Category: Bankruptcy Basics
I’m Engaged, Will Bankruptcy Impact My Future Spouse?
Getting engaged should be one of the happiest times in your life. But if you are carrying debt, that joy can come with worry. You may be asking yourself a hard question: if I file bankruptcy, will it hurt the person I love? You might fear your future spouse will get stuck with your debts. … Read more
What is the Difference Between a Bankruptcy Discharge and Dismissal?
Understanding Two Very Different Words If you are going through bankruptcy, two words can sound a lot alike but mean very different things. Those words are discharge and dismissal. They sound similar. But for you, they are almost opposite outcomes. A discharge is the good ending. It means your debts are wiped out. A dismissal … Read more
Is Family Support Considered Income for Bankruptcy?
If you are thinking about filing bankruptcy, you have probably run into the word “income” again and again. You may also be confused about what counts. Maybe your family helps you pay bills each month. Maybe a parent, sibling, or close friend sends money to keep you afloat. Now you are wondering if that help … Read more
How Do I Know If My 401(k) is ERISA Qualified?
One of the most common fears people have when considering bankruptcy is losing their retirement savings. The good news: if your retirement account is ERISA-qualified, it is completely protected in bankruptcy — no dollar limit, no exceptions. Understanding whether your plan qualifies is an important first step before filing. What Does ERISA-Qualified Mean? ERISA stands … Read more
I Recently Financed a Purchase, Can I File Bankruptcy?
If you recently financed a purchase, e.g., a home, car, furniture or appliance, you should definitely speak with your attorney. Any purchase made within the 90 days prior to filing bankruptcy may be considered a fraudulent transaction. Depending on the amount of the purchase or how the funds were obtained to finance the purchase, the … Read more
How Does the Bible View Bankruptcy and Debt?
One dilemma that Christians face as they contemplate how to handle their financial difficulties is: “What does the Bible say about finances and debt?” This can be a difficult question to find accurate answers to. Although Bible verses can be interpreted in many ways, we will review Bible verses that discuss this topic to allow … Read more
How Long Do I Have to Leave My House After Filing Bankruptcy?
If you are filing bankruptcy and giving up your home, you are probably worried about one thing more than anything else. When will someone make you leave? You may be picturing a sheriff at your door the morning after you file. That is not how it works. This article explains how long you can usually … Read more
Who Is Considered A Dependent In Bankruptcy?
When you file for bankruptcy, you have to count how many people depend on you for money. This sounds simple. But it can get confusing fast. Who counts as a dependent? Your kids? Your elderly mother who lives with you? A grandchild you help raise? This matters more than most people realize. The number of … Read more
Bankruptcy Versus Debt Consolidation: The Pros and Cons
Are your debts keeping you up at night? You are not alone. When people decide to finally do something about their debt, they often look at two main choices: debt consolidation or bankruptcy. Both can help. But they work in very different ways. And one may be a much better fit for you than the … Read more
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