When you decide to file a personal bankruptcy, it is important to understand that you will make a full financial disclosure to the court. In other words, you should be prepared to discuss your assets, debts, income and expenditures openly and thoroughly with us. When it comes to disclosing your "household income" to the bankruptcy court, you must include more than just your salary.
How Is My 'Household Income' Calculated in Bankruptcy?
Could Lien Stripping Help You Keep Your Home?
If you are facing financial struggles and you have more than one mortgage on your home, you should consider filing a Chapter 13 bankruptcy case. There are many benefits offered by a Chapter 13 filing. It is a flexible and comprehensive tool for handling all of your creditors at one time, while allowing you to eliminate the majority of your debt. An additional advantage for individuals with more than one mortgage is a procedure referred to as "lien stripping."
The Truth About Student Loans in Bankruptcy
You have probably heard that it is extremely difficult to discharge student loans in Chapter 7 and Chapter 13 bankruptcy filings. So, what happens to your student loan when you file a personal bankruptcy? The answer varies depending on your unique situation, the kind of bankruptcy you file, and the type of student loans you have taken out.
Got Debt? Time to Take Action
If your paycheck is no longer going as far as it used to and your bills are piling up, it is time to get real about your debt and consider filing a Chapter 7 or Chapter 13 bankruptcy. If you are wondering how you know when it is "the time" to file your case, the first step is to objectively review your personal finances.
