We’ve all seen them on TLC’s hit show “Jon and Kate Plus 8″ but what many didn’t know is that under the veneer of a happy family life were the underpinnings of a messy divorce and brewing financial disaster.  And according to an article in Sawf News, it isn’t just Jon and Kate’s marriage that’s on the rocks. Many sources suspect that the couple may need to file bankruptcy to get relief from the financial chaos surrounding …

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The first step to conquering debt that has gotten out of control is to get honest with yourself.  Take the time to find out how much you owe, how much you earn and what the real gap is in between.  One of the biggest shockers debtors experience when they file bankruptcy is just how indebted they really are compared to what they had imagined.  Don’t engage in self-deception, get to the …

Category: Bankruptcy , Bankruptcy Q&A , Debt and Tax Relief , Economy , Filing Bankruptcy

When a debtor decides to file for Chapter 13 bankruptcy there is process they must follow.  Below we break down the Chapter 13 bankruptcy process into seven simple to understand steps.

Step 1: First discuss with your bankruptcy attorney all of your bankruptcy options, including Chapter 7 bankruptcy. Although Chapter 13 bankruptcy is a viable form of handling your debt make sure …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 13 Bankruptcy

Tip #1 – Make sure your business and personal finances are separate before you file bankruptcy.  Take an effort to keep track of your business expenses and income while simultaneously keeping your private finances in order before you bankruptcy filing.

Tip #2 – Work with an accountant if necessary to calculate what your monthly income is before you file bankruptcy.  The bankruptcy …

Category: Bankruptcy Q&A , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Debt Collectors , Economy , Filing Bankruptcy

Chapter 13 bankruptcy allows a debtor to repay all or part of their debts over a 3 to 5 year period of time.  However, some debtors who have filed Chapter 13 bankruptcy may find themselves facing new financial difficulties at some point during the repayment period that prevents them from making agreed upon payments.  This reason alone has been major factor is scaring off some debtors …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Economy , Foreclosures

Many debtors behind on both their mortgage and property taxes wonder if bankruptcy can be used to stop a property tax sale of their home.  Fortunately for debtors facing a property tax sale of their home, bankruptcy can be used to stop the sale if they move quickly. Here’s what you need to do:

Before filing for bankruptcy, find out if there is a property tax lien on your home. In the …

Category: Bankruptcy , Bankruptcy Q&A , Economy , Filing Bankruptcy , bankruptcy law

Many business owners considering bankruptcy find it difficult to decide whether they should reorganize their debts Chapter 11 bankruptcy or liquidate their debts in a Chapter 7 bankruptcy.  Below are a few questions every business owner should ask before they file Chapter 11 bankruptcy.

Is my business viable?  Oftentimes businesses run into financial problems because they are running …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 11 Bankruptcy , Chapter 7 Bankruptcy , Economy , Filing Bankruptcy

Unfortunately for single parents, child support payments received in the six month period prior to filing bankruptcy will be counted as income for the purposes of the means test.  If inclusion of that child support puts your income above the median income for the state of Texas, you may be forced to file Chapter 13 bankruptcy instead of Chapter 7 bankruptcy.  What this means is that …

Category: Bankruptcy , Bankruptcy Q&A , Filing Bankruptcy

When it comes to bankruptcy there is a lot of misinformation floating around. Many debtors considering bankruptcy often listen to the half-truths and outright myths about bankruptcy instead of getting the truth from qualified sources.  Let’s take a look two of the most common myths out there about bankruptcy and get to the bottom of the truth.

Myth : Bankruptcy will ruin your credit …

Category: Bankruptcy , Bankruptcy Q&A , Economy

Bankruptcy is a legal and often wise decision for debtors who are overwhelmed by their debts and need relief.  While some critics of bankruptcy contend that bankruptcy is a “cop out” the bankruptcy system continues to help individuals and businesses discharge debt and get a fresh new start financially.

Individual debtors (and married couples) most often file Chapter 7 bankruptcy …

Category: Bankruptcy , Bankruptcy Q&A , Filing Bankruptcy , Managing Your Finances , bankruptcy law

Bankruptcy offers an opportunity at a fresh financial start of even the most indebted individuals.  But how does a debtor ensure that their financial affairs remain in the “black” after a bankruptcy?  Here are a few tips:

Create A Budget – Whether you filed a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, creating and sticking to a realistic budget will help you manage your …

Category: After Bankruptcy , Bankruptcy Q&A , Economy , Managing Your Finances

Bankruptcy and the debtors who seek bankruptcy protection have often been the unfortunate victims of unfair labels and generalizations.  One of the unfair and inaccurate labels given to debtors who file bankruptcy is “irresponsible.”  Many people see bankruptcy as a cop out or an easy road away from trouble and view those who use bankruptcy as “cheaters” who want to run away from …

Category: Bankruptcy , Bankruptcy Q&A , Credit Counseling