Debt Free in 2017 - Consider Bankruptcy
When the clock struck 12:01 a.m. on January 1, 2017 people across the United States stood back, took stock of the past year and set their resolutions for the New Year. Some resolved to lose weight, others to quit bad habits like smoking and others still resolved to spend more time with family or travel more. A few resolved to get organized financially by spending less and saving more. If you, like many others, have been struggling with debt this past year (or years), then
If you fail to plan, you plan to fail:
If you fail to plan, you plan to fail: Most bankruptcies are a result of an unforseen event such as divorce, illness or the loss of employment. The problem with that statement is that “unforeseeable” events are all but unforeseeable. Yet, most people fail to plan for life’s “What Ifs,” i.e., “What if I lose my job?” or “What if I get sick and can’t work?” and that’s the real problem. One of the most common mistakes we encounter in our office is people’s tendency to spend mo
How to avoid filing for Bankruptcy. (Life is what happens while your busy making plans)
How can you avoid filing for Bankruptcy? 1. Live below your means and save money for a rainy day. 2. Stay healthy and make sure all your family does the same. 3. Don't barrow money you can't pay back within three months. 4. Drive a paid-off dependable used car. 5. Don't get a divorce. 6. Any other uncontrollable and unrealistic goal of your choice. However, life is what happens while your busy making plans. If life happens and you find yourself in the
Is there a right time to file for bankruptcy?
Is there a right time to file for bankruptcy? Yes, timing in bankruptcy can be a very important part of how successful the bankruptcy is. What is a "successful bankruptcy?" To me, a successful bankruptcy is one where the Debtors are able to Discharge all of their debts while at the same time keep all of their assets and/or pay a small portion of their debt back. Many of your prior actions can be detrimental to a successful bankruptcy, but most, if not all, can be improved
How to decides between Chapter 7 or Chapter 13 bankruptcy?
Many clients come to our office, for a free consultation, and already have in their mind that they want to file for a Chapter 7 rather than a Chapter 13 bankruptcy. Realistically, how would you know without a thorough understanding of all bankruptcy laws, rules and local practices? The answer is, you really don't always know what's best in your specific circumstances. Many things need to be considered. The following is a very non-exhaustive list of the factors utilized by