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If you're considering filing for bankruptcy, you've probably started to do a lot of research online. This is probably one of the biggest decisions you'll make. It's important to be certain you understand every aspect of bankruptcy and also that you consult with a professional when needed. Below are some terms that you will come across frequently when reviewing information on bankruptcy.
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The basic tenet of bankruptcy law is that bankruptcy is a process designed to give an honest debtor who has made bad financial decisions, or who has been the victim of bad financial misfortunes, an opportunity to responsibly erase all or part of their overwhelming debts in order to get a fresh financial start.
When people start to consider bankruptcy, they often imagine themselves losing their home and everything that they own. Often bankruptcy is caused by an illness or business failure that the debtor has little control over. Fortunately, bankruptcy laws are compassionate enough to let debtors keep certain kinds of assets. These assets are referred to as “exempt” assets.
The personal exemptions granted to debtors under Minnesota law have grown antiquated in many respects, failing to take into account changes in values, technology and our collective sense of what constitutes “injury.” It’s time to refashion those laws for the realities of the 21st Century.
The rotary phone has been replaced by the smart phone. Electric cars are slowly displacing the internal combustion engine. Pacemakers and implants of all kinds have replaced blood-letting and the use of leeches in medical treatments.
Ricardo came into my office recently for an initial bankruptcy consultation. I could not tell from his work clothes or his shoes or his calloused hands or his kindness or his smile or his steady gaze how much he earns.
Whether you file for bankruptcy under Chapter 7 or Chapter 13, one of the first steps you will be required to take is called a ‘meeting of creditors’. Your attorney may also refer to this as a ‘341 hearing’, in reference to the section of the bankruptcy code which established the hearing requirement.
When you are facing a foreclosure, stress and uncertainty are extremely powerful. This stress and uncertainty only grow more powerful as you approach the final steps of a foreclosure. Even when you feel that you are at the end of your rope, there are still some things you can do to help avoid a foreclosure.
If you have already filed for bankruptcy once, but you now have new debts or some of your old debts did not get included, chances are you have a lot of questions.
Good credit is a basic requirement for everyone, and the first question most debtors ask after filing for or discharging a bankruptcy is how to restore their credit rating.
While declaring bankruptcy may have once have caused slow career advancement, most commands now recognize bankruptcy as a positive step by service members who are trying to honor their financial responsibilities while serving their country.