Get a Second Chance at Life with Bankruptcy
Dealing with unmanageable debts can completely take over your life. You don’t get that many opportunities in life to start over. But you can get a second chance at life with bankruptcy. Worrying about losing your car or home can keep you up at night. And debt collectors can make you afraid to answer your phone. […]
Can I Keep My Car If I File for Bankruptcy?
Most people need a car, either to get to work, to shop for groceries, to haul the kids around. If you live in Maryland or Virginia, you need a car, though less so if you live in DC. One of the questions I get asked all the time is, “Can I keep my car if […]
How Bankruptcy Prevents Foreclosure
Though most people automatically associate the word “bankruptcy” with disaster, fortunately that’s just not true. Bankruptcy can actually help prevent a debt-related catastrophe like foreclosure. And a good bankruptcy attorney will be there with you through every step of the process. Read on to learn how bankruptcy prevents foreclosure. Foreclosure filings — default notices, scheduled auctions […]
5 Reasons Why NFL Players Declare Bankruptcy
NFL players declare bankruptcy with surprising regularity. Warren Sapp, the seven-time Pro-Bowler and Hall of Fame defensive tackle, earned a whopping $82 million during his 13-year career that ended in 2007. By the spring of 2012, however, Sapp had filed for Chapter 7 bankruptcy. At that time, Sapp was still pulling in $116,000 per month […]
Your Best Debt Defense May Be Bankruptcy
Unresolved debts can take an enormous toll on your overall quality of life. If you feel anxious every time your telephone rings or get a knot in your stomach when retrieving your mail, you may gain peace of mind by seeking bankruptcy protection. In fact, your best debt defense may be bankruptcy. The two main […]
How Long After Bankruptcy Until I Can Buy a Home?
You finished your bankruptcy and got rid of your debts. Now you may be asking yourself: How long after bankruptcy until I can buy a home? The chapter of bankruptcy matters It may not surprise you, but lenders view Chapter 7 and Chapter 13 bankruptcies very differently. Chapter 7 is the quick and easy process […]
Bankruptcy Debtors by the Numbers
If you’re interested in who is filing bankruptcy, look into the latest ABI Journal’s Bankruptcy by the Numbers to learn more about bankruptcy debtors by the numbers. Decline in bankruptcy filings Bankruptcy filings have declined by nearly one-third since peaking in September 2010. And the total number of bankruptcy filings across all demographics have declined […]
Business Bankruptcy: Personal Assets in a Chapter 7 Liquidation
If your business has significant debt, bankruptcy may be the solution. Businesses can file for bankruptcy protection under both Chapter 7 and Chapter 11 of the Bankruptcy Code. Both provide effective but very different protections from creditors. In some cases, business bankruptcy can involve the personal assets in a Chapter 7 liquidation. You may want […]
What is the Bankruptcy Means Test?
If you want to file Chapter 7 bankruptcy, you must pass the Chapter 7 bankruptcy means test. Congress designed the Chapter 7 bankruptcy means test to prevent higher income-earners from discharging debts they have income sufficient to pay. The means test affects the chapter of bankruptcy under which you are eligible to file. Discuss your […]