Monthly Archives: December 2021
All About Bankruptcy And Your Bank Accounts
When you file for bankruptcy, you may think about all your property, but don’t forget about your bank accounts. Because most people who file for bankruptcy don’t have huge balances or huge deposits, bank accounts are often overlooked. Here’s some information on how your bank accounts are treated when you file for bankruptcy. Your… Read More »
Can You Sell Property Before You File For Bankruptcy?
If you are thinking of filing for bankruptcy, you probably think you’re going to lose a lot of your assets. That thinking is, for most people, and in most cases, false. Still, the fear of that happening drives a lot of people to want to sell off their things, as quickly as possible, before… Read More »
Executives Get Big Time Bonuses Before Companies File For Bankruptcy
If your company is having financial problems, it may be thinking of bankruptcy. That may include Chapter 11 bankruptcy, which gives your company the ability to reorganize itself, and live to do business again, only restructured. Generally, creditors will work with you—in many cases, they have to—when you file for Chapter 11. But there’s… Read More »
Florida Or Federal Bankruptcy Exemptions? Which Will Apply To My Case?
Florida has very generous bankruptcy exemptions, especially when it comes to things like homesteads, where there is practically an unlimited homestead exemption. But because of these exemptions, many people try to move to Florida and then file for bankruptcy, just to get the benefit of Florida’s exemptions. Residency Requirements To avoid that, federal bankruptcy… Read More »
How Will A Bankruptcy Trustee Know If You’re Lying?
You’re filling out your bankruptcy paperwork, and your bankruptcy attorney told you how important it is to be truthful. But a part of you is wondering, if you’re not entirely truthful, who will know the difference? How will the bankruptcy court or trustee ever know what the real truth is? There are a lot… Read More »
No, You Won’t Lose Your Retirement Money In Bankruptcy
If you are filing for bankruptcy, the one thing you really can’t stand to lose, is your retirement account. Luckily, bankruptcy will usually not do anything to your retirement, and most retirement accounts are completely bankruptcy exempt. ERISA and Non-ERISA All Get Protections Because of a 2005 law change, almost every kind of ERISA… Read More »
When Should You File For Bankruptcy If Your Income Varies Month To Month?
Many Americans’ incomes are fairly consistent. Sure, we get a raise here and there, maybe a bonus, but for the most part, our incomes stay consistent from month to month. But for other people, income can vary. Perhaps they work on commission, or do side jobs that may vary in how often they occur,… Read More »
Is There A Minimum Or Maximum Amount Of Debt You Can Have For Chapter 7 Bankruptcy?
When people think about filing for bankruptcy, they usually have one of two worries: They worry that they have too much debt to file for Chapter 7 bankruptcy, or they worry that they have too little debt. The good news is that there is no maximum or minimum amount of debt. In fact, the… Read More »
Most Threats By Debt Collectors Are Empty
Debt collectors make their living off of making threats. Threats provide the fear needed to force you to pay debts, and often, to pay debts you may not even owe. For the most part, debt collectors don’t really care how truthful their threats are. Their only goal is to scare you into paying. What… Read More »
Is Bankruptcy Unethical? No, And Here’s Why
Many people who are far in debt and struggling with finances simply refuse to consider bankruptcy. Not because they can’t file, or because they don’t qualify for bankruptcy. Instead, they don’t want to file because they consider bankruptcy to be immoral, or unethical. Certainly, your personal morals and ethics are yours, and everybody is… Read More »