Several years ago, bankruptcy reform intended to deter those who abused the system to get out of paying off debt made the laws a bit murky for many people.  Since then, it has been somewhat difficult to separate bankruptcy fact from myth.  We’ve pulled together a few facts for clarification. Myths of Bankruptcy The first  … Read more

A lot of people who are contemplating bankruptcy wonder which assets are exempt in a bankruptcy filing and which are not.  Because the law changed a handful of years ago to make it more difficult to abuse the bankruptcy system and because the Occupy Wall Street movement has called for bankruptcy reform to allow U.S.  … Read more

Sometimes, business ventures go awry.  This could be for many reasons.  Sometimes, a market dries up or becomes overly saturated.  Sometimes, a new venture never really takes off.  Other times, something unforeseeable causes things to spin out of control to the point that there is just no fixing them.  Whatever the reason, some business owners  … Read more

There are many different types of bankruptcy.  Chapter 7 and Chapter 13 are the two most common ones.  When one is considering filing for bankruptcy, one must decide which type of bankruptcy filing is right for them. Which Type of Bankruptcy is Right? Filing for Chapter 7 bankruptcy is a way of eliminating existing debt.   … Read more

The bankruptcy process is packed full of specific rules and guidelines for how certain aspects are to be handled. While the process is not meant to be difficult or excluding, there are some rules that apply to your financial details that could change over the course of the case. One example is income, where any  … Read more

Bankruptcy fraud is serious business and the courts do not tread on the issue lightly. While it is possible to unknowingly commit bankruptcy fraud by hiding assets or concealing information about finances, there are plenty of cases that involve purposeful acts of crime. A South Texas man and his wife have been convicted and sentenced  … Read more

When filing for bankruptcy you may have heard about a Trustee who will be involved in your case. This refers to a person who is appointed to represent the collective interest of your creditors during your bankruptcy case. However, their job is a bit more complex and has some important aspects that are reflected in  … Read more

There are many bankruptcy myths that circulate, often deterring people from experiencing the benefits the process has to offer. Misinformation is one of the worst offenders to the bankruptcy process and most people find themselves surprisingly pleased once they learn the truth behind some common misconceptions. Financially Irresponsible Most people hold the stigma that anyone  … Read more

If someone was to ask if whether or not you could afford to file bankruptcy, you might think it was a trick question. After all, bankruptcy is a tool for those who are financially insolvent and can’t afford to resolve their debts. While bankruptcy is designed to help those in financial hardship, not everyone can  … Read more

Filing for bankruptcy can be intimidating for some people, especially for those who fear damage to their reputation. The good news is that a bankruptcy filing is rarely publicized and the risk of anyone finding out about a filing is relatively low. Further, bankruptcy laws strictly prohibit discrimination based on the status of a filing.  … Read more