Chapter 13

FAQ

A bankruptcy legally can stay on your credit report for up to 10 years. The first way to rebuild your credit is by making sure that all accounts are included in bankruptcy and don’t remain open. The primary way to build back your credit score is by attaining and using credit. Sometimes that means applying for secured credit cards, which are usually reserved for people with poor credit, but rebuilding your credit can also include car payments.

Article

Bankruptcy law has gone through many changes in recent years, which makes a good lawyer more important than ever for a successful bankruptcy case. It is also important to be fully informed about what a prospective lawyer can offer and what to expect from them. If you are talking to a bankruptcy lawyer, here are four questions to ask them before signing a contract:
 

 

Article

In October 2005, the laws which govern Chapter 13 bankruptcy changed. One of the more significant ways the law changed dealt with the eligibility requirements for filing for Chapter 7 and Chapter 13 bankruptcy.

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In these difficult times, with thousands of people losing their jobs every month, it can be hard to keep up with all the expenses, especially when the bills keep coming. Falling behind on payments for a vehicle happens to the best of us. Sometimes life deals you adversity like an unexpected medical bill, a work related layoff or some other situation that no one plans for in the budget. You don’t have the money for it, but if you put off the car payment, you can get the bill paid, and hopefully can catch up on the car payment next month.

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On October 17, 2005, new bankruptcy law went into effect, changing the process of filing for bankruptcy throughout the United States. This new shift in law requires additional steps to be taken by the attorney and the debtor but has been geared toward benefiting the debtor with the end result. The following details explain the changes in the law and how they will affect anyone considering bankruptcy.
 

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Before filing for bankruptcy, it is crucial to understand all the facts. Since you may not be an expert in bankruptcy law, the questions you might have about the process have answers that are anything but clear. Not only are there different types of bankruptcy, Chapter 7 and Chapter 13, but there are also significant differences between the two.

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The decision to file for bankruptcy is not one to take lightly. With the multiple bankruptcy plans available and the changes to bankruptcy law that occurred in 2005, it is important to be an informed about options from various scenarios. If you are considering filing for bankruptcy but have concerns about what may happen should your income change, here is an overview of the facts.

FAQ

Some of the warning signs that you are accumulating too much debt include a lack of money in savings and paying only minimum payments on credit cards while continuing to make new purchases on those cards. Additionally, if you find yourself making late payments on bills or credit cards, bouncing checks or over-drafting your checking account, you are accumulating too much debt.

Article

The entrepreneurial spirit is one of the touchstones of American culture that has made our country so strong. The willingness of driven individuals to step out and risk their financial stability for the sake of a business they believe in has been a catalyst of our country’s growth. However, a recent study by the University of Nevada showed that one in seven bankruptcies are filed by individuals tying to cope with the failure of a small business.

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The process of bankruptcy offers debtors a clean slate when they are overwhelmed by financial burdens. Once a bankruptcy case is completed, however, the debtor will still need basic possessions and assets to move their life forward. Fortunately, the Bankruptcy Code recognizes these basic needs and provides a variety of property exemptions for debtors. If property is exempt, it will not be subject to the seizure of creditors.