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The biggest deciding factor in whether or not you should file for bankruptcy is the amount of debt that you have. It is important to meet with an experienced Bankruptcy attorney so that you can take a very detailed look at your finances. A careful examination of your income, debt, expenses and assets will help determine if Chapter 7 is right for you. What Debt Can Be Discharged in Chapter 7 Bankruptcy: Civil Judgments Credit card debt Medical bills Unsecured loans What Type of Debt Cannot be Discharged: Unpaid taxes Alimony Child support Secured loans like mortgages and car payments…

All debt can be classified in one of two different ways. Debt is either considered to be secured, or unsecured. In order to understand the impact that each type of debt can have we need to understand what constitutes both secured and unsecured debt. Secured Debt: Secured debt is any debt that requires collateral in order to obtain a loan. Examples of secured debt would include: A home mortgage Home equity line of credit Car loan Credit card with a secure line of credit A lender will always see a secure loan as a lower risk loan. Due to the…

A lot of people are worried about the effects bankruptcy will have on their credit score. The reality is though that if you are in need of bankruptcy your credit score is probably already pretty poor. This means that bankruptcy can actually give you a fresh start and help you to improve your credit score. Now even though filing for bankruptcy can help your credit, it is only the first step. It is very important that you follow up with other steps to helping your credit. Several things which you can do to boost your score are: Obtain a credit…

The use of credit cards has become a normal part of life for most people.  For many of my clients, credit cards have been used for groceries, medical bills, and other necessities of life.  The result is a huge amount of debt that many are in no position to ever pay off.  I see clients on a fairly regular basis with more than $100,000 in credit card debt.  This type of debt almost always leads to a bankruptcy filing.  Once the decision to file for bankruptcy is made it is necessary to evaluate and alter credit card use before the…