Becoming unemployed, or a cutback in hours, is one of the top reasons why many people file for bankruptcy. Being unemployed without a steady source of income is a tough situation for anyone. By law, you do not have to be employed to file for bankruptcy. However, if you are unemployed your job status can affect the outcome of your bankruptcy. Continue reading
Whether or not filing bankruptcy individually or jointly is the best option for married couples depends on a number of factors. Legally, married couples can file bankruptcy together with one petition; a joint bankruptcy. Under a joint bankruptcy; all your combined property and debts are included. This may make sense for some couples. For others, it may be better for just one spouse to file alone. Continue reading
It’s normal to worry about will filing bankruptcy affect my employment status and who will find out about my bankruptcy filing. Many individuals who are considering filing for bankruptcy also worry about the effect of the bankruptcy on future employment. They are typically concerned with if a potential employer finds out about the bankruptcy filing; will the employer be deterred from hiring you? This is especially true if you are employed in a position of trust or employed to manage others money.
It is not uncommon for an individual to file bankruptcy, and then need to refile at a later date. For instance, your plan payment under a Chapter 13 bankruptcy (a reorganization) may have been too large. Or you may have additional unforeseen circumstances such as reduced income that caused you to become dependent on credit.
If you file for bankruptcy, you will not immediately qualify for a mortgage afterwards. Bankruptcy will not necessarily hurt your credit score however it’s likely you will need time to get back on your feet financially. Because bankruptcy provides you with a fresh financial start it will not take forever to qualify for a mortgage. Your options depend on what type of mortgage you are seeking, as well as what type of bankruptcy you filed.
There are a variety of mortgages that are available to you after filing for bankruptcy. One to consider is an FHA loan. An FHA loan is insured by the federal government, and allows buyers to put down a much smaller down payment. The credit score requirements are also looser – some people with a credit score as low as 580 will qualify.
There are situations where a person may have a mountain of consumer debts, such as credit card bills, car loans, and medical debt, but could have a significant amount of money in a retirement account such as a 401(k) or IRA. It can be very tempting to dip into that account in order to pay off those debts when creditors are constantly harassing you to pay off the debt.
However, that is usually not a very good idea for a number of reasons. First, there is normally an early withdrawal fee as well as hefty taxes. Secondly, your retirement funds are exempt from garnishment or levy. Thirdly, credit cards and medical debt can be discharged through bankruptcy. Lastly, it does make sense to take a loan from a retirement account, such as a 401(k), in order to pay off debt.
If you take a loan, you have to pay it back over a certain period of time. If you are able to make your loan payments, you most likely have the money to pay your creditors directly. Therefore it is not a good idea to take a loan out against your retirement proceeds.
Rear-end collisions happen every day in the U.S. But when a motorcycle is involved, the chances of injury are much greater. A rear-end motorcycle accident can cause permanent injuries, serious head injuries, or even death to motorcycle riders. If you are a motorcyclist and you have been injured in a rear-end collision, you should speak with an attorney immediately. The longer you wait to get help on your case, the harder your case becomes to win. Memories fade and evidence can disappear. You may also miss certain legal filing deadlines.
There are millions of tractor trailers registered for use in the U.S. that travel along the roadways moving products and equipment to where they need to be. The vast majority of truck drivers are very competent, careful, and highly skilled. For many truck drivers, trucking can be an intense profession that requires long days and weeks on the roads, which can lead to exhaustion. Trucking deadlines can be tight and the pressure to drive for longer periods than allowed may be intense, which can lead to catastrophic accidents for truck drivers.
Regardless of who is responsible for causing an accident involving a tractor trailer, drivers are entitled to receive compensation. Most commercial truckers are covered by workers’ compensation, even if they are at fault for the accident. Workers’ compensation typically provides coverage for medical care, disability benefits, partial wages, and vocational training if the trucker is prevented from returning to his or her former position after the accident.
In some cases, the accident may be caused by the negligent actions of a third party. In that case, the injured trucker can file a lawsuit against the responsible individual. The lawsuit can seek compensation for the damages and pain and suffering not covered under workers’ compensation. If a truck driver was killed, his or her family may also be able to pursue benefits under workers’ compensation, a civil lawsuit, or both. Continue reading
If you are in over your head with debts and are having trouble keeping up with your payments, you may choose to file for bankruptcy. Bankruptcy can offer a chance for consumers to get a fresh start. A Chapter 7 bankruptcy erases most unsecured debts, such as credit card debt and medical debt. A Chapter 13 bankruptcy is a reorganization and allows the consumer to reorganize their debts into manageable payments.
Many consumers who file for bankruptcy want to get rid of all of as many of their debts as possible, but may also want to retain one credit card. You may have a credit card that you only owe a small amount of money on that you want to keep open because it provides you with a lot of perks, such as airline miles or cash back.
It’s not uncommon for consumers to get in over their heads with debt and consider filing a Chapter 7 bankruptcy. Chapter 7 bankruptcy is a discharge in which the debtor’s debts are completely discharged. A debtor must meet certain requirements to be eligible to file a Chapter 7 bankruptcy.
Some consumers may fear that if they file a Chapter 7 bankruptcy, the car loan lender may repossess his or her vehicle. Normally, during a Chapter 7 bankruptcy, the car loan lender is prohibited from repossessing your vehicle or trying to collect the debt owed on the vehicle. That is called an “automatic stay”, and it makes it illegal for most creditors to continue any collection activities.