Consumers often get uneasy when they fail the means test to file a Chapter 7 bankruptcy, but in actuality, it can be a positive thing rather than a negative indicator. For one, it means that you have a good income, as that can ease you through the Chapter 13 bankruptcy process.
It's anxiety-producing to try to dodge repeated calls from creditors at home and especially at work. After all, if you are so behind on your bills that you are being pursued by creditors, it's likely that you are well aware of your financial woes.
You certainly never meant to get head over heels in debt. Yet, here you are, barely scraping by, juggling bills and dodging creditors. You don't even know where to start straightening out your tangled finances.
If you've been socking away money for your child's college education since he was wearing diapers, it is understandable that you would not want any subsequent financial stress you may have to cause that money to be lost in a bankruptcy proceeding.
If you are a federal worker in or around Tampa and are furloughed right now -- or worse, working without pay -- you may be struggling mightily to make ends meet. You might not be fortunate enough to have an emergency stash of cash to meet your basic needs and pay the bills.
When was the last time that you checked your credit score? Has it been awhile? Maybe you are afraid to see how bad it really is, or perhaps you mistakenly believe that checking your credit score can damage your credit rating. That is not the case, and it is actually a very good idea to check your scores regularly so you can be aware of any changes or errors.
The first thing that debtors often ask their bankruptcy attorneys is what property they will be allowed to keep and what they will need to surrender. The property you are permitted to keep is known as "exempt" property.
If you have decided to file for Chapter 13 bankruptcy, you may have heaved a sigh of relief. You won't have to surrender your property and have bought yourself the time to disentangle yourself from the chains of debt.
When a person is struggling with overwhelming debts, the right path for them to get a fresh start will depend on their specific circumstances. This is why there are so many types of bankruptcy to choose from.
If you are struggling with managing debts that have arisen over time, it is likely that you have been finding it difficult to hold yourself accountable when it comes to sticking to your monthly budgets. If you bury your head in the sand and ignore your repayment responsibilities for long enough, it is possible that you will face very serious consequences. For example, you may lose your home and have your car repossessed.