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What an automatic stay is and how it can keep debt collectors away

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When a debtor files bankruptcy, a “legal shield,” called an automatic stay, goes into effect immediately. It serves to stay, or stop, all collection efforts in effect at the time of the bankruptcy filing. One aspect of the automatic stay…

Posted in Bankruptcies Tagged with: , ,

Why hiding assets is a bad idea when filing bankruptcy

You have likely heard the expression that “Honesty is the best policy.” Not only is that true, but telling the truth is absolutely necessary when it comes to filing bankruptcy. Lying in a bankruptcy case is a violation of federal…

Posted in Bankruptcies Tagged with: , , , ,

What to expect when going to court for a Chapter 7 bankruptcy

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It is natural for people to worry about what to expect when they go to court for their Chapter 7 bankruptcy’s “341 Meeting,” also known as the “Meeting of Creditors.” Concerns about a creditor or the Trustee being angry with…

Posted in Bankruptcies Tagged with: , , , ,

What happens to my secured debt if I file Chapter 7 bankruptcy?

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There are two kinds of debt: secured and unsecured. A debt is secured when the creditor/lender can recover a specified asset from the debtor/borrower if the borrower does not repay the loan on time. A car loan is an example….

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MY ONLY INCOME IS SOCIAL SECURITY. SHOULD I STILL CONSIDER BANKRUPTCY?

We often meet with people with debt problems whose only income is Social Security benefits.  In some cases, they are “judgment proof”.  That is, there is no way for their creditors to collect.  Other than debts owed to government agencies,…

Posted in Advice for Consumers, Bankruptcies, Debt Relief, Social Security

Five Common Questions People Ask During Bankruptcy

People end up buried in debt for many reasons. Yes, poor money management is the reason for some people’s plights, but debt issues are frequently caused by job losses, illnesses, divorces, or other personal life problems that affect their ability…

Posted in Uncategorized

Filing For Chapter 7 Bankruptcy Doesn’t Mean You Have Failed

Chapter 7 bankruptcy is widely-known yet frequently misunderstood. Despite the connotation, bankruptcy is a very common legal avenue that is designed to help people who are under insurmountable debt. Though common, it is still extremely complex and best when aided…

Posted in Uncategorized

DO I HAVE TO FILE A BANKRUPTCY JOINTLY WITH MY SPOUSE?

No, you are not required to file a joint bankruptcy case with your spouse.  You can file individually, you each could file separate cases if you wish, or you can file a joint case.  This is a decision that should…

Posted in Bankruptcies

SAVE MONEY EVERY TIME YOU SHOP ONLINE

Shopping online is both a blessing and a curse.  We all have a tendency to impulse buy, ending up with a purchase we didn’t really want or need.  It’s just too easy to click! On the other hand, when we…

Posted in Advice for Consumers

BEWARE COUNTERFEIT ECLIPSE GLASSES! PROTECT YOUR EYES.

If you plan to use protective glasses to view the upcoming solar eclipse, BEWARE.  NASA has put out the word that some unscrupulous vendors are trying to make a quick buck by selling counterfeit or defective glasses. NASA says eclipse…

Posted in Advice for Consumers

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