Bankruptcy

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

Child Support and Bankruptcy

Filing for bankruptcy offers individuals the opportunity to wipe out various forms of debt or to reorganize debt into a more manageable payment plan. Some types of debt, however, can not be discharged in bankruptcy. Filing for bankruptcy will discharge stop child support obligations, for one. Filing for Chapter 13 bankruptcy, however, sometimes allows a parent to turn child support payments into a more feasible payment plan. An experienced bankruptcy attorney can help you determine which option is best for you. Chapter 7 Bankruptcy and Child Support Chapter 7 bankruptcy allows a person to liquidate assets to pay off creditors and eventually discharge debt. Because child support is a “priority” debt, however, it can not be discharged through Chapter 7 bankruptcy. Priority debts are obligations that are not secured by collateral but are prioritized among other debts when there are not enough assets to pay a person’s creditors. Child Support and Chapter 11 Bankruptcy Chapter 11 bankruptcy involves the reorganization of debt. Under this type of a bankruptcy, a person creates a reorganization plan that takes into consideration factors like assets, liabilities, current income, and expenditures. Reorganization plans must first be approved by bankruptcy courts. Under this type of bankruptcy,     Read More

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How Unemployment Affects Bankruptcy

Statistics compiled by the Bureau of Labor Statistics reveal that 4.1% of Americans are currently unemployed. Without a regular income, many people face difficulties in keeping up with their bill payments. Many people in this situation discover that bankruptcy offers the opportunity to reduce financial hardships. If you are currently navigating financial complications after unemployment, filing for bankruptcy can help to reduce and sometimes even eliminate many debts. While being unemployed might increase your chances of obtaining certain types of bankruptcy, not having a job can prevent you from qualifying for other types of bankruptcy. It is important for unemployed individuals to understand how their employment status can affect filing for bankruptcy. In most situations, it is also important to contact an experienced bankruptcy lawyer. How Unemployment Affects Chapter 7 Bankruptcy A person is not required to be employed to file for Chapter 7 bankruptcy. Instead, unemployment can often help a person qualify for Chapter 7 bankruptcy. The means test to qualify for Chapter 7 bankruptcy measures a person’s financial ability to repay creditors. If your income falls below the median income for a household of equivalent size, you will be considered to have passed the means test and be     Read More

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Bankruptcy and Credit Card Debt

There are countless tales of people who racked up a substantial amount of debt due to credit cards. These individuals often do not make enough money monthly to pay off this amount. Some people in this situation decide to pursue the option of bankruptcy. If you are debating filing for bankruptcy due to your mounting credit card debt, obtain the assistance of an experienced bankruptcy lawyer. When You can Not Pay Back Your Credit Card Debt In considering whether the bankruptcy process is right for you, one of the things that you should consider is whether you are able to pay off credit card debt. Many people who make enough money to pay off their credit cards find that they are not able to qualify for Chapter 7 bankruptcy. Instead, individuals in this situation who still want to declare bankruptcy are required to navigate Chapter 13 bankruptcy. If you are not able to pay back your credit card, rather than file for bankruptcy, you might be able to settle with the credit card company for a lower amount than what you owe. Other individuals decide to combine their debt onto one card to receive a lower interest rate and then     Read More

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When to Think Twice Before Filing for Bankruptcy

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

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Understanding Common Fears About the Bankruptcy Process

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

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Important Things to Know Before Filing for Bankruptcy

Statistics reveal that last year there were 790,830 bankruptcy filings, which marked the smallest number of bankruptcies that have been filed in years. Even though this number has decreased, the bankruptcy rate in our country is still high. This article will review some important things to consider before filing for bankruptcy. All of Your Debts Must be Declared During Bankruptcy Bankruptcy is a challenging process, but some people do not reap the true benefits of the process because they are not entirely honest. Unfortunately, many people make the mistake of not declaring all of their debts when filing for bankruptcy. To eliminate debt, it is critical for a person to inform bankruptcy court as well as the involved legal counsel the exact type and amount of debts that are involved. Bankruptcy is Complicated Bankruptcy has numerous benefits, but it is a particularly complicated process. Unfortunately, the various nuances involved with the bankruptcy process cause many people to make errors when filing for bankruptcy. One of the most common of these errors is failure to file important documents that are necessary to successfully navigate the bankruptcy process. Another failure is to meet the strict requirements of bankruptcy criteria. In some cases,     Read More

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Ways to Improve Your Bankruptcy Recovery Time

Statistics reveal that in 2017 more than 700,000 people filed for bankruptcy. While it is true that a bankruptcy can remain on a person’s credit report for up to 10 years, there is no reason for a person to wait to begin taking steps to reduce the negative effects of bankruptcy. Instead, if you have a plan and follow it responsibly, it is possible to recover from bankruptcy much more quickly than 10 years. With the assistance of a skilled bankruptcy attorney, you can even create a strategy to quickly build up your credit. Use a Secured Credit Card to Raise Your Credit Rating After bankruptcy is discharged, many people benefit from opening secured credit cards that do not charge annual fees. As these people rebuild credit, it is a wise idea to place at least one charge a month on the card. Once the credit card statement is received, you should then make sure to pay off your balance each month on time. Using a credit card in such a way is one of the easiest and quickest ways that you can improve your credit rating. Join a Free Monitoring System To make it easier to understand the pace     Read More

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Bankruptcy Options for Senior Citizens

Many senior citizens, especially those who do not have an adequate amount saved for retirement, frequently face financial difficulties. Statistics also suggest that senior citizens are filing for bankruptcy at a greater frequency than they did 13 years ago. In reality, filing for bankruptcy in some situations is the best way to obtain financial relief. This article will discuss why more senior citizens should consider bankruptcy. The Types of Bankruptcy It is critical that anyone who files for bankruptcy understands that the process is irreversible and cannot be undone once a person has entered it. Senior citizens have two types of bankruptcy from which to choose, which include the following:   Chapter 7 bankruptcy. In this process, you begin by providing the court with information about all existing debts. Chapter 7 bankruptcy is available to senior citizens whose income is below the state’s median level. During this process, most of a person’s debts are relieved and any non exempt assets are sold to pay off creditors. If a person has enough disposable income to finance a Chapter 7 repayment plan, they will not be eligible for Chapter 13 bankruptcy. The primary advantage of Chapter 7 bankruptcy is that a person     Read More

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