Legal Articles, Collection
When should you consider bankruptcy?
Bankruptcy can help both individuals and businesses that are having difficulty paying their debts. It could allow you to wipe out unsecured debts with high interest rates, save your home from foreclosure or substantially reduce the amount of money you will have to pay back to satisfy your debts in full. Many people could benefit themselves and their families by taking advantage of bankruptcy but deciding whether or not you should file for bankruptcy can be complicated.
What happens to your retirement account in a Rhode Island bankruptcy?
Current bankruptcy laws allow most people in Rhode Island to keep their pension and retirement accounts in both Chapter 7 and Chapter 13 bankruptcy cases. Some accounts are fully protected while some are only protected up to a certain amount and others don’t receive any protection at all. If you are considering filing for bankruptcy in Rhode Island and have a retirement account you should first determine the exact type of account you have, the amount of money in the account and what laws will allow you to keep it if you do file for bankruptcy.
Debts you can wipe out in a Rhode Island bankruptcy
If you qualify for a Chapter 7 bankruptcy in Rhode Island you will be able to wipe out or “discharge” your credit card debt, medical bills, car loans, personal loans, other unsecured debts and sometimes even taxes owed to the government. But not all debts will be discharged in a Rhode Island Chapter 7 bankruptcy case. That means that when your bankruptcy case closes you will still have a legal obligation to pay them back.
How to remove a lien on your Rhode Island home through bankruptcy
If you have been sued for credit card debt or any other type of debt and a judgment was won against you there is a chance you have a lien on your home. This means that when you go to sell your home you will have to satisfy the debt at the time of the sale. You may still be able to remove the lien from your home through bankruptcy.
Important questions to ask before filing for bankruptcy in Rhode Island
If you are thinking about filing for bankruptcy in Rhode Island you should first get the answers to these important questions.
Bankruptcy Looming for Hertz Rental Car
Hertz Rental Cars are facing filing bankruptcy. They are likely to file Chapter 11 bankruptcy which would allow them to continue to operate while reorganizing their debt. They could also file Chapter 7 bankruptcy in which case the company's assets would be liquidated and that could quite possibly put an end to Hertz and their #1 Car Rental slogan. It shall be interesting to see how this unfolds.
The Automatic Stay when Filing Bankruptcy
Find out whatever you need to know regarding the Automatic Stay and filing bankruptcy. A very powerful tool, the Automatic Stay stops creditors from collecting on debts once bankruptcy is filed.
What Can You Do After Filing Bankruptcy in Arizona
There is Life After filing bankruptcy. You can easily mess up your "Fresh Start" after filing for bankruptcy protection by going back into the same habits that landed you needing to file bankruptcy in the first place. Be mindful of things this time to avoid another financial setback. Consider talking to an experienced bankruptcy attorney in Phoenix to find out the best ways to navigate your "Fresh Start"
Bankruptcy and Credit Score
Bankruptcy does not destroy your credit. Credit will normally take an initial 100 to 150 point hit. However, if it is low enough, it might actually go up.
Your Tax return and Bankruptcy
It’s the most wonderful time of the year. Time for your tax return and to get back some of your hard earned money.
The beginning of the year is usually the toughest time for a lot of people, the bills and credit card debt of Christmas still ringing fresh. Though the holidays are over, the majority of folks have overspent.
The holidays are over, and most have overspent. People in an already bad financial situation have usually made their situation worse during the holidays. A lot of times it’s the holidays and the spending at Christmas that make people realize they should consider bankruptcy or some other form of debt relief.
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