Is it a Good Idea for Seniors to File Bankruptcy?

“Gray” bankruptcies are becoming more common. Is it a good idea? We’ll have to give you a lawyer’s answer on this one: “It depends.” Some seniors have too many assets to make filing worthwhile, some have so few assets they’re uncollectable anyway, and some are either working like anyone else or have circumstances that make…

3 Ways to Stop Creditor Harassment

Nobody enjoys receiving collection calls. In truth, you don’t have to answer the phone when they call. You can usually ignore their emails and text messages. Paying creditors rarely works out in your favor, and unless they are likely to sue, you’re better off focusing on your day-to-day needs or saving the funds you’ll need…

Bankruptcy and Tax Debt: What You Need to Know

In 2021, Americans failed to pay a record $688 billion on their tax returns. 23% of Americans have fallen behind.  If you fall within that 23%, then bankruptcy can be an avenue for eliminating some of your tax debt, though not necessarily all of it.  However, tax debt is a bit more complicated than other…

What is the Role of Credit Counseling in Bankruptcy?

Bankruptcy law requires filers to undergo mandatory credit counseling before any debts are forgiven. Often, your attorney will link you with a non-profit credit counseling service. You can also find your own service. Any counseling service you use must be one of the list of agencies approved by the Department of Justice. You’ll be able…

Understanding the Different Forms of Debt Relief

As you consider bankruptcy, you might have heard about other forms of debt relief, such as debt settlement, debt consolidation, and debt management. While these terms all sound very similar, there are important differences between them. You should understand how each of these programs works and how they might impact your life before making any…

How Reaffirmation Agreements Work

A reaffirmation agreement is a voluntary agreement that allows a borrower to hold on to certain types of debts that might otherwise have been discharged in bankruptcy. For example, if you are filing Chapter 7 and wish to keep a house or a car for which you don’t have much equity, you may use a…

How the Automatic Stay Protects You During Bankruptcy

When you file for bankruptcy, you gain protection under the “automatic stay,” which protects you from your creditors during the bankruptcy process. The automatic stay brings all collection efforts to a screeching halt. These include: Phone calls Letters Lawsuits Wage garnishments Repossession Foreclosure In most cases, the automatic stay remains active throughout the life of…

Chapter 13 Dos and Don’ts

Declaring Chapter 13 bankruptcy can be a smart financial move, but it’s important to understand that there are actions you can and cannot take during the process.   Here are some “dos” and “don’ts” for Chapter 13.   Do: Seek Court Approval Before Selling Property   The court must approve all transfers for real estate,…

Can Bankruptcy Stop or Remove a Lien on Your New York Home?

A lien can make it much more difficult to sell your property, as the property can’t be sold or even refinanced until the lien is removed. In New York, liens are most often placed by the New York Department of Revenue, HOAs, or contractors when they haven’t been paid. There are several ways in which…

How to Enjoy Financial Freedom After Bankruptcy

Once you achieve your bankruptcy discharge, you’ll achieve a second chance. If you want to make the most of it, you’ll need to take conscious steps to change the way that you approach your financial life—even if your bankruptcy was the result of unforeseen circumstances or issues. Fortunately, there are many ways that you can…