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October 2017 Archives

Discussing Chapter 13 requirements

Everyone who files for bankruptcy has to qualify for the particular chapter that they file for. With Chapter 13 bankruptcy, the requirements are a little different than that of Chapter 7. And Chapter 7 bankruptcy requirements are different than Chapter 11 requirements. And so on and so forth.

Can you qualify for a Chapter 13 bankruptcy?

If you are among the many Americans facing overwhelming debt, you may be considering filing for bankruptcy. Most people filing for personal bankruptcy do so through either Chapter 7 or Chapter 13 bankruptcy, depending on their level of income, and there are some important distinctions between the two. In a Chapter 13 bankruptcy, for example, you may be able to hang on to certain assets, such as your home or your car, if you are currently earning income. However, you must meet certain criteria to be eligible for filing.

On bankruptcies and credit scores

Bankruptcy is an inherently complicated and heavy process for the person filing. It is scary and intimidating too, because the perception of bankruptcy is that once you file it, your credit will be ruined forever and your life will never be the same ever again. It is this stigma that we are trying to fight. Bankruptcy doesn't have to be this "world destroyer" that it is made out to be. To the contrary, bankruptcy can actually help you rebuild your credit score.

Tax debts can be discharged, but only in specific circumstances

There are many different forms of debt. You can be indebted to credit card companies. You could owe money due to a medical emergency. You could have student loans, or car loans, or a mortgage. Debt comes in many, many different forms, and knowing how to tackle them is imperative to filing for bankruptcy -- or to avoid falling into inescapable debt in the first place.

3 things to know about student loans and bankruptcy

College often seems like a one-way ticket to a promising career, higher earnings and a secure future. For many people, however, this is not the case. For students who do not complete their degrees or graduates who cannot land high-paying jobs, the lingering student debt can easily become stifling. You might be wondering whether bankruptcy is an option in addressing the problem.

What is a reaffirmation agreement?

Before we can dive in to the topic of reaffirmation agreements and, thus, answer the question posed in the title, let's discuss some basics about bankruptcy. As you know, when you finalize your bankruptcy, your unsecured debts will be eliminated in the discharge process. This is great because it means that you no longer have an obligation to pay your creditors. However, some of those debts may be attached to important pieces of property assets that you have, like your car.

The automatic stay, your debt, and your rights

Put yourself in the shoes of someone who has significant debt and is being called, emailed, and contacted by creditors on a daily basis. The interactions with these creditors and their associated debt collectors can be hostile, and the individual can end up living in fear of his or her cell phone or email account. Collection efforts are often ruthless and unyielding.

If considering bankruptcy, do not make this one big mistake

At any given moment, many people are considering bankruptcy. They do so for a variety of reasons, such as job loss, medical debt and crippling credit card bills. However, some feel tempted to dip into one last account, their retirement account, before they meet with an attorney.

McBride Law Firm

McBride Law Firm
301 Jackson Street Suite 101
Alexandria, LA 71301

Phone: 318-625-0471
Phone: 318-625-0471
Fax: 318-445-8066
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