I am a small business owner and am having trouble staying afloat. Should I file a Chapter 11 | Chapter 13?

  I’m sorry to hear about your financial challenges. Running a small business can be tough in today’s economic climate. If you want to stay in business, there are three options under the bankruptcy code: Chapter 11, Chapter 13, and Chapter 7. However,  if you simply want to liquidate the business and don’t plan on continuing, Chapter 7 may be the best option. For the purposes of this post we will focus on Chapter 11 | Chapter 13. Chapter 11 | Chapter 13 Generally Chapters 11 | Chapter 13 are somewhat similar. They will both allow you to stay in business and restructure your finances....

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Can I choose between Chapter 7 & Chapter 13 bankruptcy?

Chapter 7 & Chapter 13 bankruptcies are the two most common forms of personal bankruptcy in the U.S. They each have pros and cons, and which one is right for you depends upon a number of factors such as your income, assets, and debts. You can choose between the two forms of bankruptcy if you meet certain eligibility requirements. However, you may only qualify for one type of bankruptcy and may therefore not have a choice. Chapter 7 Chapter 7 is a liquidation bankruptcy. It will wipe out your unsecured debts such as cash advance loans, credit card debts, garnishments,...

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Will I be able to get a mortgage if I file for bankruptcy?

If you file for bankruptcy, you will not immediately qualify for a mortgage afterwards. Bankruptcy will not necessarily hurt your credit score however it’s likely you will need time to get back on your feet financially. Because bankruptcy provides you with a fresh financial start it will not take forever to qualify for a mortgage. Your options depend on what type of mortgage you are seeking, as well as what type of bankruptcy you filed. There are a variety of mortgages that are available to you after filing for bankruptcy. One to consider is an FHA loan. An FHA loan...

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Should I file bankruptcy or take money out of my retirement account to pay my debts?

There are situations where a person may have a mountain of consumer debts, such as credit card bills, car loans, and medical debt, but could have a significant amount of money in a retirement account such as a 401(k) or IRA. It can be very tempting to dip into that account in order to pay off those debts when creditors are constantly harassing you to pay off the debt. However, that is usually not a very good idea for a number of reasons. First, there is normally an early withdrawal fee as well as hefty taxes. Secondly, your retirement funds...

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I was rear-ended in a motorcycle accident. What should you do?

  Rear-end collisions happen every day in the U.S. But when a motorcycle is involved, the chances of injury are much greater. A rear-end motorcycle accident can cause permanent injuries, serious head injuries, or even death to motorcycle riders. If you are a motorcyclist and you have been injured in a rear-end collision, you should speak with an attorney immediately. The longer you wait to get help on your case, the harder your case becomes to win. Memories fade and evidence can disappear. You may also miss certain legal filing deadlines. Rear-End Motorcycle Accident Motorcycle accidents are caused by a number of factors. For instance,...

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Can I inherit money if I’m about to file for bankruptcy debt relief?

If you have recently filed for bankruptcy debt relief and you are about to receive an inheritance; it could be taken by your creditors.  This is true whether you are filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy debt relief. Whether or not your creditors will receive your inheritance depends on the timing of the inheritance. Whether or not you filed a Chapter 7 or a Chapter 13 is important for purposes of receiving an inheritance. If you file a Chapter 7 bankruptcy and receive an inheritance. Normally the inheritance is a part of your bankruptcy estate, so...

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I’m a truck driver who was injured in a crash in Atlanta. What are my legal options?

There are millions of tractor trailers registered for use in the U.S. that travel along the roadways moving products and equipment. The vast majority of truck drivers are competent, careful, and highly skilled. For many truck drivers, trucking can be an intense profession that requires long days and weeks on the roads. This can lead to exhaustion. Trucking deadlines can be tight and the pressure to drive for longer periods than allowed may be intense. This is the typical cause of catastrophic accidents for truck drivers. Regardless of who is responsible for causing an accident involving a tractor trailer, drivers are entitled...

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If I choose to file for bankruptcy, can I keep some of my accounts open?

If you are in over your head with debts and are having trouble keeping up with your payments, you may choose to file for bankruptcy. Bankruptcy can offer a chance for consumers to get a fresh start. A Chapter 7 bankruptcy erases most unsecured debts, such as credit card debt and medical debt. A Chapter 13 bankruptcy is a reorganization and allows the consumer to reorganize their debts into manageable payments. Many consumers who file for bankruptcy want to get rid of all of as many of their debts as possible, but may also want to retain one credit card....

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Can my car be repossessed if I file a Chapter 7 bankruptcy?

It’s not uncommon for consumers to get in over their heads with debt and consider filing a Chapter 7 bankruptcy. Chapter 7 bankruptcy is a discharge in which the debtor’s debts are completely discharged. A debtor must meet certain requirements to be eligible to file a Chapter 7 bankruptcy. Some consumers may fear that if they file a Chapter 7 bankruptcy, the car loan lender may repossess his or her vehicle. Normally, during a Chapter 7 bankruptcy, the car loan lender is prohibited from repossessing your vehicle or trying to collect the debt owed on the vehicle. That is called...

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