Bankruptcy Law

  Filing for bankruptcy is usually one of the last things people do when they want to get rid of financial troubles. But bankruptcy is a complex legal process to deal with for general people. What criteria determine whether or not you should file for bankruptcy? There are some warning signs that it may be time to consider filing for bankruptcy. Let’s have a look at those signs! When to Consider Filing for Bankruptcy? Knowing when to consider bankruptcy filing can make a big difference. Some factors might be pointing you toward it, and you have to look a bit deeper to decide whether bankruptcy chapter 7 or bankruptcy chapter 13 is right for you. 1. You are Facing Foreclosure If you are dealing with foreclosure, this is the first sign that you may need to file bankruptcy. Foreclosure means you’ve fallen behind on your mortgage payments and are unlikely to be able to catch up. A  foreclosure attorney  is the person to help you with it. He’ll examine your situation and advise...

                              Bankruptcy is a difficult process for many to fathom and work through. There are so many facets, that it can be hard to determine what the next step is, and to go through the process and come out better on the other side. There are some common bankruptcy mistakes that filers tend to make that can affect the outcome. Using the Wrong Funds to Pay the Debt Though it might seem like a great idea to use a home equity loan or a retirement fund to pay down your debt, you should avoid this bankruptcy filing mistake. If you are all set on filing for bankruptcy, you should allow your attorney to help you file for full bankruptcy and have your debt dismissed in the proceedings rather than try to pay it down with other funds. Retirement funds are something you will need in the future, and a home equity loan can put you further in debt. Transferring Assets Before Filing Any sensible bankruptcy la...

Follow my blog with Bloglovin You will be amazed to know the fact that the bankruptcy court is not just the final stop of your financial devastation. Instead, there is some federal bankruptcy code which helps you to eliminate or delay the sale of your property. Let us understand what this chapter 13 bankruptcy is. Chapter 13 is mainly made for those categories of people for whom income is not a problem, but they face issue in meeting the demand for immediate payment by the creditor. You can also say that chapter 13 has been made for those people who already have enough income to repay their present dept.   One of the categories of chapter 13 is that you can keep your home along with you as long as you are able to pay the mortgage under a fixed settlement plan. Mainly the people falling under chapter 13 will have almost three to five years to resolve their debts, and this is only possible when they apply all their disposable income for debt reduction.   Moreover...