Financial difficulties cause stress regardless of the circumstances. With the unexpected nature of the coronavirus, stress can be even higher. Here’s a little perspective on your finances that might help. Priorities First, your health, your immediate family’s heath, and that of our communities is more important than the credit card bill due this month. Especially more important than the pesky debt collector calling for the umpteenth time. Second, having enough money to pay for food … [Read more...]
Bankruptcy & Tax Refunds
Bankruptcy & Tax Refunds Each year, many people receive substantial tax refunds. If they are facing a lot of debt, they must decide whether using the tax refund to pay creditors will help them out of debt. If a debtor has one major creditor and can negotiate a payoff with the tax refund, this may be a good option. However, when a debtor has multiple creditors and paying one will not ease the debt burden, bankruptcy may be a better option. Some important factors when considering … [Read more...]
CHAPTER 7 vs. CHAPTER 13 BANKRUPTCY
I am often asked, what is the difference between chapter 7 and chapter 13 bankruptcy? Chapter 7 is a type of bankruptcy in which a debtor gets a fresh start. Chapter 13 is a type of bankruptcy in which a debtor pays all or a portion of his debt in a plan. CHAPTER 7 There are many factors which determine which type of bankruptcy is best for an individual. First, if a debtor has previously filed a chapter 7 bankruptcy, she must wait 8 years before filing another chapter 7. Second, high … [Read more...]
Do I have to go to Court to file Bankruptcy?
While there are instances where a court appearance may be required, most Debtors never have to appear in front of a Judge. The only appearance that every Debtor filing bankruptcy must make is to the creditors’ meeting. Creditors’ meetings generally take place at a courthouse, but you don’t appear in front of a Judge. Instead, the meeting is conducted by a bankruptcy Trustee, a court-appointed attorney. What is a Creditors’ Meeting? After filing bankruptcy, you will be scheduled to attend a … [Read more...]
