Category Archives: Bankruptcy
Do I Lose My Security Clearance If I File Bankruptcy?
Not according to the DoD. This agency can take action against your security clearance if you are experiencing financial problems. But that’s different from filing bankruptcy. In fact, as outlined below, filing bankruptcy might be the only way to cure the financial problems which threaten not only your family, but your security clearance as… Read More »
How Does An Indiana Bankruptcy Protect The Family Car?
Frequently, a motor vehicle is a family’s most valuable asset. In addition to its substantial financial value, it probably has a very high emotional value. Additionally, a motor vehicle is often a family’s most troublesome asset. Some lenders offered payment relief programs during coronavirus shutdowns, but some did not. As a result, many families… Read More »
Does Bankruptcy Erase Back Taxes In Indiana?
For many people, freelancing part time is a natural extension of working from home. Therefore, about a third of American workers either moonlight or freelance full time. Freelancers experience significant income peaks and valleys. So, they often fall behind on estimated tax payments. The resulting back taxes, penalties, and interest can be overwhelming. In… Read More »
How Does An Indiana Bankruptcy Affect Social Security Benefits?
Most government benefits, like VA disability and Social Security benefits, come in the form of monthly payments, like income. Typically, bankruptcy exemptions don’t apply to income. But according to U.S. law, Social Security benefits are exempt assets. Regardless of what state exemptions provide, Social Security benefits are immune “from the operation of any bankruptcy… Read More »
Five Reasons People File Bankruptcy In Illinois
In general, most people file bankruptcy because, well, they are bankrupt. But the specific reasons might surprise you. Bankruptcy has immediate and long-term benefits for distressed debtors. Bankruptcy’s Automatic Stay instantly halts creditor adverse actions, such as foreclosure and repossession. In most cases, these creditors can repossess your house or car if you miss… Read More »
Student Loan Forgiveness Through Bankruptcy
Pressure is mounting on lawmakers to forgive at least some student loan debt. But due to the massive cost involved and powerful bank lobbyists, a comprehensive program might not happen. Fortunately, if you are one of the graduates saddled with tens of thousands of dollars of debt, other options are available, even if you… Read More »
What Happens In An Indiana Chapter 13 Bankruptcy?
During the coronavirus crisis, many homeowners took advantage of bank-offered mortgage payment deferrals. These programs end soon. When that happens, banks will most likely demand immediate payment of the past-due amount. Most families will have a hard time making a $15,000 or $20,000 mortgage payment, even if the bank generously gives them two or… Read More »
How Can Bankruptcy Protect My House?
According to the Federal Housing Finance Administration, 2.7 million homeowners are in COVID-19 mortgage deferral status. Many of these families have deferred payments for more than a year. When the deferral ends, these banks will most likely demand prompt payment. Families which barely made it through the coronavirus downturn will be hard-pressed to make… Read More »
Does Bankruptcy Affect My Car-Buying Ability?
Today’s vehicles last much longer than the ones which rolled out of factories in the twentieth century. Yet the average vehicle’s lifespan is only eight years. So, if you have a used vehicle in your garage, it probably will not be dependable much longer. Bankruptcy compromises your ability to buy a car. But in… Read More »
What’s the Difference Between Chapter 7 and Chapter 13?
Many more people are asking this question and exploring their bankruptcy options. At a time when consumers need more protection than ever, the Consumer Financial Protection Bureau recently increased the power of debt collectors. This CFPB rule was one of the last non-bankruptcy shelters available for distressed debtors. If you find yourself in this… Read More »
