Tag Archives: DebtRelief

If You Lose Your Job, Filing for Bankruptcy Can Help

Most of us have monthly payments on credit cards, rent, mortgages, student loans or vehicles. When you lose your job, you may be suddenly unable to afford these payments. This is especially true if you cannot access unemployment benefits or lack an emergency savings fund. You could face consequences for defaulting on your debt obligations. Lower credit scores, property seizures and wage garnishments are three possible outcomes of a debt default. Depending on your individual circumstances, you may benefit by filing for bankruptcy after a job loss. Bankruptcy can help with the following: 1. Stopping creditor collection actions. Bankruptcy’s automatic stay can stop most creditor collection actions. For instance, the automatic stay may stop wage garnishments or property seizures. The automatic stay may stop new lawsuits from being filed against you 2. Discharging certain debts. You may discharge certain debts after filing for bankruptcy. Bankruptcy could allow you to discharge…
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Dealing With Your Emotions While Filing for Bankruptcy

If you’re considering bankruptcy, you probably never imagined yourself in this position. Depending on your personality, you might feel embarrassed, stressed, or uncertain. It can even make you question what “kind” of person you are. While it’s natural for the bankruptcy process to have an impact on your emotions, don’t let it cause an identity crisis. You can be doing everything right, and still find yourself financially upside down. In fact, some of the most successful people in history have been exactly where you are today. Abraham Lincoln, Walt Disney and Henry Ford are on the list of formerly-bankrupt Americans. And like you, they probably experienced some of the emotions that are typical of each of the steps of the bankruptcy process. The consultation We’re not here to judge you. More than anyone else on the planet, we attorneys know that many people filing for bankruptcy are stuck in that…
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Five Mistakes to Avoid Before Filing for Bankruptcy

Bankruptcy can protect and help borrowers who are struggling with unaffordable debts. However, there are certain pre-filing mistakes that could hurt your chances of benefiting from bankruptcy. Avoid the following mistakes before your bankruptcy case is filed. Cashing out your retirement savings. Many retirement plans are protected in bankruptcy. It would be a mistake to use your retirement funds to pay off debts that would be discharged at the conclusion of your bankruptcy case. Going on a spending spree. You could get yourself into trouble by racking up new debts shortly before filing your case. Creditors could object to the discharge of the debts. You could be accused of fraud. Repaying family, friends or other creditors first. This is a potentially costly mistake. Repaying one creditor, even a family member, before other creditors could be viewed as preferential treatment. Your family member or friend could be ordered to pay this…
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