Some times when you are stressed over your financial situation, and you feel you may have no other option but to file bankruptcy, there may be another solution for you. Bankruptcy can stay on your credit for up to ten years, making it difficult to get new loans or credit cards. Not that that is  … Read more

Besides the obvious of getting your qualifying debt wiped away without having to make any more payments, there are several other possible advantages of filing bankruptcy. Automatic Stay When you file for bankruptcy, you will immediately get an automatic stay. The automatic stay stops all creditors actions against you to collect on your debt. This  … Read more

To get a handle on your debt problems, bankruptcy may be the fastest and easiest solution for you or your business. You may want to try other options first, but don’t wait too long before filing bankruptcy or you could lose out on some important rights you have under federal law. You should contact a  … Read more

If you have decided to file bankruptcy, it is in your best interest to hire a qualified bankruptcy attorney. Bankruptcy law is not as simple and straightforward as it may appear. Every case is different since everyone’s financial situation is different. Your lawyer will help you decide which bankruptcy chapter will serve you the best.  … Read more

Bankruptcy laws can be challenging to navigate through, the steps can be complicated, and different states have different exemptions. The U.S. Bankruptcy Code is divided into “Chapters.” Each chapter represents a section of the code related to that section. Chapter 7 Chapter 7 is a type of bankruptcy that eliminates your qualifying debt without having  … Read more

The presumption of abuse guidelines were established when Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. One of the reasons for the act was to prevent people who make too much money to file Chapter 7 bankruptcy and eliminate their debt when they have more than enough income to pay for.  … Read more

Bankruptcy helps a lot of people eliminate their debt, or catch up and reorganize their debt to make it more manageable. There are limitations to what bankruptcy can actually do for you. Secured Debt Bankruptcy cannot eliminate certain types of secured debt. If you plan to keep your home or car, you will have to  … Read more

State laws govern financial obligations within the state, medical bills, and leases for example. When a debtor seeks bankruptcy protection, federal law overrides state law. Federal law provides a uniform law on the subject of bankruptcies throughout the United States. While bankruptcy laws are usually under federal jurisdiction, some states give you the option to  … Read more

When completing your bankruptcy petition in perpetration to file bankruptcy in Texas, you must tackle a large amount of paperwork. Among the required paperwork are lists of financial information called schedules. Schedules give debtors a “template” if you will, to list all their debtors, property, income, and expenses for the US bankruptcy courts. Contained in  … Read more

The Bankruptcy Abuse and Prevention Act is a law that went into effect in 2005. Credit card companies strongly supported the new laws, while they didn’t get everything they wanted to be included in the law, they did get a lot of changes to the way people file bankruptcy. Means Test The means test is  … Read more