There are a several signs that indicate bankruptcy is probably your best or only financial option. These include when you actually have income but not enough income to pay for your basic need so you start to use a credit card to pay for your basic needs. Since you cant pay your basic needs you… Continue reading When bankruptcy is the only option
Category: orem bankruptcy
Why bankruptcy law
You may ask yourself about the purpose of bankruptcy law and why there is such thing as a bankruptcy process. Could it give people an incentive to not pay their debts back or to accumulate large amounts of debt only to have it discharged by a bankruptcy? I guess some people think this way but… Continue reading Why bankruptcy law
Why bankruptcy happens
Bankruptcy happens as a result of being insolvent, or unable to pay back your debts. Bankruptcy is a legal status that lasts for a few month to several years depending on the kind of bankruptcy you pursue. It is an alternative to get rid of debts that you are unable to pay by yourself. It… Continue reading Why bankruptcy happens
Bankruptcy with divorce
Whether you should file a bankruptcy before or after your divorce depends upon your debts, properties, where you are living and a web of other issues. When considering bankruptcy with divorce you will want to consider all options to know if you should get divorced first or file for file a bankruptcy first, that way… Continue reading Bankruptcy with divorce
Bankruptcy without affecting spouse
Sometimes only one of the parties in a marital relationship has debt and needs to file for bankruptcy. Sometimes some or all of the debt is held in both parties names. If one spouse files for bankruptcy individually, only the person who filed for bankruptcy will be able to get a discharge or relief from… Continue reading Bankruptcy without affecting spouse
Bankruptcy to avoid lawsuit
Bankruptcy can be a valuable tool to stop a lawsuit. It depends, of course, on what kind of bankruptcy you file and if your debts are dischargeable or nondischargeable. Many people file what is called a preemptive bankruptcy where they file after being sued by a creditor but before a judgment is actually entered… Continue reading Bankruptcy to avoid lawsuit
Bankruptcy without losing house and car
Many people wonder if they can file for bankruptcy without losing their house and car. This can be a loaded question since there are so many different kinds of bankruptcy with a number of different options. The simple answer is YES but with all things in the law its qualified. Typically cars with little or… Continue reading Bankruptcy without losing house and car
Why bankruptcy is the best option
Bankruptcy helps people who can no longer pay their debts on their own get a fresh start by liquidating their assets to be able to pay their debts or by creating a repayment plan. These are called Chapter 7 bankruptcy and Chapter 13 bankruptcy respectively. Filing for bankruptcy will in most cases prevent your creditors… Continue reading Why bankruptcy is the best option
Bankruptcy when married filing individually
If you are married you can file bankruptcy with or without your spouse. Filing bankruptcy without your spouse depends on your assets and your income if it is better for you to file with your spouse or individually. If you are married filing individually, your spouse does not have to attend the 341 creditors meeting… Continue reading Bankruptcy when married filing individually
Bankruptcy to clear all debt
Had someone send me a question about a bankruptcy to clear all debt. What they were talking about was filing for Chapter 7 bankruptcy. A Chapter 7 bankruptcy is designed to wipe out most if not all of your unsecured debts (debts that are not somehow tied to property). Where a Chapter 13 bankruptcy can… Continue reading Bankruptcy to clear all debt