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Category Archives: Bankruptcy

How Can You Repair Your Credit Score After a Bankruptcy Discharge?

Bankruptcy laws and procedures were designed to help people recover from overwhelming debt and start fresh. But even after your debt is discharged, your credit score still bears the mark of your former debt. Creditors still see you as a risk and want proof that you can make monthly payments on a loan or make… Read More »

What Is the Chapter 7 Means Test?

If you are considering filing Chapter 7 bankruptcy, which discharges debt, you must prove that you don’t have the means to pay back your debt. And you prove that by taking a means test. To be eligible for Chapter 7, you must show that your income is too low (and in some cases your expenses… Read More »

Who Can File for Chapter 13 Bankruptcy?

If you are struggling to pay off debt or keep up with monthly bills, you may consider filing for Chapter 7 or Chapter 13 bankruptcy. Under Chapter 7, all of your eligible assets are sold off to pay down your debt, and the remainder may be eliminated. But if you have a home you want… Read More »

How Does Bankruptcy Affect a Cosigner?

Cosigning a loan, lease or another financial obligation for a friend or a loved one is a kind gesture but it involves crucial legal responsibilities. Before you cosign any document, you should take time to understand your obligations to creditors in the event that the borrower is unable to make the payments owed. If the… Read More »

Can You Be Sued After You File For Bankruptcy?

One of the benefits of declaring bankruptcy is that an automatic stay is issued, prohibiting creditors from coming after you for debt collection. Under the terms of the stay, many creditors cannot initiate litigation against you. Foreclosures and any pending lawsuits from creditors are paused as are previous lawsuit judgments requiring you to resolve unpaid… Read More »

Does Declaring Bankruptcy Affect Your Alimony Payments?

Alimony, also known as spousal support or maintenance, is often a vital resource for recipients and a considerable expense for the paying individual. When insurmountable debt leads the paying spouse to a bankruptcy filing, that spouse is still required to make court-ordered alimony payments. The U.S. Bankruptcy Code makes it clear that alimony debt cannot… Read More »

Can You Erase Your Bankruptcy Record Early?

Filing for bankruptcy comes with the understanding that notice of the bankruptcy will appear on your credit report for years to come — specifically, seven years after filing a Chapter 13 and 10 years after filing a Chapter 7. A lot can happen in the time between declaring bankruptcy and being discharged with a clear… Read More »

Does Your Bankruptcy Show Up on an Employer Background Check?

Bankruptcy is intended to give people an opportunity to make amends with creditors and move forward with a fresh start. However, as long as a bankruptcy appears on your credit report, it may negatively affect many of   your aspirations, from securing a home loan to achieving certain career goals. It is typical for companies to… Read More »

Can You Buy a House After Filing For Bankruptcy?

Yes, you can still buy a house after a bankruptcy filing. Filing bankruptcy discharges your debt and can make you a better mortgage candidate. There is no law that prevents you from buying a home after bankruptcy. Mortgage lenders want to see a minimum of twelve months of performing credit after bankruptcy. It is this… Read More »

Can You File Bankruptcy If You Owe Taxes?

Yes, you can still file bankruptcy if you owe taxes. You will need to get your tax returns filed, but paying the taxes is not required before you can file bankruptcy. Certain income taxes can be discharged. A chapter 13 plan can allow you up to five years to repay the taxes you owe. Taxes… Read More »