Category Archives: Bankruptcy
Does Filing for Bankruptcy a Second Time Make Sense?
Financial difficulties can crop up at any moment. Many Americans seem to experience at least one crisis every decade, and they might consider filing for bankruptcy. But what happens if you already filed for bankruptcy once before? The good news is that there is no rule preventing people from filing for bankruptcy a second… Read More »
Changes in Consumer Credit 10 Years after the Great Recession
TransUnion’s recently released Industry Insights Report provides a helpful window to compare the state of credit 10 years after the start of the last recession. The report provides optimism that consumers are in a much better place today than they were a decade earlier, and therefore are much better equipped to handle a financial… Read More »
Converting a Chapter 13 Bankruptcy to a Chapter 7
A Chapter 13 bankruptcy offers some advantages over a Chapter 7, but it is not for everyone. As an example, you don’t need to hand over non-exempt property, such as your car or investment property, to the trustee in a Chapter 13. However, you do have to complete a repayment plan that can last… Read More »
Best Way to Pay Off Your Debts
As summer turns to fall, many Floridians are assessing their financial situation. Having splurged on a summer vacation with the kids, you might be shocked when your credit card bill arrives in the next few months. Fortunately, many Americans pull themselves out of debt each year without the help of a debt management firm… Read More »
How to Discuss Bankruptcy with Your Spouse
One feature of the bankruptcy code is that married consumers can file for bankruptcy with their spouse. Of course, not everyone should file with their spouse. And even if you choose to file as an individual, your bankruptcy will affect your spouse and your future together. All of this is to say that married… Read More »
Can a Non-Citizen File for Bankruptcy Protection?
Yes. Believe it or not, the bankruptcy code does not require that you be a United States citizen to seek bankruptcy protection. However, you still must meet certain requirements that prevent people from making a pit stop in the U.S. and filing. Do You Qualify as a Debtor? The bankruptcy code does require that… Read More »
Can You Pay a Chapter 13 Plan Off Early?
The cornerstone of a Chapter 13 bankruptcy is the repayment plan. This plan lasts three to five years, and you pay off priority debts along with a portion of nonpriority debt (which is usually unsecured debt like credit cards). At the end of the repayment plan, any remaining unsecured debt gets wiped out and… Read More »
Discharging Student Loans Might Get Easier
Student loan debt is a ticking time bomb in the U.S. According to Student Loan Hero, Americans currently owe $1.5 trillion in student loans, larger than all outstanding credit card debt. Millions of Americans are saddled with tens of thousands of dollars in loans—and possibly more. Although the economy continues to improve, there are… Read More »
Can I File for Bankruptcy if I am Not Behind on Bills?
Every now and then we hear from someone with a very high credit score and no collection accounts who nevertheless is under financial distress. This person wonders if they can file for bankruptcy to obtain peace of mind or whether they must wait until their accounts go into collections before filing. This is an… Read More »
Continuing Your Business in Bankruptcy: Is this Possible?
According to news reports, staff at Weinstein Company are continuing to report to work even though the company filed for bankruptcy protection after the exposure of founder Harvey Weinstein’s sexual misconduct. If you are a business owner, you might wonder how this is possible? Actually, a Chapter 11 bankruptcy exists precisely so that businesses… Read More »