Tag Archives: #BankruptcyDosAndDonts
There is a lot to consider if you are thinking about filing for bankruptcy. The first determination you should make is that bankruptcy is the best way for you to deal with your financial problems. Bankruptcy is an incredibly valuable tool to help you dig yourself out of a financial hole, but every case is different. As such, you will want to go through your finances with someone who is familiar with the field of bankruptcy – your attorney. Before you file, there are some things you have to do first. Within the 180 days prior to your bankruptcy filing, you must receive budget and credit counseling from an approved credit counseling agency. During this counseling, you and your counselor will go over all possible options for your finances and budgeting. Once you complete the counseling, you will receive a certificate stating that you received the counseling. You need this…
Read More »
Did you know that 8 percent of bankruptcy filers are aged 65 or older? This number has been trending upwards since 2008. One reason was the recession, which hit the elderly age group hard. And in some states, creditors are allowed to garnish up to 25 percent of a debtor’s disposable income, so bankruptcy can become an attractive option for people who fall behind on their bills. But perhaps the most common cause of senior bankruptcy is medical debt. Medical debt is the number one source of personal bankruptcy filings in the U.S. and given the high cost of healthcare for elderly people, it is easy for a debt spiral to drag down the finances of seniors with healthcare needs. According to the Consumer Financial Protection Bureau, debt collection is the most-complained about product or service for consumers over 62. The incessant calls and predatory nature of these companies can…
Read More »
Bankruptcy is a complex process, and a personal one. For that reason, many people consider trying to wade through the bankruptcy process themselves, without the assistance of an attorney. However, despite your do-it-yourself attitude, it is highly inadvisable to go through the bankruptcy process without a lawyer to help guide you. Bankruptcy is so easy to mess up – even skipping a little step or improperly filling out a form can lead to your case getting thrown out, or certain debts not getting discharged. But what should you look for in a bankruptcy attorney? A deep knowledge of bankruptcy law Someone who understands the complexity of your case, whether individual or for business bankruptcy Someone that you think you can develop a good professional relationship with When seeking a bankruptcy attorney, beware of scams – there are a lot of companies out there promising quick fixes for your financial problems….
Read More »