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What is Medical Bankruptcy?

Visits to the hospital, overnight stays, surgical procedures, physical rehabilitation, and more can be extremely expensive. Medical costs have risen to extremes, and just a minor issue can result in thousands of dollars in expenses. Even with medical insurance, a patient may be on the hook for treatment, and sometimes, the costs can reach hundreds of thousands of dollars. Most people don’t have that type of money in the bank, and in some cases, medical bills can be so high that you might not b[...]

Can Bankruptcy Stop Foreclosure?

You worked hard to buy your home, but what happens when you find that you are in jeopardy of losing it? It can be easy to fall behind on your mortgage payments. Whether you lost your job or simply have additional expenses, you may end up with a possible foreclosure. Last year alone, there were more than 27,000 foreclosures in Florida, and the rate is one of the highest in the country. Many people wonder if there is a way they can save their homes. You may have the option of filing bankruptcy to [...]

What is Secured Debt in Bankruptcy?

The decision to file bankruptcy is one of the most important choices you can make in your life. Bankruptcy can be extremely helpful and may help you get out of a serious financial problem. However, you should understand how debt is taken care of with bankruptcy to ensure that you will benefit from it. When you file Chapter 7 bankruptcy, you will need to liquidate your assets in order to repay most or all of your debt and start anew. There are two types of debt you need to be aware of - secured d[...]

How Should I Prepare for Bankruptcy?

When you are considering bankruptcy, it is helpful to understand how you can best prepare for filing. You do not need to be hasty, and in fact, you will want to ensure that you follow some steps that will help make the process easier and less stressful. An experienced bankruptcy attorney will assist you through the process. Review Your Budget One of the first things you need to do before you decide to file bankruptcy is to become completely aware of your budget. You need to see what your [...]

What Debts are Discharged in Chapter 7 Bankruptcy?

If you are drowning in debt and unable to catch up, you may be considering filing bankruptcy. Chapter 7 bankruptcy is also sometimes called a liquidation bankruptcy. This type of bankruptcy can provide you with a clean slate, and it may allow the discharge of some of your debts. It is helpful to understand what debts are discharged in a Chapter 7 bankruptcy. What Does Debt Discharge Mean? You likely have a number of debts, such as loans, credit cards, mortgages, medical bills, and more. D[...]

What is Credit Counseling?

Many people get into financial difficulties that might make it necessary to file for bankruptcy. Bankruptcy is somewhat common. Last year, there were 248,680 Chapter 7 bankruptcy filings and 178,214 Chapter 13 bankruptcy filings in the United States. Bankruptcy is an option that allows you to get out from under excessive debt and gives you a fresh start. In order to file bankruptcy, you must meet the requirements set forth by law, including credit counseling. What is Credit Counseling? Cre[...]

How to Avoid the Most Common Bankruptcy Mistakes

How to Avoid the Most Common Bankruptcy Mistakes

It is helpful to understand the most common bankruptcy mistakes people make so you can avoid making those errors. Every situation is different, so you will want to consult with a knowledgeable bankruptcy attorney to discuss the specific details of your case. Your attorney will assist you through the process and help you get through it without making mistakes. File the Right Type of Bankruptcy Before you file bankruptcy, you will want to be certain of the type that is best for your situati[...]

What Do I Need to Disclose When Filing Bankruptcy?

What Do I Need to Disclose When Filing Bankruptcy?

Bankruptcy is a way that individuals can resolve debt and get on the path to financial improvement. Once you have made the decision to file bankruptcy, you must follow the process to make sure that you provide accurate information. There are two main types of bankruptcy for individuals including Chapter 7 and Chapter 13. Chapter 7 will provide repayment of debts through liquidation while Chapter 13 allows restructure of debts. For both types, you will need to provide information about your inc[...]

Frequently Asked Questions About Bankruptcy

The decision to file bankruptcy is deeply personal and one that comes with many questions. It is best to learn as much as you can about bankruptcy so you have a full understanding of it before you make a decision. An experienced bankruptcy attorney will help guide you through the process. What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy? Chapter 7 and Chapter 13 are two types of individual bankruptcy filings. Chapter 7 requires a liquidation of non-exempt assets for repa[...]

What is a 341 Hearing for Chapter 7 Bankruptcy?

What is a 341 Hearing for Chapter 7 Bankruptcy?

When you file Chapter 7 bankruptcy, the legal process begins. You must disclose all of your debts as part of your bankruptcy filing. The court will assign a trustee to oversee the process. The court will contact your creditors and set a date for a meeting. The meeting is technically called a 341 hearing. If you have filed Chapter 7, you will want to discuss the details of the upcoming hearing with your bankruptcy attorney to prepare for the meeting. What is the Purpose of a 341 Hearing? T[...]