Meeting with a bankruptcy attorney for the first time can feel intimidating, but it doesn’t have to be. Your initial consultation is designed to give you clarity, direction, and peace of mind. In this article, we’ll explain… Why it’s important to keep paying your bills before you file for bankruptcy. Which documents to bring to an initial consultation. The questions you should expect to be asked during an initial consultation. Should I Keep Paying My Bills Before My First Bankruptcy Consultation? Yes, continue paying your bills until you’ve spoken with the attorney. That’s something we always discuss during the initial consultation. In some cases, there are strategic reasons to keep paying certain debts; in others, it might make sense to stop. But that decision should be made together, after reviewing your unique situation. My advice is simple: keep doing what you’re doing until you’ve had that conversation with your attorney. What Paperwork Should I Bring…Read More
When debt starts to feel overwhelming, many people look for ways to get relief, and two of the most common options are bankruptcy and debt settlement. Unfortunately, what sounds like a simple solution on paper can turn into a costly mistake in reality. In this article, we unpack.... The key differences between bankruptcy and debt settlement services. Whether debt resettlement will stop creditor lawsuits or wage garnishment. The personal and financial value of choosing bankruptcy over debt settlement services. What Is The Key Difference Between Bankruptcy And Debt Settlement? For me, the number one difference is predictability. Bankruptcy is a structured, legal process that produces a definite result. Debt settlement, on the other hand, is unpredictable and often ends up costing more than people expect. To put it bluntly, I couldn’t think of a worse way to try to get out of debt than using a debt settlement company. In my opinion, the industry preys…Read More
Many people hesitate to explore bankruptcy because of misinformation and fear. In reality, most of what you’ve heard about bankruptcy probably isn’t true. In this article, we’ll take a closer look at… The role your finances and debt play in whether or not you qualify for bankruptcy. Whether you can still buy a home or a car after filing for bankruptcy. How an attorney can help put your key fears and misconceptions about bankruptcy to rest. Do I Have To Be Completely Broke To Qualify For Bankruptcy? Not necessarily. There’s a wide range of people who file for bankruptcy. I’ve represented clients from nearly every profession, from business owners to people with assets, those earning six-figure incomes, and individuals on fixed Social Security benefits. The key point to understand is that there are different types of bankruptcy, and in most cases, there’s an option that fits your situation. You don’t have to be penniless or…Read More
Filing for bankruptcy can be an incredibly overwhelming experience, with many making well-intentioned missteps before they ever talk to an attorney. Unfortunately, these mistakes can seriously affect the outcome of a case or even jeopardize it entirely. In this article, we’ll cover… The dangers of trying to hide assets or transfer property before filing for bankruptcy. The risks of maxing out credit cards before you file. When to ideally file for bankruptcy, and how an attorney can help. What Happens If I Try To Hide Assets Or Transfer Property Before Filing For Bankruptcy? It can create serious problems in your case, especially if you do it without talking to an attorney first. I understand the temptation or reasoning behind thinking it might help, but in reality, it can make your situation much worse. As bankruptcy lawyers, we understand all the rules related to protecting assets during bankruptcy. There are specific steps you can take before…Read More
In this article, you can discover… How long you should wait to file for bankruptcy after losing your job. If receiving unemployment benefits disqualifies you from Chapter 7 bankruptcy. The financial risks of delaying your bankruptcy filing. How Long Should I Wait To File For Bankruptcy After Losing My Job? Unfortunately, there’s no one-size-fits-all answer here. When it comes to legal matters, the honest answer is that it depends entirely on the specific circumstances of your situation. If you’ve lost your job and you’re in debt, it’s probably in your best interest to speak with a bankruptcy attorney. As a general rule, you should not wait for your situation to worsen before seeking legal advice. In fact, the sooner you get help, the more options you’ll likely have. It is far too common for people to adopt a mindset where they only contact an attorney when they believe they have no other options. You do…Read More
