Filing a bankruptcy and receiving a discharge in bankruptcy does not create a barrier to home ownership if the individuals are otherwise able to become credit worthy in the future. The central premise of bankruptcy law in the United States is to give individuals a fresh start in their financial lives. Property acquired after a bankruptcy filing is not subject to the claims of pre bankruptcy filing creditors or the bankruptcy trustee acting on behalf of creditors. Continue reading Will I Be Able to Buy a House If I File Bankruptcy?
If you file for Chapter 7 or Chapter 13 bankruptcy, what happens to your 401(k) account? For the most part, your 401(k) and other qualified retirement accounts are safe, you will not lose them in the bankruptcy. Because federal law protects these accounts from creditors and the bankruptcy trustee, cashing in a 401(k) to deal with debt is almost always a bad idea.
Chapter 7 vs. Chapter 13 Bankruptcy
There are two main chapters of bankruptcy used by consumers. Chapter 7 and Chapter 13. Continue reading Can I Keep My Retirement Account in Bankruptcy?
Bankruptcy attorneys are lawyers who specialize in bankruptcy law. Skilled in this area of law, they work with those individuals and companies who believe that declaring bankruptcy is in their best interests. It is a bankruptcy attorney’s responsibility to make sure that everything proceeds smoothly and in compliance with bankruptcy laws. Because every bankruptcy case is different and many steps are involved, bankruptcy attorneys, as professionals in the field, are best equipped for navigating the myriad channels.
Responsibilities Of A Bankruptcy Attorney
Filing for bankruptcy involves a lot of paperwork, documentation, and forms, all of which your lawyer will have experience handling. In theory, you could do this yourself, but it will likely take you a long time and cause a lot of frustration. You could also inadvertently make a mistake that would tie your case up in the court system. A lawyer, on the other hand, will have no troubles properly collecting, completing, and filing all necessary documentation with the court, to expedite your case as much as possible. Continue reading What Your Bankruptcy Lawyer Will Do for You
Filing for bankruptcy can be a complicated and stressful process, and if you make certain bankruptcy blunders, you have a high chance of having your case rejected by the court. It is important to find a good bankruptcy lawyer with experience in the field, to give yourself the best chances of success. Here are a few things to look for in a bankruptcy lawyer.
There are some complicated things to deal with when filing for bankruptcy, including determining what bankruptcy exemptions are available to you. These bankruptcy exemptions are a good way to keep possession over some of your property and assets. Your lawyer should understand these processes well, and be able to guide you through them to maximize your gains, so make sure you inquire about his or her history with bankruptcy cases. Continue reading What to Look for in a Bankruptcy Lawyer
The decision about whether or not to file for bankruptcy depends on many factors. If you are feeling overwhelmed with personal debt, you should start the process by talking to an experienced bankruptcy attorney. The right attorney will know what questions to ask.
Your Assets Are Less Than Your Debt
If you owe more than you have and the gap is widening regularly, it may be impossible to get out of this situation. When weighing the pros and cons of bankruptcy, think about what your life would be like if you no longer had to deal with losing more than you make to debt. Continue reading Should I File for Bankruptcy?
Asking for help in any area of life can be scary, but especially so with your finances. For some, it may even feel irresponsible to seek assistance from someone else in regards to your money. For millions of Americans, however, doing so has been the difference between financial freedom and lifelong debt.
We understand that it is never easy to come to grips with an unfavorable bank account. You may be knee-deep in debt and wondering how you will ever pay your bills back, but we believe there is hope for your future. Continue reading What to Expect in Your Bankruptcy Consultation
Is Bankruptcy Necessary for Me?
There are many factors that enter into this decision. Some questions that indicate the telltale signs that you may need bankruptcy assistance would be:Bankruptcy, Debt Relief, Rodriguez Rendina, Attorney At Law
- Are there pending events that will cause severe harm to your financial future.
- Are you at risk of a pending foreclosure, bank execution or lawsuits?
- Are you the guarantor of debt that is past due?
- Are your personal needs being impacted by minimum credit card payments.
And then there is the stress of being unable to make payments when due? The psychological effect of not being able to meet your financial commitments is also a factor in the decision. Continue reading Considerations Before Filing Bankruptcy
Personal Bankruptcy and Debt Connecticut – New York
Personal Bankruptcy recognizes two forms of debt. These forms are secured and unsecured.
Secured debts are those protected or guaranteed by some form of collateral, usually another property such as a car or home. An unsecured debt has no collateral or lien to protect the creditors from the debt you owe if you should default.
Unsecured debts are the most common debts and are typically things like credit cards and charges that retailers may extend. Most unsecured debts are dischargeable in bankruptcy and even judgments that may have been obtained by unsecured debtors may be discharged.Debt Leading to Bankruptcy
However, debts that are dischargeable depend on the type of bankruptcy filed; Chapter 7 or Chapter 13. Continue reading Effect of Bankruptcy on Your Debt
DO NEW BANKRUPTCY LAWS STOP ME FROM FILING? Connecticut
Many consumers believe they have lost the right to file a bankruptcy petition and discharge their debts after the changes in the bankruptcy code. These rumors, or misleading information, tend to stem from those with limited legal knowledge or non-legal sources that disseminate false information concerning a consumer’s bankruptcy rights.
The truth is the changes in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 does make it more difficult and more expensive to file a bankruptcy case. However, for most people below the median income there is little change. Rumors that bankruptcy is no longer available or that creditors can pursue the debt after a period of years is false. Continue reading What Effect Does the Bankruptcy Act of 2005 Have on My Ability to File for Bankruptcy?
If you are in serious debt, you may be getting advice from friends and family to consider filing bankrutpcy. However, the question remains what really happens if you do not take that step.
The first consideration should be whether you are Judgment Proof. Judgment Proof means you have no assets that the creditors could take to satisfy your debt, such as a house or car. Some examples would be if you are disabled and your only form of income is through disability insurance or Social Security, or you have little money and you are renting an apartment.Bankruptcy, Debt Relief, Dominick Rendina, Attorney At Law. Continue reading What Happens If I Don’t File Bankruptcy?