Blog Posts in May, 2011

• Posted By Carol Ellis 30-May-2011

  Cost of Filing a Petition

  Besides any attorneys' fee, which will be hundreds of dollars, bankruptcy carries an out-of-pocket cost of at least $284-$299 for the court fees and fees for a prebankruptcy credit counseling briefing and a credit education course required after the ...

  Continue Reading
• Posted By Carol Ellis 27-May-2011

  Possible Discrimination After Bankruptcy

  Closely related to the problem of reputation is that of discrimination against debtors who have filed bankruptcy cases. To a large extent, the Bankruptcy Code alleviates this problem. Government bodies generally may not discriminate on the basis of a ...

  Continue Reading
• Posted By Carol Ellis 25-May-2011

  Effect on Credit and Reputation

  A bankruptcy will be part of a debtor's credit history for as long as the law allows, that is, 10 years under the Fair Credit Reporting Act. This means that anyone who requests a credit report will be informed of the bankruptcy filing. The effect ...

  Continue Reading
• Posted By Carol D. Ellis 20-May-2011

  The Disadvantages of Bankruptcy

  Despite all of the advantages that bankruptcy may provide, there are many valid reasons for choosing not to file a petition. Some of these concern problems in the cases of particular debtors; others relate simply to the fact that bankruptcy is not ...

  Continue Reading
• Posted By Carol Ellis 18-May-2011

  Automatic stay

  The most valuable feature of a bankruptcy is sometimes the automatic stay, which the debtor gains instantaneously on filing a petition. The stay is an automatic court order that prohibits all sorts of collection attempts by creditors, allowing the ...

  Continue Reading
• Posted By Caril Ellis 16-May-2011

  Discharge of most debts

  The principal goal of most bankruptcies is to have most unsecured debts discharged. The bankruptcy discharge totally eliminates any personal obligation to pay many types of debts. (A few types of debts are not dischargeable. Also, if a creditor has a ...

  Continue Reading
• Posted By Carol Ellis 12-May-2011

  The Advantages of Bankruptcy

  The key benefit of bankruptcy is the discharge of debts, which enables a debtor to start over with a clean slate. However, there are many other advantages, including protection of property and an automatic stay. If you have been faced with a ...

  Continue Reading
• Posted By Palm Beach Bankruptcy Attorney 11-May-2011

  Avoid Self-Destructive Acts Prior to Filing Bankruptcy

  You have financial problems and you're not sure you want to file bankruptcy. The first thing you need to know is this: That's okay! Why should you know for sure that you need to file bankruptcy? If you haven't met with a bankruptcy lawyer, how would ...

  Continue Reading
• Posted By Palm Beach Bankruptcy Attorney 8-May-2011

  Repairing Your Credit After Bankruptcy

  One of the biggest concerns of most people considering bankruptcy is how to rebuild credit after filing a bankruptcy. This is certainly a valid concern as credit has become an important part of the American economy and it seems a credit card is ...

  Continue Reading
• Posted By Palm Beach Bankruptcy Attorney 6-May-2011

  Analyzing Your Budget To Determine If Bankruptcy Will Help

  A final ingredient in the financial picture of a family or individual is a complete analysis of ongoing expenses and income. Only with this information in hand can the likely outcome of a bankruptcy be projected, for the family will continue to have ...

  Continue Reading