When a major debt or financial burden drives you to a dead-end, you might consider bankruptcy as a way to regain control of your life. But before you take this major step, it is important to understand exactly when you should file for bankruptcy.
Many individuals believe that their lives can never return to normal once they file for bankruptcy. The reality, however, does not have to be this way. Contact your experienced bankruptcy attorney Michael Alan Siddons and learn how to safely and efficiently manage your real estate after bankruptcy. Before that consultation, here is everything you need to know about selling a house after filing for bankruptcy.
Chapter 7 and Chapter 13 bankruptcy are two of the most commonly filed types of bankruptcy. Both are legal tools to get debt relief if you can no longer keep abreast of your minimum payments; however, the bankruptcy option best suits you depending on your financial situation, as well as your financial goals.
Quick Answer: Most people often go into debt to pay for student loans, buy their first house or car, start a business, child support, taxes, debts incurred through fraud or other bad acts, and so on. You could say debt is a part of life and the easiest way to achieve financial goals that would otherwise…
Quick Answer: People going through financial hardships and debt issues typically consider filing for bankruptcy as a final resort. Filing for bankruptcy is a legal process meant to help individuals or businesses get rid of debt. It also helps people repay a portion of the money they owe. This debt relief process has long-term effects…
Quick Answer: When falling behind your finances, the pressure from creditors and debt collectors can hastily become overwhelming. Fortuitously, bankruptcy laws provide a means for overwhelmed individuals with debt to end the dreadful experience and get a fresh start. Filing for bankruptcy initiates an automatic stay, instantly stopping creditors and all debt collection activity. Furthermore,…
Quick Answer: Filing for bankruptcy will affect your credit score for seven to ten years, depending on the type of bankruptcy filed. As a result, you may face higher interest rates if you attempt to get a loan or line of credit, but don’t worry. Our experienced team at Siddons Law Firm is here to…
Quick Answer: The COVID-19 pandemic has taken an incredible toll on many homeowners in unexpected ways. As a result, millions of Americans have fallen behind on mortgage payments and face foreclosure. Thankfully, the Consumer Financial Protection Bureau (CFPB) has recently finalized a rule that creates safeguards to give homeowners the opportunity to avoid foreclosure. The…
Quick Answer: Bankruptcy offers many people around the country hope for their financial future. While many people turn to bankruptcy in serious circumstances, it also provides an opportunity to rebuild your finances. Focusing on the basics of budgeting after bankruptcy helps with this process. Working with bankruptcy lawyers allows you to handle bankruptcy proceedings well…
Quick Answer: When overwhelming debt faces you, you have two different options from which to choose to help alleviate your financial distress: debt settlement and bankruptcy. Filing for Bankruptcy or debt relief options often seems like a last resort; in reality, they’re not; they give you control of your financial situation. Each offers distinct advantages and disadvantages, so it is…
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