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.
Did you file for Chapter 7 bankruptcy but were denied due to not passing the means test because you make
Most people are aware of the fact that a mortgage cannot be discharged as part of a bankruptcy case becau
If you are considering filing for some financial relief using a Chapter 7 bankruptcy, you will need to ta
When it comes to your finances, you might be used to making your own decisions. Now that you might have f
Chapter 13 bankruptcy can help you catch up on past due payments, pay off some bills, and get back on tra
While individuals often assume that a person that has incurred excessive debts has been irresponsible, there are many instances where a person may find these debts can be unavoidable. This is often the case when a person suffers an unexpected medical expense, loss of employment or other hardships.
Myth: Bankruptcy Will Clear Away All Of Your Debt
There is an assumption that a bankruptcy filing will be able to completely wipe away all of the debt that a person has incurred. While most of the debts that individuals incur may be eliminated or restructured, there are many debts that are exempt from the bankruptcy process. This can include student loans, tax debts and some types of secured debts. This can result in the results of bankruptcy varying from individual to individual. As a result, you should thoroughly evaluate the composition of your debts before you can accurately gauge whether bankruptcy is right for your situation.
Myth: A Bankruptcy Lawyer Is Not Worth The Expense Of Retaining
Individuals that enter the bankruptcy process assuming that it will be little more than filing documents and completing forms may not retain an attorney at the start of this process. However, they may quickly find that the bankruptcy process is far more complicated and nuanced than they had originally anticipated. For example, individuals may not realize that part of this process will involve negotiations with the creditors, and those with limited experience with negotiating will often be poorly suited to this task. Furthermore, a bankruptcy attorney may be able to help you maximize the amount of the debt that you are able to eliminate or restructure.
Myth: Filing Bankruptcy Is A Quick Process
The process of filing for bankruptcy is not a quick process, and individuals should avoid assuming that this is something that can be done in a single hearing. Rather, this will involve a series of negotiations, hearings and other steps that will have to be completed, which can lead to this process taking much longer than individuals first assume. Fortunately, creditors will be forced to stop collection actions once this process starts as opposed to having to wait until it has been completed.
Myth: Filing For Bankruptcy Protection Will Be A Permanent Stain On Your Credit Score And History
There will be effects on your credit once you file for bankruptcy, but these effects will usually fade within a few years as long as individuals are being diligent with paying their bills, keeping their debt low and practicing other sound credit management strategies.
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