee for a Chapter 7 bankruptcy is reported to be $335. There are also additional fees that a     Read More

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Reviewing Estate Plans at the Beginning of 2019

As 2019 gets started, it is a wise idea to consider whether your estate plan is still sufficient for your various goals. While it might be an uncomfortable thing to think about, none of us will be here forever. Make sure that your estate plan is properly written so that when you do need it, your goals will be met. The following will discuss some important things that you should consider regarding the contents of your estate planning documents. Durable Power of Attorney Durable powers of attorney for things like finance, health care, and property are important. In creating these documents, you will select a trusted individual who can make decisions and take actions on your behalf concerning these issues. Failure to properly write these documents might mean that if a sudden medical emergency happens to you, your surviving family and loved ones will not be able to make important decisions regarding what medical care you receive as well as how your assets are handled. Beneficiary Designations It is critical to constantly update beneficiary designations as various life changes including deaths, changes in the family, and relocation occur. While some people focus on just reviewing beneficiary designations on all of     Read More

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Renting an Apartment After Filing for Bankruptcy

Many people are aware that after they file for bankruptcy, details about the event will appear on their credit report for at least the next few years. Some people discover that the bankruptcy process impacts their ability to rent an apartment even after the bankruptcy is complete. Factors Landlords are Likely to Consider There are several factors that a landlord is likely to consider when deciding if a person is a good candidate to rent an apartment. Some of these factors include:   Disposable incomes. Landlords almost always place great emphasis on the amount of disposable income that a person has to pay rent. A landlord who owns a property will often be willing to listen to a person’s story about bankruptcy and consider extenuating factors. Employment history. Many landlords are concerned about a person’s job stability. In addition to a person’s employment history, a landlord will often be interested in the length of time that a person has been at a position, permanent employment, the person’s previous employment history, and the individual’s wage history.   Tips to Renting an Apartment After Bankruptcy There are several pieces of advice that a person can follow to increase his or her chances     Read More

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Personal Injury Claims and Bankruptcy

Filing for bankruptcy is a challenging part in many people’s lives because it involves a substantial amount of paperwork and complicated emotions. Because bankruptcy law is particularly challenging, it can be difficult to determine what to do. The bankruptcy process can be made even more complicated if the person who has filed for bankruptcy expects to receive compensation from a personal injury claim. The Role of a Bankruptcy Trustee When a person files for a bankruptcy petition, it creates a bankruptcy estate that is administered by a bankruptcy trustee. After this estate is created, a person has an obligation to disclose all details about assets and properties to the estate. It is critical to disclose information about compensation received in a personal injury lawsuit to a trustee. Discharging Debt in Bankruptcy If you file for Chapter 7 bankruptcy, you will be allowed to clear most types of debt. The role of the bankruptcy trustee is to take your non-exempt assets and pay creditors using these proceeds before your debt can be discharged. In cases in which a person files for Chapter 13 bankruptcy, however, the individual’s debts are reorganized. The bankruptcy trustee mediates negotiations between the debtor and creditor to     Read More