What Assets Can You Keep in Bankruptcy?
Parker & DuFresne | Bankruptcy Law Blog
by Allen Graves
1w ago
Bankruptcy is the legal process of debtors eliminating or reducing their debts. There are two primary types of bankruptcy, Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, also known as liquidation bankruptcy, the debtor’s non-exempt assets are sold by the trustee appointed by the court. The proceeds from those sales are used to pay creditors on a pro-rata basis. In a Chapter 13 bankruptcy, also known as reorganization bankruptcy, the debtor makes payments to an assigned Trustee over five years that are then disbursed among creditors on a pro-rata basis. It is important to understand the d ..read more
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How Chapter 7 Bankruptcy Can Help You Achieve Financial Security
Parker & DuFresne | Bankruptcy Law Blog
by jaxlawcenter
2w ago
If you’re feeling overwhelmed by debt, you may be considering bankruptcy as a way to get a fresh start. Chapter 7 bankruptcy can offer many benefits, including the elimination of most types of debts, protection from creditors, and a chance to rebuild your credit. In this blog post, we’ll discuss how Chapter 7 bankruptcy works and how it could help you achieve financial security. Eliminate Debt and Get a Fresh Start Chapter 7 bankruptcy offers individuals an opportunity to take back control of their finances and start over. This type of bankruptcy enables people to clear away most, if not all ..read more
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Common Mistakes to Avoid When Declaring Bankruptcy
Parker & DuFresne | Bankruptcy Law Blog
by Allen Graves
3w ago
When you file for bankruptcy, you’re essentially asking the court to relieve you of your debts. But the process is complicated, and if you make a mistake, it could cost you dearly. Here are some of the most common mistakes people make when declaring bankruptcy, and how to avoid them. 1. Don’t Hide Your Assets Trying to hide assets when preparing to file for bankruptcy can be a disastrous mistake. Bankruptcy courts are adept at detecting fraud and deception through thorough asset investigations. Any income or assets you attempt to conceal will be found, potentially resulting in costly fine ..read more
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Things To Do To Get Through a Bankruptcy
Parker & DuFresne | Bankruptcy Law Blog
by jaxlawcenter
1M ago
No one ever plans to go through a bankruptcy, but sometimes it’s the only way to get back on track. If you’re facing bankruptcy, there are some things you need to do to ensure that the process goes as smoothly as possible. Here’s what you need to know. Gather All Financial Documents Having your financial documents on hand can be a lifesaver in times of financial difficulty. Despite popular belief, bankruptcy is not the end-all answer to debt-related issues, but if bankruptcy does become an option for you, having all of your financial information accurately organized will put you in the best po ..read more
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Rebuilding Your Credit Score After Bankruptcy
Parker & DuFresne | Bankruptcy Law Blog
by jaxlawcenter
3M ago
There are times when a person has no other choice than to file for bankruptcy. Whether filing for Chapter 7 or Chapter 13, most people wonder if their credit will be ruined after filing. This is understandable, as poor credit can lead to negative outcomes. Your Credit After Bankruptcy Can Be Rebuilt If you were eligible to file for bankruptcy, chances are your credit was already in trouble even before the bankruptcy. But that doesn’t mean it will be even worse afterward. Of course, your credit will take an initial hit right after you file, however it is entirely possible to restore it and even ..read more
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Which Debts Are Not Eliminated by Bankruptcy?
Parker & DuFresne | Bankruptcy Law Blog
by jaxlawcenter
4M ago
When people think about bankruptcy, they often think of a fresh start – a way to wipe the slate clean and start over. Unfortunately, this is not always the case. There are certain types of debt that cannot be eliminated through bankruptcy. This blog post will discuss some of these debts and provide information on what you can do if you are struggling to pay them off. Student Loan Debt is Not Eliminated One type of debt that is not eliminated by bankruptcy is student loan debt. If you are struggling to make your student loan payments, there are a few options available to you. For instance, you ..read more
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What Is the Chapter 13 Disposable Income Test?
Parker & DuFresne | Bankruptcy Law Blog
by jaxlawcenter
4M ago
The chapter 13 disposable income test is the court’s way of ensuring that all your disposable income is going towards repaying your debts during your repayment period. Prior to approving any chapter 13 repayment plan, you must show that what you are paying is your best effort. It shows that you are proving all disposable income to the plan. Your disposable income is what remains after you’ve deducted all living expenses such as food, clothing, housing, utilities, insurance, childcare expenses, medical expenses and insurance costs and mandatory payments. As you move forward with the chapter 13 ..read more
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5 Signs You May Need to File for Bankruptcy
Parker & DuFresne | Bankruptcy Law Blog
by jaxlawcenter
5M ago
If you’re struggling with overwhelming debt, bankruptcy might be the best solution for you. Although it can be a difficult decision to make, here are five signs that you might need to file for bankruptcy. 1. You’re unable to make your minimum monthly payments. If you’re falling behind on your bills and can’t seem to make headway, bankruptcy may be the best option. By filing for bankruptcy, you can get a fresh start and eliminate your debt. 2. You’re using credit cards to pay for necessities. If you’re resorting to using credit cards to pay for basic living expenses, it’s a sign that you’re in ..read more
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Can You File Bankruptcy on Child Support in Florida?
Parker & DuFresne | Bankruptcy Law Blog
by jaxlawcenter
7M ago
Are you considering filing for bankruptcy while also paying or owing child support? It is important that you know how this financial obligation affects the bankruptcy process. The courts consider child support to be a priority debt, and so it doesn’t qualify for discharge in bankruptcy. Because of this, if you complete your bankruptcy case and receive a discharge, you are still responsible for your back payments. Child Support Takes Precedence Over Other Types of Bankruptcy Debt Bankruptcy and child support are complex issues. It’s important to understand that priority debts are not ..read more
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Will All My Debts Be Gone After Bankruptcy?
Parker & DuFresne | Bankruptcy Law Blog
by jaxlawcenter
8M ago
Filing for bankruptcy can provide enormous relief to individuals faced with debt. But when considering filing for bankruptcy, it’s important to remember that it’s not a fix-all solution to financial woes. Sitting down with a bankruptcy lawyer before filing to discuss your options is always a good idea. If you are wondering what happens to your debts after bankruptcy, this guide can help you. Hiring a Qualified and Experienced Bankruptcy Lawyer Before you begin to file for bankruptcy, it’s important to enlist the services of a knowledgeable bankruptcy lawyer. A bankruptcy lawyer can help you na ..read more
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