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- Benefits of Filing for Chapter 13 Bankruptcy
The life situations that lead to the necessity of filing Chapter 13 bankruptcy are dire and filled with monetary problems where the borrower is unable to pay back his or her debts. However, even in the event where a Chapter 13 is the only possible conclusion, there are benefits that may protect and help the applicant.
- Responding to a Creditor Lawsuit if Filing for Bankruptcy
When filing for bankruptcy, it is important to receive letters and information from current creditors while refraining from an immediate response. During these processes, it is essential to have a professional such as a lawyer to assist with the matter and ensure that all creditors acquire the necessary response per the legal representative.
- Can Bankruptcy Solve Home Mortgage Problems?
Home mortgage problems often lead to default and foreclosure of the property the individual is attempting to purchase. While bankruptcy may be the last resort to solve any financial difficulty, some homeowners seek this process to try to stop a foreclosure from taking the home away.
- Effects on Credit after Bankruptcy
Bankruptcy is a serious process, and only those that are fully aware of what this entails should proceed with all appropriate files, records and information supplied to the officials. The effects this method of debt erasure cause are often negative and detrimental to the credit of applicants seeking to remove arrears.
- Filing for Divorce When also Filing for Bankruptcy
Going through a divorce is often difficult and may become a tricky and emotional affair, but doing so while also filing for bankruptcy is enough to break a person. It is recommended to have a lawyer for divorce proceedings, and this could affect how the bankruptcy procedure works and what is affected by either spouse.
- Planning for Reorganization in a Chapter 11 Bankruptcy
When a company is unable to remain open for business under the current capacity, bankruptcy is often the option chosen through Chapter 11 to remain functional and keep revenue incoming. While this type of bankruptcy is a reorganization that permits the owner to plan and restructure the company to stay open, most of the assets and other items are sold off when a Chapter 11 is initiated.
- Consequences of Hiding Assets in Bankruptcy
When going through bankruptcy, it is important to ensure all assets are considered so that the right process is utilized for the applicant such as Chapter 7 for individuals with an excess of debts and low disposable income. If the person seeking to complete bankruptcy hides any of his or her assets, he or she may face serious consequences to include penalties and contempt of court.
- Holiday Considerations for Bankruptcy
Filing bankruptcy is rarely someone's first choice. However, when you accumulate more debt than you can hope to pay on your own, bankruptcy may be your best option. Filing bankruptcy during the holidays can be somewhat complicated. Below are some tips for holiday bankruptcy filers to help you make the best decisions.
- Utilizing the Bankruptcy Mean Test
Preparing for bankruptcy is often difficult, but the person affected must ensure he or she qualifies based on certain criteria such as the bankruptcy mean test. This is used to determine if the person has low enough income to file Chapter 7 when bankruptcy is the only way out of financial ruin and needed to resolve these matters.
- Filing for Bankruptcy with Student Loans
When a former student is unable to pay for the debts he or she has accrued, it is then time to think about bankruptcy. However, with student loans mixed into these proceedings, the individual that has accrued debts must ensure he or she is covered either by having them removed with the bankruptcy or through possible payments with the loans.