Making the decision to file for bankruptcy is never easy. However, after finally making the larger decision to enlist the protection of the courts against your creditors, it is important to understand your personal circumstances to decide which type of…
When debtors find themselves struggling to make payments to their creditors as they become due, they often turn to bankruptcy as a way to make it through their dilemma. Filing bankruptcy offers significant benefits to the debtor, including the statutory…
Bankruptcy and insolvency are two narrowly connected financial terms. In many cases, insolvency can lead directly to bankruptcy, either voluntarily or involuntarily. The similarities of the terms can often be confusing, as they both deal with credit, finance and debt…
As a creditor, you may have received an official notice in the mail indicating that someone you know or that owes you money has filed bankruptcy. In order to protect your interests, you should consider the following: Creditors’ Meeting and…
Americans have been reeling in the aftershock of the downturn in the economy. For some, this downturn has meant a job loss and a tightening of their finances. For others, it has meant dealing with serious personal and financial hardships…
We live in a day and age where DIY (Do-It-Yourself) advice seems to be everywhere. From home renovations to incorporating a business, people are looking to save money by doing things without the assistance of a professional. But where do…
Faced with the reality of being past due on their loans or even foreclosure, many homeowners are looking for options that might help reduce the impact on their financial future, as well as their families. One such option is a…
What is bankruptcy? Insolvency Balance sheet insolvency: liabilities exceed assets. Equity insolvency: inability to pay debts as they become due. Bankruptcy One does not have to be insolvent to voluntarily go bankrupt, but as a practical matter, bankruptcy is the…
People who are considering bankruptcy are typically facing numerous obstacles. They are undoubtedly facing serious financial pressure from one of more of their creditors and are in desperate need of relief. Moreover, they are not sure where to start or…
Owing money to the government for back taxes can be a stressful situation. People often ask whether they can discharge tax debts through bankruptcy. The answer is – maybe. Depending on the characteristics of your tax debt, bankruptcy is one…