Tag: bankruptcy basics
Credit Counseling: Bankruptcy Requirement
Bankruptcy filings require preparation. Bankruptcy law makes credit counseling one step in the process. You can’t file a valid chapter 7 or chapter 13 without completing credit counseling, earning this step the name ‘Ticket In’ to bankruptcy. Credit Counseling: “The Ticket In” Under bankruptcy law people, not businesses, must take credit counseling before filing under Chapter 7 or 13. Credit counseling can […]
Keeping Cars in Bankruptcy: Asset Value and Exemptions
Most of my new clients asking about bankruptcy have one question: Attorney Myers: If I file bankruptcy can I keep my car? Answer: Most often the answer is yes. At the same time we need to check a few facts about your situation before we get to the right answer. […]
Must I Disclose Income In Bankruptcy?
Potential bankruptcy filers sometimes ask whether they really have to produce their income taxes and pay stubs when they file, isn’t this ‘nosey’ of the bankruptcy court? After a voluntary bankruptcy petition is filed and before the creditors meeting, the person filing must disclose income. The law requires submission of all pay […]
Should I File Bankruptcy? What Basics Should be Considered?
Should I file bankruptcy? Just the thought can overwhelm. Mountains of debt, collections and other pressing issues bring the issue into view, requiring a look at pros and cons. First, calculate how long it will take to pay off your debts. Throw all credit cards in a drawer. Figure how […]
Debt Consolidation and Other Options
Is debt consolidation a decent option? Our bills now overwhelm us, especially credit card debt. Is it to our advantage to think about debt consolidation? Many credit counseling and credit repair agencies, in the experience of my clients, in fact do more damage than good. Some, again in my experience […]
Keeping Cars in Bankruptcy
Is keeping cars in bankruptcy possible while still discharging credit card debt? We want to file a chapter 7 bankruptcy. How do we tell if we make too much money to even file a chapter 7?. Whether or not bankruptcy filers can keep any individual piece of property depends on […]
