If you are an owner of a small business, you understand the incredible work, the sacrifices, and the emotional investment involved in making your business successful. It is part of your American dream-something of your own that you hope will be part of your legacy. But small businesses are risky, which leads to some taking on far more debt than they can afford to repay. While some businesses may choose to shut down and seek relief under Chapter 7 bankruptcy, some small business owners choose an alternative of Chapter 11 relief.
Utilizing Chapter 11 Bankruptcy to Save Your Small Business
Creating and Implementing Your Chapter 13 Budget
The decision to seek bankruptcy relief is a hard one, but one that comes from a place of necessity and strength. In pursuing bankruptcy protection, it is necessary to enter the process with open eyes and a clear understanding of what is to come. This is a particular truth when seeking Chapter 13 bankruptcy relief.
Seeking Bankruptcy Relief a Second Time
Loan Modification Scams
The mere prospect of losing your home can have an incredibly negative effect on your mental health. Where will you live? Can you even afford to live somewhere else? How will your children cope with losing their home? What will happen to all of the money you already put into your home? You just want to find a way to make things better so that you and your family can stay in your home.
How a Lawyer Can Keep You in Your Home
Foreclosure is the legal process that a lender may initiate when a debtor has missed numerous mortgage payments. This process is one that, if successful, allows a lender to force the sale of a home in order to satisfy the outstanding debt that is owed on the property. Foreclosure does not come without warning, as there are specific methods and deadlines that a lender must follow to notify a debtor that they are in breach of contract and that foreclosure is looming.
Should Senior Citizens File Bankruptcy?
Americans are living longer than ever. Unfortunately, the costs of health care and elder care are also increasing to an unaffordable level. Even if you have spent your life making sound financial decisions and saving money, the combination of longer life and unaffordable health care can lead to insurmountable debt problems for seniors. If you find yourself or a loved one in this predicament, then you should consider bankruptcy as an option.
Moving Forward: Rebuilding Your Credit After Bankruptcy
If you have recently obtained a discharge of your debts through bankruptcy, or the finish line to your bankruptcy proceedings is in sight, then you deserve to breathe a sigh of relief. But while you enjoy this new world where a pack of creditors can no longer harass you, it is also important to take the steps necessary to move forward with your life responsibly. After all, you now have an opportunity to rebuild your credit and work toward financial health.
Will Bankruptcy Ruin My Credit Forever? Dispelling Misconceptions About Bankruptcy
When you find yourself in the terrible position of overwhelming debt, you may feel trapped and paralyzed. You don't have enough resources to pay off your creditors, you've maxed out your credit cards, and you've taken on terrible new loans to pay off older loans. You know you need relief, but somehow, you've been led to believe that bankruptcy is too extreme a measure to even consider.
When Creditors Call After Discharge
While bankruptcy is a measure of last resort, its purpose is clear: to provide an overwhelmed debtor with some much needed relief. This relief comes in the form of the discharge of a wide range of qualifying debt. At the end of the day, this is supposed to translate into a sense of relief and freedom. Sadly, there are times when creditors continue to call after a bankruptcy court discharges a person's debt.
Discharge Violations in Bankruptcy
Obtaining a discharge of debt from a bankruptcy court is designed to relieve the debtor of having to repay those debts. In theory, this should give some peace of mind and reassurance to a debtor that they can move forward with their lives. Unfortunately, some creditors have a hard time letting go, and end up violating the bankruptcy discharge order. If you have been granted discharge through bankruptcy proceedings, it is important to be mindful of what a discharge violation looks like and what you can do about it.
