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Blog Posts in July, 2015

  • Four Reasons Why You Should Hire a Bankruptcy Attorney

    | 29-Jul-2015

    If you are considering filing for bankruptcy, you may be wondering whether it is worth it to hire a bankruptcy attorney or just take your chances handling it on your own. You may be thinking that hearing this kind of an advice from a bankruptcy lawyer is biased, but in order to explain why it is ultimately the best course of action, we have identified four reasons why you should not hesitate to ...
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  • Understanding Chapter 13 Bankruptcy

    | 24-Jul-2015

    Chapter 13 bankruptcy, also referred to as a wage earner’s plan or reorganization bankruptcy, allows people with a regular source of income to create a repayment plan for all or a portion of their debts. Debtors can restructure their debts and make arrangements to pay them back in installments over a three to five year period, depending on the amount of their monthly income. Creditors and ...
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  • How Chapter 7 Bankruptcy Works

    | 17-Jul-2015

    If you are an individual, partnership, or other business entity considering bankruptcy, you can qualify for relief under chapter 7 bankruptcy. Filing for chapter 7 can automatically “stay,” or stop, collection actions against the debtor, including phone calls demanding payment, wage garnishments, and creditor lawsuits, while it is in effect. Below, we have briefly outlined how chapter ...
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  • Bankruptcy and Retirement Plan Accounts

    | 9-Jul-2015

    What Will Happen to My Retirement Plan? Under Chapter 7 bankruptcy, virtually all retirement accounts, including pension plan funds, are exempt from creditors. Likewise, in Chapter 13 bankruptcy, retirement accounts are immune. Moreover, they will not affect the amount you are required to repay unsecured creditors. Importantly, the United Stated Supreme Court stated that any ERISA-qualified plan, ...
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  • 5 Credit Card Debt Settlement Myths

    | 2-Jul-2015

    If you’re considering credit card debt settlement, you’ve probably heard competing opinions about it: whether it’s effective, how much of our debt you can avoid paying, if you need a lawyer, etc. These are legitimate concerns, and it’s important to stay informed before pursuing negotiations with creditors. Myth #1 – It’s easy to get your debts cut in half ...
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