Category Archives: Chapter 7
Mandatory Bankruptcy Counseling and Education: What is It?
Before debtors can successfully receive a discharge, they must pass mandatory credit counseling. The bankruptcy code requires two courses: credit counseling before you file and a debtor education course before receiving your discharge. Read on for more information about what to expect during these sessions. Credit Counseling Debtors must meet with a nonprofit credit… Read More »
Bankruptcy Fraud
Bankruptcy is a quick way to wipe out certain debts and obtain immediate financial relief. However, a Chapter 7 bankruptcy comes with a catch: in exchange for eliminating debts, the trustee might sell some of your property and give the proceeds to your creditors. Some people attempt to avoid losing property by engaging in… Read More »
I Have to Attend a Meeting of Creditors. Should I Be Worried?
Debtors who file a Chapter 7 bankruptcy must attend what is called 341 Meeting of Creditors, named after a section of the bankruptcy code. This meeting is unavoidable, so you are not about to encounter something that millions of debtors before you haven’t survived. Read on to learn more about this meeting. The Purpose… Read More »
Bankruptcy and Supplemental Security Income
Many of our clients are just getting by, unable to work because of a disability. Some of these clients receive Supplemental Security Income, or “SSI,” from the federal government. Each week, we field questions from clients who are worried that they will put their SSI benefits at risk if they file for bankruptcy. Read… Read More »
Florida’s Homestead Exemption in Bankruptcy
Florida residents pondering whether they should file for bankruptcy protection need to consider how filing will affect their assets. In many states, consumers who file for Chapter 7 bankruptcy can end up losing their homes and other valuable assets, such as their cars. Fortunately, the situation is different in Florida, but you still must… Read More »
Can Bankruptcy Help with Federal Tax Debts?
Of all the debts people owe, federal tax debts are some of the most worrisome. Uncle Sam insists on being paid. The federal government has shown little hesitancy placing liens on people’s properties and garnishing their wages. Could a bankruptcy help? Generally, you cannot get rid of federal tax debts in bankruptcy, but a… Read More »
How Debt Negatively Affects Your Marriage
Couples have enough trouble keeping their marriages together today. With work, child care activities, and taking care of elderly relatives, couples rarely have enough time for themselves anymore. Unfortunately, debt is another burden for married couples, and it can easily lead to a divorce. In fact, financial difficulties are one of the major reason… Read More »
Consolidating Credit Card Debt with a HELOC Is a Terrible Idea
Consumer credit card debt continues to climb. In December 2017, consumer credit grew by $18.4 billion to a total of $3.841 trillion. Distressed consumers might be considering debt consolidation with a home equity line of credit (HELOC) or home equity loan. No matter how precarious your finances, using your home to consolidate credit card… Read More »
Why bankruptcy is not the stigma you might think it is
Many people think of bankruptcy as a weakness or as a moral failing, but this perception is far from accurate. Facts can help rebut criticism. When families in Florida get together for birthdays, graduations, anniversaries, holidays and the like, they often catch up on the news. Cousin Jane is getting married, Uncle Pete bought… Read More »
Three signs bankruptcy may be the best path for your business
Deciding to move forward with relief through bankruptcy can be difficult. These three questions can help. Considering filing for bankruptcy is not easy. This is particularly true for those who are attempting to keep a business running. For many entrepreneurs, a business is more than just a professional endeavor. Businesses often have strong personal… Read More »