Filing for bankruptcy is a detailed process that often requires numerous documents about your financial situation. If you are self-employed you may lack the necessary documentation, making your case a bit more challenging. A Paper Trail The bankruptcy process requires proof of your income and previously paid taxes. Typically, the last 60 days of your  … Read more

Debtors rarely pay attention to what duties the creditor has as part of their bankruptcy case. The truth is that creditors can, and do, take a fairly active role in a case. However, what they are required to do is generally nothing to worry about, especially when a debtor is represented by a bankruptcy attorney.  … Read more

A look at recent bankruptcy statistics shows some interesting patterns that reveal some additional factors of the state of today’s economy. In general, personal bankruptcy filings are down while business bankruptcy filings are increasing. Economic Waves Up until the changes in bankruptcy laws in 2005, personal bankruptcy filings were on a steady decline. After a  … Read more

When filing for Chapter 7 bankruptcy there are some asset and property possession issues to be considered. In general, any secured debt asset may be at risk of seizure or repossession by the creditor in a Chapter 7 bankruptcy unless the debtor agrees to reaffirm the lease after the debts are discharged. Lease Agreements Reaffirming  … Read more

In today’s economy keeping a job can be difficult enough, let alone finding one if you were previously laid off. Although there are many jobs available, not all will provide the income needed to keep up with mortgage and other debt payments. As a result, some people have turned to filing for bankruptcy when their  … Read more

When considering bankruptcy there are some questions as to the condition and fate of your assets. The good  news is that bankruptcy exemption laws allow you to keep most of your property in bankruptcy. However, there are important differences between the federal exemption laws and Texas bankruptcy exemption laws that could determine how much of  … Read more

Ally Financial has been working to keep its mortgage  unit out of bankruptcy for the past few months. Formerly GMAC, Ally bank offers an array of products from retirement accounts, to mortgages and car loans. Having suffered financially in its mortgage unit, CEO Michael Carpenter may not be able to hold off the filing much  … Read more

Part of the stipulations involved in filing for bankruptcy is that debtors complete a credit counseling course. One of the topics covered in this course are a review of all debt relief options, including those outside of bankruptcy. The idea is to equip the debtor with the information needed to make an informed decision about  … Read more

The filing process is not something people jump to quickly when attempting to resolve their debts. With so much to consider, bankruptcy is generally the last thought from anyone’s mind. However, bankruptcy offers two ways to resolve debts and get back on track, each with their own set of advantages and risks. Ask yourself the  … Read more

Many people assume that their assets are at great risk for liquidation when filing for bankruptcy. This is simply not true. Not only is bankruptcy one of the best ways to protect your assets when dealing with debt resolution, but there are numerous bankruptcy exemption laws that are designed specifically for protecting these assets. Safe  … Read more