Chapter 13 bankruptcy, also known as wage earner bankruptcy or reorganization bankruptcy, is a court-supervised process in which a debtors assets are reorganized to repay as much of his debt as possible. In addition, a monthly repayment plan is constructed to pay back the rest of the monies owed.Because a chapter 13 bankruptcy or reorganization bankruptcy is founded on the fact that the debtor has sufficient disposable income to support this...more
Take a deep breathe. You've filed for bankruptcy, but now it feels like you're a million miles away from rebuilding your credit. Don't stress out again, as there are some strategies that can help you along the way, including getting the guidance of an Atlanta bankruptcy attorney.You know you are in a serious financial bind, but you still go back and forth wondering if you should file for bankruptcy or not. A bankruptcy attorney is a good...more
There is no magic formula to decide whether bankruptcy is the right option for you or not. There is no hard and fast rule as to when you should file for bankruptcy. You can consider bankruptcy anytime you find yourself in overwhelming debts. But you should keep in mind that it is a serious decision to take. Bankruptcy is not an everyday debt relief option that you can opt for at your will. It is true that bankruptcy is crafted to erase your debts and help you have a fresh financial start. But there certainly occur some changes in your financial life post-bankruptcy which have effects penetrating into the heart of your personal life comprising of your near and dear ones! Now, the obvious question is "why bankruptcy should be your last option". A baggage of answers can be available to this. Most of these answers are influenced and colored by common myths related to bankruptcy. Most people dread it for the social stigma it bears. However, there are indeed some genuine reasons that must be taken into consideration before you decide to file for bankruptcy.Firstly, bankruptcy filing will damage your credit score very badly. Usually bankruptcy remains on your credit report...more
Whenever a person is in debt and can’t seem to find a way out of it, the first thing that comes to mind is usually bankruptcy. The hopelessness of trying to pay for debts that you know you can’t afford makes you think like there is no way out except to file for bankruptcy. Although a bankruptcy is designed to help debtors pay off or...more
By submitting a list or schedule of your exempt property in yourBankruptcy Lawyer washington proceedings you can protect certain elements of your personal property. That way you can keep it from the hands of creditors seeking to redeem it for value. The fear of bankruptcy, a fear that most financially responsible people experience, shouldn't be a...more
Bankruptcy was a way to get rid of loans and debt used traditionally by people who had no other alternatives. Individuals can file for bankruptcy with a qualified lawyer who represents the debtor in court. The two main types of bankruptcy for individuals are Chapter 7 and Chapter 13. Once bankruptcy is filed, plans are drawn up to repay debts. In most cases, bankruptcy completely eliminates debt. Although this method of getting rid of debt is very effective as you no longer have to worry about any payments, this method is no longer considered the right way to do it. Debt can have very adverse consequences. It can affect you both financially and psychologically. That’s why it is of immense importance to get quickly into action to solve this problem. Bankruptcy is the hardest financial decision you'll ever face. It can be a fresh start, or it can be the start of the biggest financial nightmare ever. You can be your own worst enemy after bankruptcy, or you can be the best guide you've ever had. Bk made people outcasts and pariahs. It was as if a contagious disease struck, and no one wanted to be near you for fear of infection. To emerge from bankruptcy requires diligence...more
I have noticed as a practicing Orlando bankruptcy attorney, that people have a greater fear of IRS debt than any other type of debt. In many cases, that fear is completely justified, since as a government agency, the IRS has some special powers that...more
Like a Bankruptcy Attorney We receive telephone calls everyday through people that wish to know if individual bankruptcy is acceptable. This is a problem that is more complex when compared with it may seem. Personal bankruptcy has numerous variables,...more
Many people assume that bankruptcy is the end of the road for any individual. It will be the symbol of ultimate financial failure for most people and some get too depressed about it to even think about bouncing back. What you need to understand about...more
Credit card debt program settlement is an approach to debt relief in which the creditor agrees to reduce the debt and this reduced amount is considered as the full payment. This process is also called debt negotiation, debt arbitration or debt...more
Before taking any vital decision regarding any financial matter you must concern to your financial lawyer. People prefer to find any other alternative before filing for insolvency because they were unaware about bankruptcy information and laws.If you...more
Usually most people will end up going bankrupt before actually deciding to go about filing for bankruptcy. While in some of these cases people end up delaying the decision of chapter 13 bankruptcy by having hope that they would be able to find...more