If you are struggling to get out from under overwhelming debt during the course of a divorce proceeding, bankruptcy may be your path to a fresh financial start. Ask yourself if any of these apply to your situation: Do you owe more than you can pay? Are you being hounded ...
Protecting your property during bankruptcy is possible. It can be rather frightening knowing that your creditors can make claims against financial assets and personal property when you file for bankruptcy. Things get even more complicated when a divorce case is involved simultaneously. Your bankruptcy attorney will use “exemptions” to protect ...
There are a number of bankruptcy myths that can keep a person from turning to bankruptcy as a solution for their debt, especially when a divorce is involved. It is true that there are some negative aspects of the bankruptcy process. However, anyone filing bankruptcy before, during, or after a ...
Repossession occurs when a creditor seizes a piece of property that was used to secure a loan. If you default on that loan, the creditor has a right to take the property to recover some or all of the money owed to them. The situation can get even more complicated ...
Chapter 13 Bankruptcy (also known as a “Wage Earners Bankruptcy”) allows you to restructure your debts without having to worry about income or surrendering assets. It is called “Wage Earners Bankruptcy” because a regular source of income is required to make payments. The filer proposes a Chapter 13 plan under ...
One of the worst parts about struggling to overcome debt, especially during or after divorce, is wage garnishment. In many instances, creditors who receive judgment against you can have your wages garnished directly from your paycheck. If this is happening to you, then you understand how negatively this impacts your ...
The means test became part of bankruptcy law in 2005 to help individuals determine their eligibility for bankruptcy, as well as determine which kind of bankruptcy is the best for the situation. Completing the requirements may seem daunting because there are a number of technicalities involved, which is why it ...
The process of foreclosure happens when you are unable to make the mortgage payments each month and the lending company initiates a process to repossess your home. This usually happens after a few missed or late payments as well as a warning. The entire process usually takes about 8 months ...
With debts at unprecedented levels (especially student loan debt), many divorcing couples are finding themselves splitting up debts rather than assets. Common Debts Common debts that are divvied up in a divorce proceeding include: Student loan debt Credit card debt Home mortgages Car loans In an uncontested divorce matter, both ...
In this economy, bankruptcy and divorce do often come hand in hand. Many people facing financial difficulties are also dealing with the increased strain that places on their marriage, and sometimes it comes to a breaking point. The question is then, which step do you take first? Bankruptcy before Divorce ...
