Bankruptcy is a challenging financial setback that can have an impact on your credit score, making it difficult to get new credit and if you do, you may pay higher interest rates. However, continually missing payments prolongs the impact on your credit, whereas filing for bankruptcy can provide you with a fresh start that allows […]
Wilmington Delaware Legal Blog
Category: Bankruptcy
Are you eligible to declare Chapter 7 bankruptcy?
Federal bankruptcy laws permit people with significant debts to obtain a fresh financial start. If you declare Chapter 7 bankruptcy, you can settle unsecured debts with your creditors. However, before you declare bankruptcy, you should determine if you meet the eligibility requirements. Chapter 7 bankruptcy eligibility If your income is less than the median income […]
What assets can I keep after declaring bankruptcy?
The federal bankruptcy code governs how bankruptcy courts operate. However, individual states can still implement laws regarding what happens to property during the process. Before you file a personal bankruptcy, you will want to determine for which type you qualify. Chapter 7 vs 13 bankruptcy A Chapter 7 bankruptcy, also known as liquidation bankruptcy, may […]
Demystifying bankruptcy
No one is immune from falling on hard times, even those who curtail spending and save diligently. The prospect of filing for bankruptcy is overwhelming, especially if you fall prey to myths surrounding personal bankruptcy. Bankruptcy is a tool that can provide a fresh start for anyone suffering under the weight of debt. Can you […]
Should I file for bankruptcy before divorce?
Ending a marriage has a substantial impact on each spouse’s finances, and there are many times when bankruptcy becomes a necessary option. It is important to get the timing right when filing for both divorce and bankruptcy. What should you consider? Divorce is difficult emotionally and financially. For couples that are already struggling with debt, […]
When should I file for bankruptcy?
Bankruptcy is a legal process that can lead to a fresh financial start. Individuals who face unmanageable debt may struggle with whether or not bankruptcy is the right option for their financial future, often because they feel a moral obligation to repay what they owe. But when debt relief is not an option, it may […]
How Chapter 7 bankruptcy differs from Chapter 13 bankruptcy
In today’s culture, it is easy to find yourself mired in debt. A single poor decision, a sudden medical emergency, a predatory loan, a scam — all of these have the power to drop you from perfectly fine to struggling. The government realizes this and provides a valuable tool to help you recover in the […]
Can you keep your home when you file for bankruptcy?
Many people who struggle with mounting debt do not consider filing for bankruptcy because they worry about losing their property. In fact, you can keep many assets when you file for Delaware bankruptcy, including equity in your home. Review the common bankruptcy exemptions in Delaware if you are seeking solutions for your debt. Home and […]
Is it possible to rebuild your credit after bankruptcy?
There are many myths about bankruptcy, but one of the most common is that filing for bankruptcy will leave you unable to rebuild your credit. The truth is that bankruptcy can damage your credit score and your bankruptcy filing will stay on your credit record for seven to ten years after you file. However, rebuilding […]
The differences between Chapter 7 and Chapter 13 bankruptcy
Bankruptcy is often a helpful solution for people who are buried under the burden of massive financial debt. While these options have the potential to free people from this debt, you need to be sure you choose the correct bankruptcy option for you. Knowing the differences between the two most common forms of personal bankruptcy, […]