Does bankruptcy help stop wage garnishment?

November 19, 2009

When debts remain unpaid and a creditor continues to have difficulty collecting on debts they can often garnish a worker’s wages to collect on debts and recoup fines and fees. Wage can either be voluntary, allowing the debtor say over whether part of their paycheck goes directly to their creditor, or court order where a certain amount of each paycheck is required by a legal judgment to be paid directly to a creditor or other individual or business. Both forms of are designed to make sure that wage earners’ income is applied to debts each month instead on being spent on new expenses or being seen as disposable income. Wage is usually only applied to a person’s income after other forms of debt collection have failed, but wage can still create significant monthly financial deficits for debtors who can be left will only a portion of their total paycheck with which to pay all of their bills.  Read more…

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Should I file bankruptcy?

November 19, 2009

The question of whether or not to file a bankruptcy can be an emotional one which may prove to be one of the most difficult decisions in a person’s life. However, in many situations, when all the facts are evaluated it is usually very clear if a bankruptcy is appropriate for an individual’s situation. Understanding the initial intent of bankruptcies can help in making a clear decision and may give individuals a new perspective about what bankruptcies are and what they offer. Bankruptcy is commonly described under law as a financial “fresh start”, meaning that the institution of bankruptcy is designed to create new opportunities to rebuild, create, and responsibly manage debt. By basic definition, bankruptcy was designed for individuals who have no conceivable chance to repay debts assuming there current income and taking into account their basic living expenses.  Read more…

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Is Immediate debt relief available?

November 19, 2009

When faced with significant debt, looming , and past due notices it can seem like solutions are few and far between. However, there are many options that exist to help individuals afford unmanageable debt and bring their debt burden under control. Each of these forms of has its own advantages and disadvantages, but most require some amount of time, usually at the very least a month of waiting for to process a claim or restructure debts. Surprising to most individuals, is the fact that the most immediate form of relief from significant debt, above $10,000 dollars, is a .  Read more…

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What are the drawbacks of filing for bankruptcy?

November 19, 2009

Bankruptcy is an extreme solution for extreme levels of unmanageable debt. As with any extreme solution, filing for bankruptcy can present many significant drawbacks and possible negative outcomes.  Read more…

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How do I save my home from foreclosure?

November 19, 2009

Bankruptcy does not affect

When faced with unmanageable mortgage payments and possible , most individuals see bankruptcy as the only option. Bankruptcy may be the best option for many debtors in extreme financial duress, but bankruptcies were not designed to discharge and when is the issue, bankruptcy is usually not a great option. There are however many programs and options available to individuals who find themselves in situations where they are unable to make mortgage payments over the long term.  Read more…

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What should I look for in a bankruptcy lawyer?

November 19, 2009

Choosing an experienced bankruptcy lawyer is an important part of the bankruptcy process and can be the difference between a denied bankruptcy filing and a financial fresh start. The process of bankruptcy can be involved and often requires understanding a multitude of factors and related laws. Bankruptcies affect filer’s years after their debts are discharged and are serious financial decision which require clear attention to details and a full understanding of an individual’s financial situation.  Read more…

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How do I rebuild credit after a bankruptcy?

November 18, 2009

Bankruptcies usually remain on a for between 7 and 10 years after discharge, but it is possible to start rebuilding credit and achieve good while a bankruptcy still appears in an individual’s . Discharged bankruptcies have been seen in the past as proof a potential borrow is unfit for any requested loan, that is no longer the case. Loan decisions are based upon a variety of factors and building credit after a bankruptcy can help to qualify individuals for most loan types, including new and refinanced existing . As with any loan, when a lender looks at a credit request from someone who has been discharged from a bankruptcy they are looking for significant proof that this individual has the means and ability to pay back loans overtime. In the case of individuals who have filed bankruptcies in the past, that means building new credit after discharge.  Read more…

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Can others find out I filed for bankruptcy?

November 15, 2009

Bankruptcy is a matter of and it is possible for any bankruptcy which has been filed in the US to be viewed, however in most cases an individual’s friends, family, and co-workers would have no reason to want to find out and would most likely never know. If bankruptcy is declared there will often be calls for to come forward in certain cases. However, the stigma that goes along with is starting to subside and people who file for bankruptcy are not seen the same way they were 30 years ago. Over one million Americans file for bankruptcy each year and most people have no reason to check through public records to look for specific names of bankruptcy filers and will never do so.  Read more…

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Do I qualify for bankruptcy?

November 15, 2009

Unforeseen circumstances such as job loss, divorce, disability, and natural disaster leave millions of individuals within the US unable to pay their debts. An inability to pay debts because of unforeseen and unpreventable circumstances is nothing to be ashamed of and help does exist. Bankruptcy is designed to help individuals in significant debt resolve their debts and settle with . Many people finding themselves in significant debt often pose the question, “Do I qualify for bankruptcy?”. Each of the 6 types of bankruptcy have their own eligibility requirements but the general definition for eligibility is when debt payments and reasonable minimal living expenses surpass an individual’s income and make full debt repayment inconceivable. There are millions of Americans who technically quality for bankruptcy but other options are available to many of those individuals.  Read more…

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Do I need a bankruptcy attorney?

November 13, 2009

Bankruptcy is a process which is conducted under the supervision of a court and has a significant impact on an individual’s or business’s financial future. There are many specific laws that control the process of bankruptcies and how debtors can resolve their debts through bankruptcy. That said, there is no law requiring individuals wishing to file a bankruptcy to consult legal counsel prior to filing, however, all business and corporate filings must be done by an attorney. All of the changing laws and numerous options available to those in significant debt can make understanding bankruptcy and how best to proceed difficult for individuals. An attorney can be a big help in understanding the many laws that relate to bankruptcies as well as the other options that may exist.  Read more…

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