Yes, it will. So let’s just talk about that scenario. If you were in a motor vehicle accident and you were sued and a judgment was obtained against you, and that judgment was sent to the Department of Motor Vehicles which caused your driving privileges to be suspended, a bankruptcy will reverse all of that. […]
You have been served with a complaint. Whether that lawsuit stems from a car accident or contractual breach, you may automatically wonder what the result may be. Could you lose everything you own? It is good to know that bankruptcy can be a solution in some cases. When can bankruptcy help, and at what point […]
A bankruptcy court can set aside, or consider void, a previous court decision that was based on mistake, surprise, or excusable neglect. However, the person trying to set aside the prior decision must prove that one of these things existed at the time and led to the decision. Excusable neglect, generally, is when you act […]
Are you thinking about filing for Bankruptcy? Don’t fall for these Bankruptcy myths! In Part I of this feature we explored three common bankruptcy myths. Here we explore a few more common bankruptcy myths that are floating around online. Bankruptcy Myth #4: It is simply just too expensive to file for bankruptcy. I won’t be […]
Of course you have heard about “unsecured” and “secured” creditors, what is it that differentiates between the two terms? A creditor is somebody to whom money is owed. For example, when you owe the bank money because you have taken out a loan, they are then your creditor. We can separate creditors into two categories, “secured” and […]
A reaffirmation agreement simply means that you have agreed with your creditor to continue to be liable to them after bankruptcy. You should almost never enter into a reaffirmation agreement with an unsecured creditor. This is because your debt to them will be discharged in Chapter 7, meaning they can never come after you again […]
Discharge – A successful filing will result in you receiving a “discharge”. The discharge relieves your legal obligation to pay credit card debt, medical debt, pay day loans, lines of credit, old tax debts, most lawsuit judgments and some others. It is the discharge which really allows you to get a fresh start after bankruptcy. […]
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