Declaring bankruptcy can be a very stressful time. It is likely that you have multiple financial concerns weighing on you, and you may be afraid of losing your assets during the bankruptcy process. However, whether or not you will lose your home if you file bankruptcy...
Bankruptcy
How do you plan on keeping your debt under control?
While you accepted that filing for bankruptcy is the most favorable option for your finances and future, that does not mean you addressed the circumstances that led you to file in the first place. Without changing your relationship with money, you may file for...
Signs that you could benefit from bankruptcy
While bankruptcy has a negative reputation, filing can actually be a positive step for someone struggling to repay debt. By doing so, you can stop the creditor calls and begin rebuilding your finances. These five signs indicate that you could potentially benefit...
What is the automatic stay?
When you file bankruptcy, you get automatic protection under the law from creditors taking further actions against you. According to Cornell Law School, the automatic stay is a court order that prevents your creditors from continuing to take collection actions. It is...
What are the benefits of filing bankruptcy?
No one wants to file bankruptcy. Yet, if you find yourself in dire financial straits, you may have no other choice but to do so. This process can be stressful, because you could face the prospect of parting with valuable assets. But this is often not the case in...
How soon can I begin to rebuild my credit score after bankruptcy?
Myths about filing a bankruptcy petition include losing your chances of having good credit again. While a bankruptcy stays on your record for up to 10 years, you may begin rebuilding credit after a discharge of your consumer debts. Financial institutions use...
Applying for a mortgage following bankruptcy
If you feel swallowed up in mounting debt, then the protection offered by personal bankruptcy may bring you welcome relief from the pressure put on you by creditors. However, as many of those working with our team here at Christopher Todd Morrison, P.C. can attest to,...
Can one spouse file bankruptcy and not the other?
Discharging debt through a Chapter 7 bankruptcy is one way to find relief. However, what if your spouse does not have the same liability? Do you both have to file? The law does not require spouses to file bankruptcy. When only one file, it may prove problematic for...
The risks of using a debt settlement company
Because bankruptcy carries a stigma in the minds of many people, some people try to resolve their mounting debt in other ways, such as hiring a debt settlement company to reduce or eliminate their debt. However, going with a debt settlement company carries some risk...
How does bankruptcy affect an impending foreclosure?
When you fall behind on your mortgage or even receive a foreclosure notice, you have options. Some homeowners successfully request a mortgage modification. Others reorganize their debt and make a plan to keep their home by filing for bankruptcy. Learn more about how...