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Bankruptcy

In Some Cases, Can Bankruptcy Cause Instant Financial Relief?

Bankruptcy is an often misunderstood subject that can land people in a lot of trouble when they proceed under false information. While the court system does its best to educate would-be filers, it’s not always successful. One of the main reasons people file bankruptcy in the first place is because they hope to obtain instant relief from their financial duress. While this is possible, you should understand what it entails.

Instant Relief

The moment you formally declare bankruptcy, the courts put what’s called an “automatic stay” in place. This “automatic stay” essentially “stays the hand” of any creditor trying to get their money or property back from you. Legally, they are obligated to cease any debt collection practices as soon as they’re notified of your filing (a few exceptions exist). If they continue with them, they could find themselves in front of a judge.

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Can Bankruptcy Schedules Be Changed?

One of the most important parts of any bankruptcy is the schedules you have to include when declaring. Unlike other factors, schedules are present in both chapter 7s and 13s, so it’s important you understand how these forms affect your bankruptcy.

What Are Bankruptcy Schedules?

The schedules represent vital information about you that the courts need in order to process your bankruptcy. These forms will include information like how much you make, how much you owe, property you own, expenses you have, etc. As you can probably understand, then, these forms are extremely important and you need to take care with filing them. Should you make the mistake of trying to withhold any important information on these forms, you’ll find yourself in a world of trouble.

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Bankruptcy and the Effect on Consumer Credit Scores

There are many reasons people end up filing for bankruptcy, but they all amount to the same thing: escalating debt has become too much to deal with. By filing for bankruptcy, people get the breathing room they need to get their financial lives back in order, and they stand a very real chance of bouncing back from earlier missteps. Unfortunately, many filers have found that this isn’t what happened when they came out the other end of their bankruptcy.

Bankruptcy and Credit Scores

Obviously, bankruptcies are going to have an effect on your credit score. However, for the most part, your score was probably already fairly low when you filed bankruptcy because of a high liability to asset ratio. Some people have great credit scores when they end up filing though, so theirs take much more noticeable hits.

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Can Bankruptcy Save Your Business?

The last 7 years have not been easy for businesses in Northern Virginia. Small businesses, start-up companies, and even large corporations have had a tough time as consumers battled the recession and poor economy. As a result, many businesses have…

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