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Certain types of debts are NOT discharged in bankruptcy. The following debts are among the debts that generally may not be canceled by bankruptcy: Alimony, maintenance or support for a spouse or children. Bankruptcy will not discharge court ordered child or spousal support payments. These debts, including any missed payments are not dischargeable through bankruptcy. Student loans. Typically, student loans […]

Understanding how the bankruptcy process works is a great first step in the right direction. Below, I have simplified the bankruptcy process’ major steps for your understanding: Step 1: Meet with an experienced bankruptcy professional about your particular financial circumstances and your bankruptcy options. Step 2: Attend mandatory pre-filing financial and credit counseling courses. Step 3: Prepare and File official […]

While there are many effects of filing for bankruptcy, some of the most common include the following: Temporarily weakened credit: A bankruptcy filing is seen as a negative action on your credit report and the bankruptcy filing itself will appear on your credit report for seven to 10 years. However, the overall effect your bankruptcy has on your credit diminishes […]

The bankruptcy law significantly changed in 2005, making it more difficult to file for bankruptcy protection. Although you are not legally required to have an attorney file for bankruptcy, consulting with an experienced bankruptcy attorney will help you fully understand your options and avoid potential pitfalls.   There are a number of bankruptcy preparer services that advertise that they can […]