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…
To the average person, the phrase “bankruptcy dismissal” just sounds bad. After all if your finances were bad enough to file bankruptcy in the first place, many people think “dismissal” means they’ve now failed at bankruptcy. In some cases this…
There are lots of things that spread simply by rumor and myth. Here are a few fun ones from popular culture: The President isn’t really an American. The government is hiding aliens in Nevada. Elvis is still alive. While its…
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…
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…
The short answer is yes, filing for bankruptcy will stop foreclosure. However, it is only a short-term temporary solution. Even if a residential home has been scheduled for a foreclosure sale the next day, filing for bankruptcy beforehand encourages the…
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…
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…