There’s a saying we hear a lot in law – “what a difference a day makes.” In law, this is very true. If you file for bankruptcy on a Thursday, you may be ineligible for a Chapter 7 – submit that same petition on the Friday, and you could be eligible. It all comes to [...]
When going through the selection process for a bankruptcy lawyer, there are many questions you need to ask. Most people ask the standard questions, how much will it cost, does the lawyer have bankruptcy experience, can I talk to my lawyer when I need to? They are good questions, and they are important in the [...]
If you intend filing for bankruptcy, then the best advice we can offer is to engage the services of a bankruptcy lawyer. While they will do the hard work when it comes to preparing your bankruptcy petition, there is still a lot of work that you need to do. Before preparing your petition, your lawyer [...]
There are many factors that need to be considered when filing for bankruptcy, and your ownership status of a motor vehicle could play an important role. To begin with, owning a car could deny you a claim for motor vehicles when determining your disposable income for the Chapter 7 means test. You can claim almost [...]
There is often an argument that those who have received a significant inheritance should not be in a position to require the protection of a bankruptcy petition. As we know, in life, not everything is black and white, and an inheritance is certainly not going to preclude you from filing for bankruptcy. However, inheritances themselves [...]
Bankruptcy can be a terribly intrusive process to go through. You have to reveal every source of income, every expense, and every asset. Your credit cards will be scoured for any inappropriate transactions as will your bank accounts. You will even have to provide records of accounts such as PayPal, and perhaps a history of [...]
The costs associated with engaging a bankruptcy lawyer can be high, however, in the long run, their services often save a bankrupt a lot of money. Simple mistakes in your petition can see the court dismissing it, forcing you to file again, and to pay the filing fees a second time. There is one important [...]
Before deciding to go ahead with a bankruptcy petition, it’s a good idea to talk to someone who specializes in this area. Bankruptcy attorneys are easy to find and many will offer free initial consultations. While bankruptcy attorneys are easy to find, locating one that you can quickly relate to can be a little difficult. [...]
One of the biggest barriers to filing for bankruptcy for many people is doubt. There is a general feeling in the community that bankruptcy punishes the debtor and gives all the power to creditors. While the opposite is certainly not true, the bankruptcy acts have been framed to provide protection to both debtors and creditors. [...]
Anyone can file for bankruptcy. You don’t need a lawyer or anyone else to help you. In fact, you can even download all the forms over the Internet if you wish. However, before you decide to go it alone, you need to understand what is involved with filing for bankruptcy. There is a long list of [...]
Starting the bankruptcy process can be easy, or it can be difficult. It really does depend on your approach. Consulting a bankruptcy lawyer is the smartest move anyone can take. While legal assistance through the bankruptcy process is not exactly cheap, the amount your lawyer can save you when it comes to stress, time, and [...]
If you had a brain tumor, would you let your local doctor operate on you? The same analogy can be used for many areas of law, and bankruptcy is one area where a specialist bankruptcy lawyer is generally the wiser choice. That’s not to say a general practice lawyer cannot prepare a bankruptcy petition for [...]
A lawyer is a lawyer and it could be argued they are prepared to handle any case if there is a dollar in it for themselves. In practice, lawyers prefer to specialize in areas where they feel the most comfort. One misconception of a bankruptcy lawyer is that they only handle bankruptcies. This is far [...]
If you are considering filing for bankruptcy and time is important, then you need to contact a bankruptcy lawyer as early as possible in the process. You should also ensure you undertake your pre-bankruptcy credit counseling as soon as possible. There is a lot of paperwork that has to be prepared before a petition can [...]
There is one aspect of bankruptcy that many people don’t understand and often don’t comply with. If your bankruptcy involves the forgiveness or discharge of debt, that discharge may incur a tax obligation. The reason for this is fairly straightforward – if you have $30,000 worth of debt forgiven, it is the same as someone [...]
For most bankruptcy petitions, your local everyday attorney is quite proficient at handling all the paperwork. They are also proficient enough to handle the court proceeding through to a successful discharge. However, there are some situations where the legal complexities are such that an expert is required. These experts are attorneys that have proven the [...]
Bankruptcy is not as simple as some people may think. Hiring a good bankruptcy lawyer can make a significant difference to the outcome of your petition. It can also make a significant difference to what assets you finish up keeping if you file through a Chapter 7 petition. Bankruptcy lawyers are not exactly cheap either, [...]
Self employment brings many difficulties since in many ways you are running a business. At the same time, areas such as with banking and in purchasing materials, you are treated as a consumer and not as a business. When it comes to bankruptcy, the waters can become ever murkier. Part of the documentation required for [...]
There are times when an individual feels that bankruptcy is on the horizon, but that the time is not quite right to file a petition. This happens frequently when small businesses are facing financial difficulties. Bankruptcy lawyers are often in high demand, so to secure a lawyer of your choice, you can enter into a [...]
Our society is full of myths and legends and in every bar or neighborhood fence sits an amateur lawyer. They are full of knowledge and freely broadcast it. The problem is, they are normally a long way off the facts. Here are several bankruptcy myths that amateur lawyers may proclaim – and we bust them [...]
One of the benefits of seeking advice from a bankruptcy lawyer is that they will go through each debt with a fine tooth comb. There are a number of reasons for this. They are looking at the legal obligations such as legal costs in any legal action, early termination fees (if any), and whether or [...]
The benefit of a bankruptcy petition is that all your debts are eliminated, wiped away. Even in a Chapter 13 bankruptcy, some debts can be erased thereby giving you the opportunity of restarting with a debt free slate. However, while having your debts cleared is good for you, it’s not good for your creditors. If [...]
Most of our focus when it comes to bankruptcy is on those who are financially distressed and considering bankruptcy as an option. What is rarely discussed is the effect that bankruptcy has on creditors. Some creditors, especially small creditors, are not always aware that legal representation may be appropriate under certain circumstances. All creditors are [...]
Once you put in motion the processes for bankruptcy, your life to a certain extent does not remain your own. Your finances are certainly no longer your own so you need to be carefully where you spend your money, and what commitments you make. Believe it or not, this includes legal assistance. You probably think [...]
Although bankruptcy is covered by federal legislation, there are local laws in each state that also need to be addressed. One of these covers what can and cannot be included in the exempt assets component of a bankruptcy petition. There are 16 states that allow petitioners (debtors) to select either state of federal law, the [...]
Filing for bankruptcy can be a complex task, however, you do not legally need lawyers to act on your behalf. You can do the research, much of it online including downloading of forms, and you can represent yourself in court. However, due to the complex nature of bankruptcy, you may be doing yourself a disservice [...]
