Coronavirus Related Bankruptcies Expected To Spike to Record Numbers
Experts are predicting that the flood of bankruptcies that will result from the current economic crisis will be as bad as what we saw during the Great Recession, if not worse.
How the CARES Act Impacts Bankruptcy Filers
Quick Answer: Due to the COVID-19 pandemic, the federal government passed the “Coronavirus Aid, Relief and Economic Security Act” (aka the “CARES Act”) into law with provisions to provide financially distressed consumers and small businesses greater access to bankruptcy relief. Key provisions within the CARES Act • Amending the definition of “income” in the Bankruptcy…
Are Taxes Dischargeable In Pennsylvania Bankruptcy?
Many Pennsylvania residents are unaware filing for Chapter 7 bankruptcy affords them the opportunity to discharge income tax debt, in addition to other common forms of debt. In order to discharge income debt, filers must meet certain criteria before qualifying under Chapter 7 bankruptcy.
What Is Lien Stripping?
You may be eligible for lien stripping if the value of your property is worth less than your mortgage.
3 Things You Should NOT Do Before Filing For Bankruptcy
Quick Answer: Bankruptcy involves many different rules, procedures, and requirements throughout the process. You must be careful to meet all of the requirements and follow the rules in order to ensure you are granted a discharge by the bankruptcy court at the end of your case. Having the guidance of a skilled bankruptcy attorney is…
Buying a Home After Bankruptcy
Quick Answer: Many people hesitate to even consider filing for bankruptcy because they fear a bankruptcy on their credit report will destroy their future credit and financing prospects. Specifically, many people believe that it will be impossible to be approved for a mortgage to purchase a home if they have a bankruptcy in their past.…
What Is An Involuntary Bankruptcy
Quick Answer: Involuntary Bankruptcy Explained Like all bankruptcy laws, the language surrounding the idea of an involuntary bankruptcy can be convoluted, and to many consumers, the fact that this concept even exists is a novel one. We hear an awful lot these days about individuals and groups filing bankruptcy, but very little about the idea…
Bankruptcy Halts Judgments
Quick Answer: Bankruptcy Can Halt a Judgment Against you Running a business is challenging. In addition to meeting the production goals of the corporation, one must also stay current with payroll, pay the mortgage or lease agreement, and cover the costs and expenses necessary to run the business. Often, the money that is to be…
Do I Really Have To List All of my Credit Cards in my Bankruptcy?
Quick Answer: Many households that may be facing financial difficulties have several different credit card accounts. While credit cards can get you into financial trouble due to high interest rates and ballooning balances, some credit cards can have benefits for your household. Certain accounts may offer rewards such as airline miles or cash back that…
Setting and Understanding Your Budget
Quick Answer: Get Out of and Stay Out of Debt Whether you are struggling with a mountain of debt or a more reasonable amount, your main financial goal is to get out of that debt, and then stay debt-free. One of the best ways to achieve this goal is through budgeting, and while it may…