How The Bankruptcy Court Handles Debt To Family And Friends

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When your debts spiral out of control, it’s normal to turn to friends and family for help getting back on track. It’s also natural to want to repay the money loaned to you as soon as possible. However, it’s important to talk to a bankruptcy attorney before doing so, because you can create even bigger problems for yourself and your loved ones if you do it the wrong way. Here’s what you need to know about using bankruptcy to repay debt to friends and family members.…

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How Chapter 13 Can Help If You Have Non-Qualifying Debts

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One of the first things a bankruptcy lawyer will want to know is what types of debts you have. The purpose of this is to determine which branch of bankruptcy you should file for the most relief, and debts will either be qualifying debts or non-qualifying debts. If you primarily have non-qualifying debts, your lawyer will likely recommend Chapter 13 and here’s why. What Are Non-Qualifying Debts? Debts in bankruptcy are labeled as either qualifying or non-qualifying.…

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Filing For Bankruptcy: Can You Avoid It?

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When you are in significant financial difficulties, it’s only natural to consider filing for bankruptcy. After all, bankruptcy wipes out your debt and offers a fresh start. Unfortunately, having a bankruptcy on your record has some seriously negative consequences, such as destroying your credit rating. Depending on your circumstances, other choices could be more appropriate. Here are several important options to think about. Aggressive Creditors If the main reason you are considering bankruptcy is to protect yourself from overly aggressive or harassing creditors, then it’s vital to understand that the law is on your side.…

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