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Timing Your Bankruptcy: Should I File Before or After Foreclosure, Buying a New Car, and Other Financial Events

2019-02-25T00:00:37+00:00By |Comment(s):Comments Off on Timing Your Bankruptcy: Should I File Before or After Foreclosure, Buying a New Car, and Other Financial Events

If you’re facing a financial crisis, such as divorce, lawsuit, wage garnishment, or perhaps a judgment has been entered against you, you may think you’ve waited too long to file for bankruptcy, but that’s not always the case.

In fact, filing for bankruptcy could be your saving grace, no matter what stage of debt collection you’re in.

Timing Bankruptcy When a Lawsuit Has Been Filed Against You

Once you receive a summons, you will have a limited amount of time to file an answer to the complaint. You must answer the complaint or the person suing will win whatever they’re asking for.

However, if

Filing For Emergency (Skeleton) Bankruptcy in Hawaii

2019-02-11T08:30:30+00:00By |Comment(s):Comments Off on Filing For Emergency (Skeleton) Bankruptcy in Hawaii

Individuals wishing to file for bankruptcy in the state of Hawaii will need to complete a number of forms and follow certain procedures in order to file their petition with the bankruptcy court. Gathering all the necessary information and completing the forms can be a time-consuming process.

emeregency fund

When you are in an emergency situation, such as impending foreclosure or wage garnishment, emergency bankruptcy filing allows you to complete just a small portion of the necessary forms to get your case started. Continue reading to learn more about emergency bankruptcy filing.

Why Would You Want to File an Emergency Bankruptcy?

When you file for bankruptcy, certain assets are protected from your creditors by

How to File Taxes After Bankruptcy

2019-01-28T08:30:56+00:00By |Comment(s):Comments Off on How to File Taxes After Bankruptcy

You know what they say: Two things in life are certain – death and taxes. And that’s still true even if you have filed for bankruptcy. However, a few things may change regarding how you file your taxes this year.

Form 1041

Now that you have filed for bankruptcy, you have temporarily given up the right to handle your own financial affairs. The court has appointed a trustee to do this for you. Your finances are now part of an estate, and it is the trustee’s responsibility to pay all of your debts that have not been exempted by the court. This includes the taxes for the estate in bankruptcy.

This can

How to File Bankruptcy in Hawaii Without An Attorney

2019-01-15T08:30:08+00:00By |Comment(s):Comments Off on How to File Bankruptcy in Hawaii Without An Attorney

How To File Bankruptcy Without Attorney

The thought of filing for bankruptcy can be frightening. It carries such stigma in our society, yet nearly one million bankruptcy filings occur in the U.S. each year. A job loss, medical expenses, seriously overextended credit, marital problems, and other unforeseen reasons can leave you financially overwhelmed..

When you find yourself sinking, it may be time to take action. If your credit card payments and monthly bills exceed your income, if you have exhausted your other options, if credit counseling and debt consolidation aren’t enough, voluntary bankruptcy may be a viable option. It can help you get back on your feet and give

New Bankruptcy Rules in Effect December 1, 2018

2018-12-16T08:44:49+00:00By |Comment(s):Comments Off on New Bankruptcy Rules in Effect December 1, 2018

New amendments are made to bankruptcy rules about once each year. These rules, called the Federal Rules of Bankruptcy Procedure, regulate the way that bankruptcy cases are handled throughout the country and in individual states. 

New Bankruptcy Laws

The new rules put into place to address problems noticed by an Advisory committee that includes bankruptcy attorneys and federal judges. The Supreme Court eventually makes the amendments law and they can be disapproved by Congress.

Federal Rule Changes

Most of the rule changes being applied this year are related to the way appeals are handled and the electronic filing of bankruptcy cases. Here are the

How to Avoid Foreclosure in Hawaii

2018-12-10T08:46:52+00:00By |Comment(s):Comments Off on How to Avoid Foreclosure in Hawaii

making home affordableHomeowners can encounter many complications that make it difficult, if not impossible, to make their mortgage payments. Many of these complications are unavoidable and can happen to almost anyone. Some of these obstacles are: 

  • Job loss 
  • Reduced Income
  • Mortgage rate increase 
  • Medical expenses 
  • Unexpected second loans 
  • Serious credit card debt 

Regardless of the financial reasons, many Hawaiians find themselves at risk of losing their homes.  

Facing foreclosure is one of the most stressful problems you can encounter. Countless question

What is the Bankruptcy Automatic Stay?

2018-11-26T08:37:25+00:00By |Comment(s):Comments Off on What is the Bankruptcy Automatic Stay?

Bankruptcy Automatic Stay

Filing for bankruptcy can be an intimidating process. But if you find yourself financially drowning, bankruptcy can be the lifeline you need to get back on your feet.
While bankruptcy does bring its share of complications, those are also accompanied by several benefits. One of these benefits is the Automatic Stay.

What is the Automatic Stay?

The Automatic Stay is possibly the most important advantage of a bankruptcy case. This single-page Federal Court Order is activated automatically by the U.S. Bankruptcy Court as soon as you file your petition.

This injunction provides you with instant protection, and alerts creditors that a bankruptcy case has been filed. It puts an immediate stop to most collection activity and lawsuits against you or your business.

What the Automatic

Bankruptcy and Inheritance

2018-11-12T08:25:32+00:00By |Comment(s):Comments Off on Bankruptcy and Inheritance

Bankruptcy and inheritance

You may think that receiving an unexpected inheritance is the answer to your prayers, but that may not be the case if you have already filed for bankruptcy. Some of your inheritance money could end up going to your creditors if you have filed for Chapter 13 or 7 bankruptcy. What happens to your newly found money depends a lot on timing. 

Understanding the Bankruptcy Estate 

Your bankruptcy estate includes everything you have the right to possess, plus everything you already possess. Once you file for Chapter 7 bankruptcy, the trustee of your bankruptcy gains legal control over your entire estate. Chapter 7 differs from Chapter 13 because during a Chapter 13 proceeding the trustee of your estate liquidates

5 Steps to Buying a House During or After Bankruptcy

2018-10-31T22:20:23+00:00By |Comment(s):Comments Off on 5 Steps to Buying a House During or After Bankruptcy

Buying a Home During or After Bankruptcy

Many individuals believe that after filing for Chapter 13 bankruptcy they are in no position to get a home loan.  However, there are lenders that specialize in helping bankruptcy filers get a home loan, refinance an existing mortgage, or complete a cash out refinance.  Here are 5 steps you can take in order to position yourself to achieve your mortgage goals.

1. Organize Your Finances

a.   Get an In-Depth Credit Review
When you are looking to buy a house after bankruptcy, some companies will provide you with a 3-in-1 credit review.  This way you can see if there are any factors that are positively or negatively impacting your credit.

b.   Establish a Monthly Budget
Make sure that

How to Keep Your Home When You File Chapter 13 Bankruptcy

2018-10-23T01:47:56+00:00By |Comment(s):Comments Off on How to Keep Your Home When You File Chapter 13 Bankruptcy

How to Keep Your Home When You File for Chapter 13 Bankruptcy

One of the most common reasons people file for Chapter 13 is to save their home from foreclosure. Chapter 13 stops the foreclosure process and gives you an opportunity to catch up on your payments. It is crucial that you know what all the rules for home ownership are under Chapter 13. You don’t want to make a simple mistake that could cost you your home. Catching up on your payments won’t do you any good if you don’t follow all of the other rules that apply in this situation.

How to Keep Your Home When You File for Bankruptcy

1. Make Sure You Read Your Chapter 13 Plan Carefully

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