Last updated 10 hours ago
Filing bankruptcy may not be a difficult process, but it does require some guidance. For a brief look at what to expect from your bankruptcy proceedings, take a look at this video.
The expert in the video encourages bankruptcy filers to hire a lawyer to guide them through the process. If you’re filing for bankruptcy, you’ll need to provide a complete picture of your finances to your lawyer, including lists of assets, liabilities, and creditors; information about your income; and your financial history. All of this information will be discussed at a meeting with your creditors that is held 30 days after your petition is filed.
In the Milwaukee and Waukesha area, count on Burr Law Office for experienced bankruptcy representation to help you through this tough time. To schedule a consultation, call (877) 891-1638.
Last updated 21 days ago
Filing for bankruptcy can jettison or considerably reduce your debt; however, there are major consequences to be considered before filing for bankruptcy. Peruse through the following articles to gain further insight and knowledge about bankruptcy and life thereafter. Call Burr Law Office at (877) 891-1638 for more information.
- Check out this link for more information on Chapter 13 repayment plans.
- Visit DailyFinance.com for tips on how to rebuild your credit after bankruptcy.
- Get Rich Slowly shares one reader’s story about how his unwise spending ruined his credit score, but not his life. Find out how you too can rebuild after a debt disaster.
- Learn more about the different types of bankruptcy with this HowStuffWorks.com article.
- MoneySmartLife.com provides an overview on Chapter 7 bankruptcy versus Chapter 13 bankruptcy.
Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
Last updated 23 days ago
Filing for bankruptcy can be a confusing process when you attempt to go it alone. Check out these great resources from around the web for more information on the benefits of working with a bankruptcy attorney, how repayment plans are determined, and ways in which you can rebuild your credit after filing for bankruptcy. Call Burr Law Office at (877) 891-1638 for more information.
Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
Last updated 29 days ago
The two types of bankruptcy available to individual debtors include Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows your debts to be discharged by liquidating your assets and using the proceeds to satisfy the debts to your creditors. Chapter 13 bankruptcy, on the other hand, allows you to repay a smaller amount than the principal owed through a three-to-five-year repayment plan.
Disposable Income:
The amount of your repayment plan will be determined based on a number of factors, including the amount of your disposable income, the outcome of the means test, and any secured debts being paid through the same plan. In order to determine your disposable income, your total received income will be compared against allowable monthly living expenses. Once the monthly expenses have been deducted, the remaining income can be used to calculate the payment plan.
The Means Test:
The means test will also play a major role in determining the length of your repayment plan. For example, individuals who earn more than the medium income in their state are required to file using a 60-month plan, whereas individuals who earn less than the state’s median income can choose a 36-month plan.
Secured and Priority Debts:
When creating your repayment plan, you must include a plan to pay certain debts in full. Also known as priority debts, these debts are considered to be more important than other debts and may include unpaid taxes, child support, or alimony payments. You must also include payments on any secured debts, such as mortgage payments or car payments, in order to determine your repayment plan.
The best way to understand a Chapter 13 bankruptcy repayment plan is to consult a Chapter 13 bankruptcy attorney. Our bankruptcy attorneys with Burr Law Office are here to help you determine which Chapter under the Bankruptcy Code is best suited to your individual financial needs. Set up a free initial consultation by contacting us at (877) 891-1638.
Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
Last updated 29 days ago
Bankruptcy doesn’t have to ruin your financial future or your credit rating. In fact, filing bankruptcy with a bankruptcy attorney can actually eliminate outstanding debts and improve your overall financial outlook. However, in order to effectively regain financial independence, there are several things you’ll want to do to rebuild your life and your financial standing after you file.
Create a Budget
In order to rebuild your credit following bankruptcy, create a budget and begin a no-frills lifestyle. Creating a budget will help you determine how much money you are bringing in, where that money is going, and where you need to adjust your spending habits. It is crucial to stick to your budget—increased or unnecessary spending and unmanageable credit card debt are leading reasons for bankruptcy filings in the U.S. Identify which expenses are necessities and which are luxuries; if you need to buy a big-ticket item, consider saving up and paying in cash instead of charging the expense.
Pay Your Bills On Time
The next step when rebuilding your credit after filing for either Chapter 7 or Chapter 13 bankruptcy is to pay your bills on time, every time. This includes your loans, mortgage payments, and monthly bills. Paying on time goes a long way toward rebuilding your credit score.
Apply for a New Credit Card
The most important step after bankruptcy is to apply for a new credit card. This may seem like a difficult task considering how your current credit score may be affected, but it is not impossible. Take the time to research secured, unsecured, and prepaid cards to find an option that best suits your needs. You may need to pay higher premiums or interest rates but you will be able to start rebuilding your score.
Whether you’re interested in filing for bankruptcy or need help rebuilding your finances after you have filed, the bankruptcy attorneys with Burr Law Office are here to help. Learn more about your options or set up an initial consultation by contacting us at (877) 891-1638.
Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
