A bankruptcy will stay on your credit reports for a number of years, making it more difficult to borrow in the future. How Bankruptcy Works Bankruptcy offers an individual or business a chance to start fresh by forgivingdebtsthat they can't pay. Meanwhile, creditors have a chance to get som...
Hiring an attorney is an obvious added expense during an already difficult financial period. While it is not required for individual bankruptcy filers, the right legal assistance can save you money in the long run. A bankruptcy attorney can help you understand the bankruptcy laws along with which...
In order to file for bankruptcy in New York, an individual must first determine which type of bankruptcy is appropriate for them. As foreclosure bankruptcy is very different from reorganization bankruptcy, the choice may be clear, but it is always a good idea to get legal counsel. 2. Choose ...
In a Chapter 7 case, discharge of debts is available only to individual debtors. Partnerships, corporations and other business entities do not get to discharge their unpaid debts. And some types cannot be, or usually aren't, discharged in Bankruptcy Court. And a bankruptcy discharge does not e...
Since, in a health insurance plan, the insurance provider does not pay for the entirety of your yearly medical costs, you have to pay a certain portion of these costs from your pocket. The deductible is one of these out-of-pocket payments. Before your insurance kicks in, you must first ...
Downsides to Chapter 7 Bankruptcy Filing for Chapter 7 bankruptcy does have downsides, starting with the severe negative impact on a debtor’s credit score. The bankruptcy remains on the credit report for up to 10 years. The initial drop in the credit score can be substantial, affecting the ...
Parties can file for Chapter 13 bankruptcy if their unsecured debt goes below $419,275 while their secured debt does not reach $1,257,850.3. On top of this, parties filing for this type of bankruptcy must be consistent in paying taxes. ...
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providing the returns to the Trustee and answering questions about them certainly could incriminate the person. Does the filing of a Bankruptcy petition mean the filer has waived their Fifth Amendment rights against self-incrimination?Continue Reading ...
When a filer does not qualify to have the bankruptcy filing fee waived, she has options for reducing bankruptcy-related expenses. One of these is to pay the filing fee in installments, rather than in one lump sum. To do so, she must fill out Form 103A,Application for Individuals to Pay...