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Understanding Bankruptcy Cases and Outcomes

Hello, my name is Quianna Ridalgo. I enjoy talking to others about bankruptcy case outcomes. Court officials handle each type of debt, from credit cards to home loans, differently. Debtors must carefully prepare themselves for the court proceedings to cope with the outcome appropriately. The way creditors handle the discharged debt also interests me. Bankruptcy attorneys assist their clients with each step of the bankruptcy process from filing paperwork to meeting with creditors. Debtors and creditors both receive counsel that helps them move forward appropriately at every point in the case. The information I share on my site may help you learn about everyone's role in these complex cases. Feel free to come by anytime to learn more information about this interesting subject.

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Understanding Bankruptcy Cases and Outcomes

Are You In The Military? Know How This Can Benefit You During A Bankruptcy

by Loretta Harris

If you're a current member of the military or a veteran, you may be well aware that there are benefits you can receive once you come back home. Some of these benefits are exclusive to military members, and regular people cannot even get them if they wanted to. This includes benefits that are a part of bankruptcy filings. Be aware of what advantages you can have if you need to file for bankruptcy in the future.

You May Be Able To Postpone Certain Dates

The bankruptcy process involves several court dates and meetings regarding the bankruptcy filing. Any military member on active duty can have these dates postponed without any negative consequences.

Know that this right only applies to people actively serving, and veterans won't be able to take advantage of it. As part of the Servicemembers Civil Relief Act, you will have other benefits that protect you from being evicted or having your home foreclosed on. If you're behind on mortgage payments or rent, you can seek out protection due to the rights granted to you, but it may require a lawyer to help navigate the legal system.

You May Not Need To Take A Means Test

Part of the process of using bankruptcy under Chapter 7 rules is that you need to pass a means test. It will help determine if you actually qualify for bankruptcy based on your income. However, military members may not need to take this test depending on their current military status. If you are disabled or actively serving, you could be exempt from taking the test.

You May Not Need Credit Counseling

Another requirement of bankruptcy for most people is completely courses on credit counseling, which take place before and after filing. Since actively serving military members are usually deployed, an exemption will be granted to avoid the need to take these classes. The benefits of not taking the classes are that they often cost money, and it's a cost that you need to pay out of your own pocket before you can start the bankruptcy process. It can also be timing consuming, which takes up your limited time when you are returning home from deployment.

It can be tough navigating the legal system for bankruptcy or foreclosure when you are actively serving your country. That is why it is worth working with a lawyer or accountant throughout the entire process. They can be on your side, even when you are not at home to work through the bankruptcy process. Contact a company like James Alan Poe, P.A., for more information about your rights.