How Does Bankruptcy Affect Alimony?
Bankruptcy can have a serious impact on alimony payments from a former spouse. When one party files for bankruptcy, it is important to understand how this will affect any existing alimony order. Generally speaking, alimony payments are not discharged in bankruptcy and must still be paid despite the filing of the petition. When a debtor files for Chapter 7 or Chapter 13 bankruptcy protection, an automatic stay is put into effect which temporarily stops collection efforts by cr
What Type of Bankruptcy Should I File If I Have Assets?
If you have assets and need to file for bankruptcy, there are several different options available. Understanding the differences between them is key in determining which type of bankruptcy is best for your situation. The most common types of bankruptcies are Chapter 7 and Chapter 13. In a Chapter 7 Bankruptcy, all of your non-exempt assets will be liquidated to pay creditors. However, if you have sufficient exempt assets that can satisfy any debts owed and still provide enoug
What Debts Can’t be Erased by Filing Bankruptcy?
When you are considering filing for bankruptcy, it is important to understand what debts cannot be erased. Bankruptcy is a legal process where individuals can discharge their debt and start fresh with their finances. Unfortunately, not all debts can be eliminated through bankruptcy, so it is important to know which ones remain after the process. Generally speaking, secured debt such as mortgages or car loans cannot be discharged through bankruptcy. In addition, student loan d
Bankruptcy for Senior Citizens
Bankruptcy for Senior Citizens is an unfortunate reality that many elderly individuals face today. Even those who have worked diligently to save their money and plan for the future can find themselves in dire financial straights due to rising healthcare costs, stagnant wages and a host of other factors. Filing for bankruptcy can be a difficult decision, but it can also provide some much-needed relief from creditors, allowing seniors to take control of their finances and get b
How to Get a Free Bankruptcy Consultation in New York?
Are you considering filing for bankruptcy in New York but don’t know where to start? If so, getting a free consultation from an experienced bankruptcy lawyer is key. A free consultation can help you understand your options and determine if filing for bankruptcy is the best course of action. There are several ways to get a free bankruptcy consultation in New York. You can search online for local attorneys who offer no-cost consultations or contact legal aid organizations such
Why you should not include credit card or personal loan debt payments in Schedule J (Expenses)
When filing for bankruptcy, individuals must list all of their debts and expenses. Schedule J of the bankruptcy form is where you report your monthly living expenses. It may seem like a good idea to include credit card or personal loan payments when filling out Schedule J, however, this should not be done. First and foremost, credit card debt and personal loans are generally unsecured forms of debt meaning that they are not backed by an asset such as a car or house. This type
What Goes Into a Credit Score?
A credit score is an important part of a person's financial life. It is used to determine the borrower's risk level and impact their ability to get access to loans or lines of credit. Knowing what goes into a credit score can help individuals understand how lenders view them and take steps to improve their overall profile. The most common type of credit score used by lenders is the FICO score, which ranges from 300-850. Factors that go into calculating this number include pay
Can A Judgment Creditor Take My Car?
If you are facing a lawsuit and have been ordered to pay damages, you may be wondering if a judgment creditor can take your car. The answer is yes, in some cases. A judgment creditor, who is usually the person or entity that won the lawsuit against you, has certain rights to collect on the debt after they receive an official judgment from court. In order for a judgment creditor to take your car, they must first prove that it meets certain criteria set out by the court as “exe
What happens if your debt goes to a collections company?
When financial obligations are not paid on time, creditors may take action to collect the debt by selling it to a collections company. If your debt is sent to a collections company, it’s important to understand what this means and what you can do about it. Collections companies are third-party businesses that specialize in collecting debts from individuals who have defaulted on payments. When a debt goes into collections, the creditor has given up trying to collect the money
How to Get a Free Bankruptcy Consultation in New York?
If you are dealing with debt in the state of New York and are considering filing for bankruptcy, it is essential that you have access to proper legal advice. A free bankruptcy consultation can help you decide whether or not this step is the right one to take. Here is how to get a free bankruptcy consultation in New York: The first step is to research different attorneys who specialize in bankruptcy law. Look for ones that offer free consultations and see if they have any offi
