Informational Blogs
Sometimes siblings or other family members find themselves the co-owner of property after a relative has passed. Or, maybe you own a business with other individuals. Any time you own a piece of property or a valuable asset with someone, your financial lives become a bit tangled—especially if one of you ends up filing for bankruptcy. When an individual files…Read More
There's an old saying: "You can divorce your spouse, but, you don't divorce your debt." When you get divorced, often you’re still married to your debt. Washington State is a community property state, which means that the debts you incur during marriage are presumed to be joint debts. When you divorce, the judge must divide these debts between both parties.…Read More
Debt is a relative term. If you can't keep up with the bills you currently have, then bankruptcy is always an option to get things under control. Eligibility for bankruptcy relief has less to do with how much debt you owe and more to do with your own income and the median income where you live. If you make very…Read More
A creditor matrix is one of the most important forms in the bankruptcy process. So what is the creditor matrix, and what can you do to make sure you do right? When you file for bankruptcy, you are required to prepare a list of all your creditors and their mailing addresses. This list is called the creditor matrix. It is…Read More
Once you file for bankruptcy, you may not be able to take it back. Whether or not you can withdraw your bankruptcy depends on the type of bankruptcy you filed and the circumstances of your case. If you filed Chapter 13 bankruptcy, you have the right to have your case voluntarily dismissed at any time. But in Chapter 7, you…Read More
A bankruptcy trustee is assigned to all Chapter 7, 11 and 13 bankruptcy filings. Their job is to protect the assets of the estate against fraudulent claims, exemptions, and actions. At times, it may seem like your bankruptcy trustee is on your side, especially if your creditors have filed improper claims against you. Then again, it may feel like the…Read More
When you find out your employer is filing for bankruptcy, your last paycheck may be your first concern. But if you keep your cool, you avoid a larger, more personal financial crisis. You may not find out your company is in trouble until they actually shut their doors—only companies larger than 100 people are required to notify employees 60 days…Read More
Divorce is one of the top causes of bankruptcy, since assets and debt can be divided any way a judge sees fit in some states. It’s also painful going from a two-income household to a one-income household. You may also have new expenses in the form of spousal or child support now, attorney’s fees, and the bills get to be…Read More
When you reaffirm a debt in a Chapter 7 bankruptcy, you are waiving the right to have that debt discharged for the life of the debt. It means that not only are you agreeing to pay the debt. Therefore, if you don't pay, you can be sued, property repossessed and any other remedies the creditor had prior to you filing…Read More
Short Answer: You are required to list all of your assets and all of your creditors when you file bankruptcy. If you omit a creditor, the debt survives. However, you can amend your list of creditors after you file your bankruptcy case for an additional fee. We’ve all had that moment: You lay down in bed, ready to drift off…Read More