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June 2015 Archives

Bankruptcy In Young Adults

Sometimes the question arises as to if there is a certain age when a person should no longer consider bankruptcy. In some cases seniors are concerned about this, then at other times it is the younger ones who are in their twenties but have already fallen into a debt trap. Quite often part of their debt problem can be because of student loans, and this type of debt unfortunately is not one that can be corrected with bankruptcy.

Marriage and Bankruptcy

Every young couple wants to get financial established so they can start their family. It isn't always easy as it is not uncommon for both parties to enter into the marriage with a substantial amount of debt. This may now make it more difficult to handle the payments.

Can I Handle My Own Bankruptcy?

There is of course the general mistakes that can be made when an individual files for bankruptcy on their own. These are not filing the right forms, or filling them in improperly. Some think that the most that can happen from these types of mistakes is it will just mean a delay. However, the consequences can be more detrimental than a delay.

Refinancing After Bankruptcy

So many people that have come through a bankruptcy feel relieved that their financial stress is finally behind them. It is certainly not something that they were looking forward to doing, but they had no other choice. Once the bankruptcy is behind them eventually they may come to a time where they need to re-finance their home. Now they are concerned about how their bankruptcy will affect this. Many are of the understanding that borrowing money after a bankruptcy is near impossible.

How to Handle the Creditors

Most people are automatically intimidated by their debt collectors. The person feels bad enough and embarrassed about not being able to keep up with the debt payments, and getting constant reminders about this is disheartening. As a result many debt collectors will become over powering. One thing they cannot do is reveal any information about your debt to someone else. So if you have a concern about others finding out about your debt there should be no worries there.

Deciding On Bankruptcy

No one wants to get to the point where they have to consider bankruptcy. It is often an action they put off to the very last moment. Many people will put up with months of badgering from bill collectors, and even get to the point where they are soon going to face legal action. Even then they will question as to whether there may be some other type of solution. Bankruptcy has been put in place to afford financial relief to individuals that just don't have any other financial resources to rely on to help them get out of their financial mess.

Bankruptcy and Child Support Payments

When an individual runs into financial difficulty often they are not able to meet many of their financial obligations. Most times they will try and pay those debts that have a security against them in order to stop the creditors from seizing them. This may be the mortgage on their home, or their vehicle. When those that have to pay child support get behind in their payments they wonder if bankruptcy will help with this.

Your Pre and Post Filing Bankruptcy Debt

When you file for bankruptcy you are required to list all of your debts. These debts are classed as your pre-petition debts. Any debts that occur after you file are called post petition debts. These debts are not considered in your Indiana bankruptcy.

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Schwartz Bankruptcy Law Center

Office Locations:

Louisville Office
3339 Taylorsville Road
Louisville, KY 40205

Phone: 502-785-8549
Phone: 502-485-9200
Fax: 502-485-9220
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New Albany Office
501 State Street
New Albany, Indiana 47150

Phone: 502-785-8549
Phone: 812-945-9200
Fax: 502-485-9220
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