If you have cosigners or guarantors on your debts, your decision to file for bankruptcy will affect them. Learn how you can protect them when filing bankruptcy.
If you decide not to file for bankruptcy, a credit counselor can still create a debt management plan for you. Similar to Chapter 13, a debt management plan is a systematic approach to paying off unsecured debt in three to five years. A debt management plan will affect your credit score le...
the homestead exemption limit for a single debtor in Tennessee was $5,000. Married couples who file bankruptcy jointly can exempt up to $7,500. If you and your spouse own your home in joint tenancy by the entirety you can exempt the full value of the home for the debts of one spouse...
The automatic stay is a provision of bankruptcy that goes into effect at the time you file your petition. The automatic stay is like a temporary discharge, in that it prevents creditors from trying to collect money from you for your outstanding debts. If you do not get a discharge in your...
file for Chapter 11 must file a reorganization plan and repay debts over time, allowing a business to continue to operate while repaying creditors. If a business fails to repay its debts, the bankruptcy court can convert the case to a Chapter 7 bankruptcy. Farms and charitable organizations ...
Do you know how much you owe, I mean down to the penny?Some people don’t because they are too afraid to open their bills and find out. It might be more than you thinkbutit might be less. If you’re going to file for bankruptcy, you have to face these numbers anyway so do it...
National Debtline The sooner you ask for help the better. Even if you feel that your finances are in a mess, a free debt charity will help you sort out your money. The advisers are non-judgemental and expert in helping people get out of debt, so you can give them all the information...
If you have questions about bankruptcy law,contact the Tax Law Offices of David W. Klasingorcall 800-681-1295. I had the pleasure of consulting with David recently, and I couldn't be more grateful for the clarity and guidance he provided. He was professional, knowledgeable, and genuinely he...
What happens to my credit if I file? Credit is essentially an agreement between a lender and a borrower that the borrower will pay back the money lent. When you file for bankruptcy, you're stating that you can't fulfill your promise to pay back the loans you borrowed. For that reason,...
How Much Debt Do I Need to File for Bankruptcy? There is no minimum level of debt needed to file for bankruptcy. However, given the impact it can have on your property, credit, and overall financial life, you should generally file for bankruptcy only if you have no other way to eliminat...