Bankruptcy Blog

Some may wonder why bankruptcy? Why can’t you afford to pay your bills? Why take such a drastic step? The truth is, there is no one answer for why someone should consider filing bankruptcy.
They may have fallen behind on house payments and are now faced with foreclosure notices. Sometimes forces outside their control affect [...]

Bankruptcy is still a frightening and embarrassing situation for many people. The dictionary doesn’t help when it gives definitions like: “utter ruin, failure, depletion”. No wonder so many people won’t consider bankruptcy until it’s the last resort.
What is bankruptcy?
Simply put it’s “being legally insolvent” or an “inability to discharge all your debts as they [...]

In the United States, many of us are taught failure is not an option. And when it comes to financial difficulties, bankruptcy seems to be a major failure. However, financial disasters can happen to anyone and many times from situations beyond our control. You may now find yourself dealing with creditor calls, collection notices, [...]

Taking a debt education course before the filing of a bankruptcy is required by law. This doesn’t mean you have to pay A company money to try and settle or make payments to and let them pay your creditors. In most cases the course that takes is an on line course 1 to 2 [...]

Many people may not need to worry about what effects of selling a house could have when they file for a Chapter 7 bankruptcy, but recently I had a Chapter 7 Debtor who did sell her house within the last 6 months. We had to include the proceeds she received in her pocket to [...]

A lady came in a year ago she was making over one hundred thousand dollars a year, had a home in Georgia and one in Texas, Texas being her home. The job ended so she started looking for another job in Georgia and Texas. The severance package ran out with her making both house payments [...]

When you come in to file a Chapter 7 bankruptcy, it is very important that you have all of your pay stubs for the last 6 months. Failure to have these pay stubs, will result in the delay of your case being filed. The importance of the pay stubs in a Chapter 7 [...]

In the year 2003 he made a little over 300 hundred thousand dollars. At the moment he is on VA disability of 1200 a month and waiting on Social Security Disability.
During the last couple of years He has used up all retirement money to keep up with all the bills house, car, and credit [...]

Decisions need to be made based on the income you have coming in now. A bankruptcy can discharge the credit cards and medical bills, but will not lower house payments. If the house payment has gone up because of the type of loan you have or because of the income change the house might need [...]

I meet with many clients before they file bankruptcy. After I explain the basics of bankruptcy and discuss what would be best for them based on their situation, I ask if they have any questions. I often get the same response of “I don’t even know what to ask.” This is a [...]