Author: Dezenberg & Smith, Attorneys At Law
What debts can’t be discharged in bankruptcy?
It’s incredible how quickly debt can accumulate. It starts as a manageable monthly expense but can soon snowball into an overwhelming avalanche of bills. Even though you may be reluctant, filing for bankruptcy may be your only option. However, it’s first important to know which debts can’t be discharged in bankruptcy. Student loans In most
3 things to know about automatic stay in bankruptcy
Filing for bankruptcy can be a daunting and emotionally taxing process. It also provides a critical tool for those seeking relief from overwhelming debt — the automatic stay. The automatic stay is a fundamental aspect of bankruptcy law that pauses most creditors’ actions against you. Every bankruptcy filer should understand three key aspects of automatic stay.
How to minimize holiday credit card debt: 4 tips
Overspending during the holiday is almost an American tradition. In fact, people in the United States expect to spend about $184 billion on holiday gifts alone this year – and roughly 31% of them still haven’t paid off last year’s presents. Excess debt can be stressful. If you’re already struggling with your finances, how can you get
What is the automatic stay in bankruptcy?
Research has proven the link between debt and poor mental health. Few people, if any, can ignore their debts altogether. What usually happens is that the worse their debt situation gets, the more worry and stress it leads to. That, in turn, can make dealing with the situation even harder, as the person is left
Am I required to take a credit counseling course?
Different bankruptcy types have varying requirements to move the process forward. Most of the time, you will have a list of documents with financial information necessary for each step, such as tax returns and paperwork related to your income. However, some conditions can apply based on the bankruptcy type you are filing, such as completing
Who creates a filer’s repayment plan during Chapter 13 bankruptcy?
Some people call Chapter 13 bankruptcies “wage earner plans.” This form of bankruptcy gets this name from the fact that a filer is required to make multiple years of structured payments to the courts to reduce what they owe their creditors. The repayment plan model reduces risks of small errors or oversights in company records
Avoid these mistakes when filing for Chapter 7 bankruptcy
The decision to file for personal bankruptcy under Chapter 7 of the U.S. Bankruptcy Code can be exceedingly tough to make. You may have spent ages running the pros and cons through your head before making your final decision to go ahead. Having made that commitment, you need to avoid doing anything that could jeopardize
Can you rebuild your credit after bankruptcy?
One of the common myths surrounding bankruptcy is that it ruins credit forever. It’s normal to lose points on a credit score after filing for bankruptcy. You can recover them with time. Here is how to rebuild credit after bankruptcy: Apply for a new line of credit Although getting a loan after declaring bankruptcy sounds contradictory,
What constitutes debt collector harassment/abuse?
Most creditors work with debt collection agencies/individuals (debt collectors) to collect customers’ debts. Debt collectors are required by law to observe fair practices. They should not harass, oppress or abuse you. This guide discusses what constitutes debt collector harassment or abuse: Repetitive phone calls A debt collector can call to remind you to pay your debt
Can bankruptcy help me clear my back taxes?
Regardless of the reason for owing back taxes, failing to pay can lead to accrued interest, making it even harder to settle. Without a means to pay, taxpayers could lose a portion of their wages or assets through liens. Those drowning in tax debt might see bankruptcy as a beacon of hope. Understanding bankruptcy Bankruptcy