By Jeff Field | Published March 12, 2024 | Posted in Bankruptcy, Chapter 7, Personal Bankruptcy | Tagged Tags: bankruptcy, chapter 7, debt, reaffirmation | Leave a comment
Pros and Cons of Reaffirming a Debt in a Chapter 7 Bankruptcy
A Chapter 7 bankruptcy offers a fresh start by relieving a debtor of most or all financial obligations to creditors. Although non-exempt property can be liquidated during the process, there may be some property the debtor wants to keep, such as real estate or a vehicle. Reaffirming a debt on such property can be a Read More
Read MoreCould Bankruptcy Threaten Your IRA?
As you prepare to file for Chapter 7 or Chapter 13 bankruptcy, it’s understandable to be nervous about your financial future. While you will undoubtedly take a financial hit, many of your assets will be protected, including your retirement accounts and pension plan funds. Individual retirement accounts, or IRAs, receive certain federal protections through the Read More
Read MoreCan You File for Bankruptcy While Unemployed?
A job loss can wreak havoc on your personal finances, especially if you’ve recently dealt with unexpected expenses or you have not built up an adequate cushion to protect you in case you go several months or more without income. Losing a job is one of the most common reasons why people end up filing Read More
Read MoreWill Filing for Bankruptcy Affect Your Social Security Disability?
When you are receiving Social Security Disability (SSD) benefits, you may be understandably concerned that those benefits will be taken away from you if you file for bankruptcy. This issue affects a large number of people. One of the most common reasons why Americans file for bankruptcy is medical bills. In some cases, the health Read More
Read MoreCould Filing for Bankruptcy Affect Your Spouse?
One of the questions we frequently receive from our bankruptcy clients is about what effects, if any, an individual’s bankruptcy filing will have on his or her spouse’s financial standing. This is a good question, because many people would prefer to file bankruptcy individually and minimize or completely avoid affecting their spouse. The impact of Read More
Read MoreCan Filing for Bankruptcy Improve Your Credit Score?
Filing for bankruptcy will not improve your credit score. At least not in the short run. In fact, filing for bankruptcy will have the opposite effect on your credit. But over time you can increase your score well beyond what you could if stay saddled with debt. How does bankruptcy’s effect on your credit? There’s Read More
Read MoreCan Filing for Bankruptcy Stop Child Support in Georgia?
As many divorced and separated parents know, child support can represent a significant expense on a monthly basis. The impact of child support payments becomes magnified if you are facing considerable financial strain, whether it’s due to medical bills, losing your job or experiencing any number of other unexpected challenges. Bankruptcy can’t stop child support Read More
Read MoreHow Many Times Can You File for Bankruptcy in Georgia?
For many people, some tough breaks can negatively affect their finances for the long term. Although filing for bankruptcy protection may help, they may find the need to file a second or subsequent time if their financial struggles continue. If you find yourself in this situation, the good news is that you can file for Read More
Read MoreCan You File for Bankruptcy Due to Medical Bills?
According to a 2013 report by CNBC, medical debt is the number one reason why individuals and families need to file for bankruptcy in the United States. That year, “medical bankruptcy” affected about 2 million people, many of whom had health insurance when they suffered the illness or injury that caused their financial struggles. While Read More
Read MoreCan You File for Bankruptcy on Student Loans?
For the past four decades, a general rule when filing bankruptcy was that you could not discharge debts for student loans. While this is still usually the case, there may be some situations in which it is possible to discharge these debts as part of a bankruptcy filing. Borrowers must demonstrate that their student loan Read More
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Thank you Field and Associates for the ease and the professional advice and filing of my bankruptcy. I will recommend you to all family and friends that find them selves in the same position I was in.
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