When filing for bankruptcy, it is highly suggested to wait until your divorce is finalized, unless the debts are in both parties names.  If they are, then you can file for a joint petition so that the bankruptcy is processed together.  If there is child support or spousal support involved, then filing for bankruptcy can be a factor in the ability or the amount you pay moving forward.

The post I am Getting Divorced. What Should I Do About My Bankruptcy? appeared first on Bankruptcy Attorney | Brown Law Firm.

There are many factors that come into play regarding security clearances, bankruptcy, and the specific outcome.  Because of this, there is no clear easy way to decipher what effect bankruptcy can have without a professional opinion from a trusted source, like The Brown Law Firm.  The outcome of your security clearance can solely depend on the circumstances of your bankruptcy.

The post Will Bankruptcy Affect My Security Clearance? appeared first on Bankruptcy Attorney | Brown Law Firm.

Are you accumulating a pile of debt that is unpayable?  Filing for bankruptcy can stop collection activities, help eliminate payment obligations on debts, foreclosures, and reorganize your debts to catch up on missed mortgages or payments.  By filing for bankruptcy, you can put a stop to garnishing wages, letters from debt collectors and other actions from creditors.

The post What Can Filing for Bankruptcy Do for Me? appeared first on Bankruptcy Attorney | Brown Law Firm.

Many people look to file for Bankruptcy thinking they will clear all their debts in one motion, but bankruptcy cannot solve all your financial problems.  Debts such as secured loans cannot be eliminated but can possibly be restructured to your benefit.

There are also some additional debt categories that will not be discharged such as:

• Debts Incurred 180 Days Within Your Bankruptcy Filing
• Child Support
• Alimony Payments
• Court Penalties
• Debts Omitted From Your Petition
• Fraudulent Loans
• Student Loans
• Debts Incurred After Filing

The post What Can Bankruptcy Not Do? appeared first on Bankruptcy Attorney | Brown Law Firm.

Yes!  There are two types of bankruptcy cases; Chapter 7 Bankruptcy, Chapter 13 Bankruptcy.

Chapter 7 Bankruptcy

You eliminate most if not all outstanding debt by filing for Chapter 7 Bankruptcy.  This usually consists of forfeiting property to help satisfy those outstanding debts.  But, the good news is as a debtor, you can keep some property that is omitted from being seized during proceedings, called “Exemptions”.

Some unfortunate news regarding property and filing for Chapter 7 is that interest loans such as your car or house will usually always be seized during the process to satisfy those related debts.  If you are behind on payments on items such as these but think you can continue to afford to make the payments, you may want to re-think filing for Chapter 7 Bankruptcy.  Chapter 7, does not prevent the creditors from seizing these properties to pay off your debt.

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is a great process to help in reorganizing your outstanding debt and creating an adjusted repayment plan to get you out of debt in a reasonable amount of time.  By filing for Chapter 13, you are showing the court you can and will pay your debts in a period of three to five years.  As long as you continue to make the required payments, creditors can no longer harass you and your property cannot be seized.  The minimum payments usually consist of the minimum monthly payments established under the original debt plus an additional percentage.  If you feel that you have the opportunity to catch up on your debt over a three to five year time period, then Chapter 13 Bankruptcy may be the better choice.

Before considering the path to filing for bankruptcy, you may want to contact your creditors to set up a different payment plan.  Depending on the type of creditor and the amount, they are usually open to working with you and will save you on attorney and court fees.

The post Are There Different Types Of Bankruptcies? appeared first on Bankruptcy Attorney | Brown Law Firm.

You may find that there is conflicting information on the internet about the minimum requirements for filing for bankruptcy, but there really is no absolute minimum debt amount required to file.  Many times it is solely dependent on the individual circumstances, but some bankruptcy experts advise to only file if you have a minimum amount of $20,000 in debt.  Of course, the decision is up to you and, but the long term damage to your credit may or may not outweigh or benefit from unloading your debt.  On the other side of things, there may not be a minimum amount required for file, but there is a maximum in filing for Chapter 13 Bankruptcy.

The post How Much Debt Do I Have To Have Before Filing For Bankruptcy? appeared first on Bankruptcy Attorney | Brown Law Firm.

Good News!  You can keep your home and car in most cases when you file for Bankruptcy, but the equity for both have to be fully exempt.  If they are not fully exempt, you’re still in good shape as long as you can pay the nonexempt portion to your creditors.  On the other side, if you have put up a mortgage or other property as collateral, creditors can still take that collateral property to pay for those security interests during a Bankruptcy.

You have worked really hard for your possessions and property, so why lose all that?  Try setting up a payment plan with your creditors so that you can pay off the debt of your collateral or mortgaged properties.  You may also have options to pay off a loan by putting up household goods as collateral to cover the debts and relieve yourself of future payments.  So depending on the types of debts you may have and the Bankruptcy type you are looking to file, maintaining certain properties may vary.  The Brow Law Firm can help answer some of these questions during your free consultation.

The post What Will Happen To My Home And Car If I File Bankruptcy? appeared first on Bankruptcy Attorney | Brown Law Firm.

Chapter 7 Bankruptcy can give you the chance to become debt free while keeping your property with some exceptions under state and federal law.  There are some specific exemptions but are more generous under federal law.  Some of these exemptions include:

• $2500 equity or more on your automobile
• $1700 or more equity on your house
• $9000 total on household goods; $425 per item
• $1600 or more on work-related items

You can still continue to receive your additional benefits without penalty, such as:

• Social Security Benefits
• Unemployment
• VA Benefits
• Welfare Payments
• Pension Checks

With your free consultation, The Brown Law Firm can help answer your questions about whether your exemptions can fall under the state for federal.

The post What Property Is Exempt in Chapter 7? appeared first on Bankruptcy Attorney | Brown Law Firm.

Bankruptcy will usually always have an effect on your credit, but depending on your current position, can determine what type of effect it may have.  It is probably a safe assumption that your credit is already bad at this point if you are considering filing for bankruptcy.  Bankruptcy will stay on your credit report up to 10 years, however, will wipe out the bad debts that have been bogging down your credit score for so long.  This will allow you to rebuild your credit starting on the first day and possibly boost your credit immediately when all those debts are wiped clean.

The post Will Bankruptcy Affect My Credit? appeared first on Bankruptcy Attorney | Brown Law Firm.

Filing for Bankruptcy is your opportunity to start over, so the laws will not prohibit you from having possessions in your new debt-free life.  You may hold onto all exempt property and almost anything you have purchased after filing for bankruptcy.  There are some exceptions, such as life insurance payments, property settlements or inheritance received within 180 days after you have filed for bankruptcy.  Those may go to your creditors to pay off some of the debt you may owe.

The post Can I Own Anything After Bankruptcy? appeared first on Bankruptcy Attorney | Brown Law Firm.