Last updated 2 years ago
Bankruptcy should be the method of last resort for solving your debt problems, but if you must go that way, you might want to research the 5 most common types of bankruptcy, if you’re a candidate for bankruptcy, the common myths about bankruptcy, what your life will look like after bankruptcy, and some common ways to bounce back from bankruptcy.
Click HERE to read a full article on filing for bankruptcy
When you’re filing for bankruptcy, you need an experienced bankruptcy lawyer by your side. Top bankruptcy attorney Robert M. Fox Esq. provides the best legal representation services for your needs. Call 800-473-1581 to set up your free consultation.
Last updated 2 years ago
If you like what you’ve read about how to file for bankruptcy and how to stay confident while thinking about bankruptcy, then check out these great articles.
- Use this site for some excellent tips on how to find out which type of bankruptcy is best for you.
- This GetOutofDebt article will help you determine whether filing for bankruptcy is the right decision for you.
- This is a great article for tips on staying confident when things seem at their toughest.
- Use this article for some tips on staying confident while conducting a job search.
Last updated 2 years ago
It’s a common misconception that married couples have to file for bankruptcy together; while some spouses do file for joint bankruptcy, there is no requirement forcing you to do so. However, you’ll want to consider the ways that filing individually with affect your spouse.
Do Your Research
The first step is to research your state’s specific bankruptcy laws. In some states, property and income earned or received during a marriage can be subject to bankruptcy, regardless of whose name they are under. In some equitable-distribution states, spouses are jointly and severally liable for debts in both of their names. This means that filing for bankruptcy individually could leave your spouse responsible for any remaining debt.
Avoid Fraudulent Transfers
A lot of people make the mistake of transferring their valuable assets to their spouse before filing for individual bankruptcy because they think it will keep those items safe. However, the court will also consider any property that you have transferred to your spouse and relatives within the year prior to ensure you have not made a fraudulent transfer.
Chapter Bankruptcy
You’ll need to determine if you’re filing for chapter 7 or chapter 13 bankruptcy. If you choose chapter 7, then only debts in your name can be eliminated, whereas with a chapter 13 filing, you can include your spouse’s debts in a repayment plan as well as your own.
Form B1
When you actually file the bankruptcy petition, do not list any one as a joint debtor on Form B1. You will be able to show your spouse’s information later on form B7 (Statement of Financial Affairs), but this will not count as a joint bankruptcy.
Get an Attorney
Hiring a bankruptcy attorney or bankruptcy lawyer provides you with the best information and advising tips on how to file for separate bankruptcy. Bankruptcy lawyers will also help make sure that your spouse’s remain protected.
If you’re struggling with the application process, then it’s time to contact your bankruptcy law representatives. For the best bankruptcy law firm in NY, visit Robert M. Fox Esq. today!
Last updated 2 years ago
Many factors interfere with your ability to pay your bills, including job layoffs, health conditions and medical bills. Regardless of why you cannot pay your bills, the first thing to do is contact your creditors.
In this video from eHow.com, a certified public accountant and credit counselor provides an overview on what to do when you can’t pay off your bills. Inform your creditors of your situation and let them know your payment options; in some cases, you may be able to re-negotiate payment rates. For more information on how to deal with bills you can’t pay, check out this full clip.
When contacting your creditors doesn’t work, it’s time to contact a bankruptcy lawyer. Call our legal staff members with Robert M. Fox Esq. attorney at law for more information on your options.
Last updated 2 years ago
With the current state of the economy and unemployment rates rising, it’s no wonder that more and more people are turning to bankruptcy. If you’re considering filing for bankruptcy, then consider the 3 ways that filing for bankruptcy will set your mind at ease.
- Fresh Start
Bankruptcy is a legal process by which business and people are able to get a fresh financial start when they are unable to repay their debts as agreed. This is achieved by eliminating all or a portion of the debts, or by stretching them out over monthly payments. For example, chapter 7 bankruptcy allows for most of your unsecured debts to be discharged by liquidating your assets to the creditors. Chapter 13 bankruptcy, however, allows you to refinance your debt into more manageable monthly payments.
1. Stop Collection Calls
As soon as you file your bankruptcy petition, all collection efforts must stop. Credits will not be allowed to harass you as you do your best to rectify your debt. However, it is not uncommon for creditors to petition to have the stay lifted.
2. Exempt Property
While many of your assets are repossessed to be liquidated during chapter 7 bankruptcy, there are several items that are exempt, meaning that they are not subject to repossession by the creditors. These items often include:
- Motor vehicles (up to a certain value).
- Necessary clothing.
- Necessary household goods.
- Household appliances.
- Jewelry (up to a certain value).
- Pension plans.
- Portion of your home equity.
- Public benefits such as welfare, social security, and unemployment.
- Damages awarded after personal injury.
When you’re filing for bankruptcy, you need an experienced bankruptcy lawyer by your side. Top bankruptcy attorney Robert M. Fox Esq. provides the best legal representation services for your needs. Call 800-473-1581 to set up your free consultation.
