If you can keep your property will depend on your exemptions when you file bankruptcy. When you file for bankruptcy any property you own will be classified as exempt property or non-exempt property. Exempt property is safe during the bankruptcy. Non-exempt property can be sold for the benefit of your creditors. Each state is allowed [...]
Chapters of Bankruptcy - the kind you file is going to be based on your needs and qualifications. Part of the Bankruptcy Information Sheet provided by U.S. Trustee Program explains each as follows: Chapter 7 – A trustee is appointed to take over your property. Any property of value will be sold or turned into [...]
Will you get rid of all of your debts when you file for bankruptcy? It depends. What kind of debts do you have going in to the case? What type of case are you filing? What do you mean by 'get rid of' debts? The U.S. Trustee Program provides a Bankruptcy Information Sheet which gives [...]
New Scams are always on the horizon. From email phishing to sweepstakes and lottery prizes to gift cards to online dating, you MUST be careful when you are providing any type of information (personal and/or financial). Now that people are wanting to get out and about again after a year+ at home, a scam we [...]
Bankruptcy Guilt. Why you need to redirect your energy. So many times we see our bankruptcy clients in anguish over the thought of wiping out their debt. They feel guilty about walking away from their creditors. In some cases the dilemma is obvious; the small town doctor who agreed to bill you for your office [...]
Should you file bankruptcy after retirement? Ideally, by the time you reach retirement age you'll have enough assets to sustain a comfortable standard of living. Unfortunately, there are many financial struggles retirees are experiencing due to poor insurance coverage, rising medical expenses, and inadequate living adjustments in Social Security, pensions, and retirement accounts. Individuals need [...]
Dirty words. 4-letter words? Bankruptcy. Why is filing for bankruptcy and starting over a faux pas? No one wants to file for bankruptcy. But hearing stories from just a few of the millions laid off because of COVID-19 shows how it can make sense. Yet, a woman who had filed bankruptcy stated, “Bankruptcy is a [...]
Accurate credit reports are essential for today’s consumers, so they can receive the best financing options available. It is important for all consumers to understand how and what kind of debts are reported on a credit report. The information reported on your credit report will determine your credit score.
Consumers must do their research before signing up with a debt settlement company.
April 1, 2021: New Median Income Figures Released for Kansas and Missouri Bankruptcy Filers Not sure which Chapter of Bankruptcy you should file? Finding out what you qualify for, may be a good place to start. In Bankruptcy, the Means Test looks at your Median Income and Family Size to determine which Chapter you may [...]