If you’re trapped under a mountain of debt and see no clear way out of it, a Chapter 7 bankruptcy could wipe out that debt and give you a fresh start with your finances. Filing for Chapter 7 bankruptcy, however, can be complicated if you’re attempting to handle it on your own. That’s why it’s […]
What Goes Into Filing for Chapter 7 Bankruptcy?
November 26th, 2024 by glmpcadminWhat’s the Difference Between Bankruptcy and Debt Settlement?
October 23rd, 2024 by glmpcadminRight now, many American consumers are struggling with surging debt. As such, more and more people are filing for bankruptcy and subsequently lessening the previous stigma around it. And with good reason. There are so many reasons one might find themselves in debt that have nothing to do with one’s character. Whatever the case, Americans […]
Frequently Asked Questions About Bankruptcy
September 19th, 2024 by glmpcadminAre you struggling to make ends meet? Unable to keep up with your debts and getting deeper into a financial hole? Filing for bankruptcy could provide significant help and much needed relief. Filing for bankruptcy can give you a chance to start fresh by eliminating debts that you simply can’t pay. It may also enable creditors […]
Bankruptcy is a Better Option Than Borrowing Against Your House to Pay Debt
October 4th, 2023 by glmpcadminA common people attempt to get out of debt is by borrowing against your house by refinancing your mortgage or taking out a home equity loan or home equity line of credit (HELOC). This allows people to take out a new loan to pay off existing (higher interest) loans. One primary benefit it this allows the […]
The 5 Most Common Types of Bankruptcy
June 27th, 2023 by glmpcadminBankruptcy can be a valuable tool for individuals and businesses looking to get out from under insurmountable debt to get a fresh start. The Bankruptcy Code consists of five distinct types of bankruptcy for individuals and businesses for debts owed in the United States (the sixth, Chapter 9, is only available to municipalities to reorganize […]
Bankruptcy vs. Debt Settlement
June 19th, 2023 by glmpcadminFactors for Deciding Which Option is Right for You Debt to Income Ratio: How much debt are you carrying compared to your available income? This is a critical factor. A person earning $45,000 per year with debts of $20,000 has a big problem because debt settlement will not be feasible leaving bankruptcy as the only […]
If You’re Looking for a Cheap Bankruptcy Lawyer Do Your Homework First!
May 31st, 2023 by glmpcadminMany people in need of legal advice concerning financial problems and the possibility of filing bankruptcy understandably want to get it done as cheaply and efficiently as possible. In today’s world of easy internet access, many of us take it upon ourselves to research answers online to become educated on the benefits and pitfalls of […]
Can Bankruptcy Stop My Car Repossession?
February 20th, 2023 by glmpcadminIf you are behind on your car payments and facing repossession, filing for bankruptcy can help. Filing for bankruptcy will generate an automatic stay, which will stop creditors (at least temporarily) from repossessing the vehicle. Depending on which Chapter of the bankruptcy laws you file under, your options to keep the vehicle will vary. Chapter 7 […]
The Impact of Medical Debt in a Bankruptcy
November 22nd, 2022 by glmpcadminThe cost of health care is a major problem for many people and can be a prime contributor in the decision to file personal bankruptcy. Bankruptcy can be a useful tool to reduce or eliminate tremendous medical bills. Medical Debt and Bankruptcy A 2021 Census Bureau study found nearly 1 in 5 households (20%) couldn’t […]
Filing Bankruptcy Can Eliminate Income Tax Liabilities
October 18th, 2022 by glmpcadminIt’s a myth that a bankruptcy filing cannot provide relief from an individual’s income tax liabilities. In fact, a chapter 7 bankruptcy can greatly assist with income tax problems in certain limited situations. Let’s explore below how a bankruptcy can discharge (wipe out) personal income tax liabilities in the following scenarios and situations: Important Factors […]