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Bankruptcy Archives

Common misconceptions about bankruptcy

If you are facing large debts and repayment is becoming unmanageable, finding a way out can be difficult. Fortunately, there are options available to you. Unfortunately, many people misunderstand how bankruptcy works and what it is for. These misunderstandings can cause people to accidentally make unwise choices.

Does bankruptcy mean you have to lose your home?

If you are facing a large amount of debt, it can be difficult to figure out what the best options are to move forward. Given the confusing nature of bankruptcy laws and common misconceptions about what filing will mean, you may be holding on to some false ideas. In this post, we will give you a brief overview on two types of personal bankruptcy and set the record straight on how homeownership plays into a bankruptcy filing.

When bankruptcy and divorce go together

The end of a marriage is often a costly affair, and more than a few marriages end because of existing financial obligations and stressors, so it is not too surprising to find out that divorce and bankruptcy often go together. Due to the complicated nature of both, it's also not too surprising to learn that people often make mistakes that cause unforeseen consequences for their financial futures.

What's best for your financial future?

Even the best of us have times when paying our bills gets tough: An unexpected car repair, an emergency furnace fix, or a medical bill we didn't foresee can leave us scrambling. Unfortunately many of us live paycheck to paycheck, and a surprise expense can create a vicious cycle of "never quite catching up" and with that, harassing calls from creditors that can become an everyday occurrence.

Filing for bankruptcy? Three things you shouldn't do

National statistics show that U.S. consumers are currently carrying more than $12 trillion in debt. If you are one of the millions of individuals who are struggling to make even minimum monthly payments on high interest credit cards and medical bills or who must decide between paying the rent or mortgage and buying food; it is time to take action and to explore your options for eliminating debt.

Can a Judge Deny My Bankruptcy Petition?

If you have begun the process of bankruptcy on your own and have decided to go under a Chapter 7, it may be possible that the judge will deny or dismiss your Chapter 7 bankruptcy. There are a few reasons where this can take place. If it is been deemed that you are not eligible for a Chapter 7 bankruptcy and are not willing to convert to a Chapter 13 which you may be eligible for, then your bankruptcy will be dismissed. It could be that you filed for bankruptcy relief in the past and did not qualify and your case was dismissed then the same will happen unless circumstances have changed. If you filed for Chapter 7 bankruptcy in the past eight year period of the date that you are now filing for your new Chapter 7 bankruptcy, then you will also be turned down. The best the thing that you can do, once you decide that your financial situation is so dire that you have no other recourse but to go for a bankruptcy, is to seek out a qualified bankruptcy attorney. A bankruptcy expert can assist you right from the beginning in making the decision and then in determining which chapter is most applicable to you. A Kentucky Bankruptcy Attorney can also see you through the entirety of the bankruptcy action. If individuals have told you that there's nothing to filing a bankruptcy, then they're mistaken. There are a lot of steps that have to be taken but when done properly it is an excellent form of debt relief that allows individuals in bad financial situations to get a new start. 

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