Congress established uniform federal laws regarding bankruptcies, and the law is federal – administered by US courts. However, bankruptcy is not exactly administered in the same fashion from one state to the next, even though the main framework may be…
For individuals that are considering bankruptcy and have taken out debt with a cosigner, there are specific factors to evaluate before deciding whether to file Chapter 7 or Chapter 13. Usually, the debtor wants to know if the cosigner will…
For many debtors struggling to make ends meet, filing Chapter 13 bankruptcy is often a far better option than filing Chapter 7. However, many times filing Chapter 13 is the only available option, simply because the individual may not be…
Bankruptcy attorneys often handle cases where an individual’s financial situation turns upside down and they have lost the ability to meet their monthly obligations. An individual might find themselves unemployed with no immediate income at all, and the grim prospects…
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…
Some financial situations make it obvious that the debtor needs to file for banckruptcy relief, where financial obligations can be repaid or discharged through the court system. However, not every financial situation carries with it a clear need to file…
Most debtors who file for bankruptcy are stressed out by having to attend their Section 341 meeting of creditors. In fact, most of our Northern Virginia client base walks out of the 341 meeting saying “That was a lot easier…
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…
Here is a new infographic we have created which gives you a great overview of how Chapter 13 bankruptcy works. Feel free to share with others!
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…