Bankruptcy is a legal process that allows individuals or businesses to seek relief from overwhelming debt by either discharging or restructuring their financial obligations. When you file for bankruptcy, your case may include secured debts, like a car loan or a mortgage. A reaffirmation agreement is an option you can use to keep these secured debts throughout the process. The U.S. Courts reported 67,325 reaffirmation agreement filings in Chapter 7 cases in 2022. Reaffirmation agreement defined A reaffirmation agreement is a legal document that allows you to continue making payments on a specif ..read more

Divorce brings about a flurry of emotions, complications and worries. One of the common worries for many people is financial stability. A divorce does not have to mean financial ruin. With careful planning, you can safeguard your financial future even as you part ways. Rebuilding your financial stability is not an overnight task. However, it is not insurmountable either. A clear mind, a well-thought-out plan and a willingness to take control of your finances are all it takes. Understand your financial picture After a divorce, understanding your financial situation is vital. Evaluate your incom ..read more

Filing for bankruptcy can offer a much-needed reprieve from debts when your financial obligations become too much to handle. If you have concerns regarding what bankruptcy might do to your future interest rates, however, it might seem like a lose-lose situation. While it is true that bankruptcy can have an effect on your interest rates, it can still be the case that bankruptcy may be your best option for getting your finances back in order. You can make an informed decision by knowing just how much bankruptcy can affect interest and what you can do afterward to achieve favorable rates again. D ..read more

When there are children in the marriage, the courts in North Dakota need a parenting plan as part of the divorce settlement. Each state has specific expectations for the parenting plan which you should include as you draft your petition. Here are some things your parenting plan should include. Custody schedule and parenting time allocations The custody schedule for the children must clearly define the primary physical and legal custody, visitation schedules and transportation requirements for those custodial periods. Decision-making procedures Every parenting plan should define how you make de ..read more

While no one wants to file as bankrupt, it happens regularly. Each year hundreds of thousands of Americans file. But, unfortunately, this process has built up a fearsome reputation. The good news is that many of the reasons it is such a scary process are the number of myths people believe about it. Here is the truth about a few of the most common tales regarding bankruptcy. 1. Married couples both need to file If you share the debt, both spouses must file for bankruptcy. However, most of the time, only one spouse has most of the debt. In these cases, only the spouse with the debt needs to file ..read more

Divorce can put a strain on everyone involved. Not only does it impact the couple divorcing, but it can have a significant impact on the children as well. While it may not be an easy thing to go through, there are ways that you can look out for things that could complicate your relationship with your children. Knowing the signs of parental alienation can help you to maintain harmonious relationships with your children. Know the early signs Often when parental alienation is beginning, there are signs and signals to look out for. A common early sign is that your children begin to get angry with ..read more

At the time of a divorce, many parents split their households and find a new residence within close proximity to the other to make exchanges and any child-related logistical matters, including schooling, extracurricular activities and peer access, equally accessible for both parents. Sometimes, a dream job or opportunity arises that takes one parent to another city, state or even country. The way this impacts child custody and visitation will depend on existing custody orders, how far the parent relocates and other unique considerations. Reasons for parental relocation When a parent relocates ..read more

Bankruptcy can possibly give you a fresh financial start. If you qualify for Chapter 7 bankruptcy, the court gives you certain benefits as you resolve your debt. Review the legal protections you receive if you decide to file for Chapter 7. Debt discharge If you complete the Chapter 7 requirements, you can receive a discharge of eligible debt in about six months. The discharge generally includes credit cards, personal loans, and other unsecured debt, but not student loans, most taxes, or unpaid child support. You are no longer responsible for these debts after you receive a discharge. Automatic ..read more

Small businesses are the lifeblood of North Dakota. In fact, the state has roughly 77,000 small businesses that employ about 58% of the workforce. If you are a small business owner, however, you may stand to lose some ownership of it during your divorce. In the Peace Garden State, divorcing spouses typically receive an equitable share of the marital estate. If you do not have a prenuptial agreement, your small business is likely marital property that requires division during your divorce. Here are three ways to determine how much the venture is worth. 1. Market-based valuation Generally, the e ..read more

Finding yourself at the bottom of a stack of bills and dodging collection calls is a stressful and frustrating place. Bankruptcy may prove a viable choice when digging out of debt. Chapter 7 and Chapter 13 allow individuals and couples to reboot their finances. While both provide financial relief, is one better? Understanding the differences may help you decide. Do you have a steady income? Job loss is a significant contributor to debt. Even if you find yourself reemployed, a lapse in income strains your finances. However, if you have a steady job, you may qualify for Chapter 13 bankruptcy. Un ..read more