In this article, you can discover… If your spouse’s credit score can be protected if you file for bankruptcy. What happens to jointly owned assets if only one spouse files for bankruptcy. How joint mortgages or car loans are affected during bankruptcy. Can My Spouse’s Credit Score Be Protected If I File For Bankruptcy Alone? It is absolutely possible for your spouse’s credit score to be protected if you file for bankruptcy alone. It is very common for one spouse to file for bankruptcy without the other. Just because you’re married does not mean you have to file for bankruptcy together. In fact, sometimes it makes sense for only one spouse to file, depending on your specific financial circumstances. If you file for bankruptcy, your filing does not in any way affect anyone else’s credit by virtue of your filing for bankruptcy. Unless your spouse is jointly obligated on a debt with you, your bankruptcy…Read More
In this article, you can discover… If you should file for bankruptcy before or after divorce. What happens to jointly held debt during a divorce and bankruptcy. If filing for bankruptcy before divorce makes property division easier. Should I File For Bankruptcy Before Or After Divorce Proceedings? Whether you should file for bankruptcy before or after your divorce depends on several factors, but the most significant one is the level of cooperation between the two parties. If both of you are on the same page and willing to work together, it may make more sense to file a joint Chapter 7 bankruptcy before the divorce. That way, you can eliminate shared debts upfront, rather than having the divorce court divide them between you. That said, I only recommend filing before divorce if it’s a Chapter 7 case. Chapter 7 bankruptcy is relatively quick and can usually be sorted in three to four months. On the…Read More
In this article, you can discover… If social security income is protected in a Chapter 7 bankruptcy case. If you will lose your retirement savings after filing for bankruptcy. How retirees on a fixed income can afford bankruptcy. Is Social Security Income Protected In A Chapter 7 Bankruptcy Case? Any income you receive from Social Security, whether it’s retirement benefits, disability benefits, or related payments like adoption or foster care subsidies, does not count as income when determining your eligibility for bankruptcy. Social security income is essentially protected in both Chapter 7 and Chapter 13 bankruptcy cases. It will not be considered as part of your income calculation, nor can it be taken to pay creditors. It will not affect your eligibility to file bankruptcy, either. Will I Lose My Retirement Savings If I File For Bankruptcy As A Senior? In most cases, you will not lose your retirement savings if you file for bankruptcy.…Read More
What Are The Bankruptcy Options For Small Businesses? If you’re a small business owner facing financial difficulties and unable to keep up with debt obligations, you might be considering bankruptcy for a fresh start. Skilled West Virginia bankruptcy lawyers can help you weigh your options between the bankruptcy plans available, namely Chapter 11 and Chapter 13. They can explain the nuances to help you choose the best route for you and your business. Whether you need to discharge your debts to start afresh or are looking to restructure your debts to keep your business afloat, a suitable bankruptcy option is available. What Is Chapter 13 Bankruptcy? Chapter 13 bankruptcy, also known as repayment bankruptcy, is designed for individuals or small business owners with a regular income but are struggling with debt. Corporations and partnerships are not eligible. The plan allows you to retain assets such as your home and car as you repay some or all of…Read More
How Does Chapter 7 Bankruptcy Work In West Virginia? Bankruptcy is a legal option that allows debtors to get back on their feet and regain control of their financial situation while resolving their debts. Chapter 7 bankruptcy lets you settle most of your unsecured debt by having a trustee sell all your non-exempt assets to settle your creditors. Exemptions are crucial in Chapter 7 filings, as the more property is exempted, the more you can retain after bankruptcy. Before filing for bankruptcy, consult skilled West Virginia bankruptcy lawyers for legal counsel on the exemptions and what to expect throughout the process. Why Are Chapter 7 Bankruptcy Exemptions Important? The set of exemptions in Chapter 7 bankruptcy enables you to maintain your quality of life after filing for bankruptcy. Once you file for bankruptcy, you are subjected to the Means Test, which determines the property the court will exempt. The next step is to claim exemptions provided by…Read More
