Filing for bankruptcy can provide temporary financial relief from creditors and open doors for a fresh start. However, you may have to liquidate your assets to pay your debts. The good news is that not all assets qualify for liquidation.
Bankruptcy exemptions safeguard your property during bankruptcy procedures. These federal and state laws allow you to keep essential property so you can stay afloat even when indebted. The legislation protects some of your assets when filing for bankruptcy on the grounds that they are vital for your work and domestic needs. Items like clothing, furniture, and computers are exempt, meaning a bankruptcy trustee cannot claim them to pay your debts.
Chapter 7 bankruptcy is a liquidation bankruptcy option that protects exempt assets from seizure by a bankruptcy trustee or creditor. It prevents creditors from repossessing property or collecting payments for unsecured debts. Under this chapter, a bankruptcy trustee can only collect non-exempt items and sell them to repay creditors. Chapter 7 legally discharges your unsecured debts, giving you a fresh start.
Exempt assets in Chapter 7 bankruptcy include your primary residence, an inexpensive main vehicle, household goods, professional tools, health aids, and everyday items. Other exempt assets include federal benefits, retirement accounts, social security compensation, and life insurance policies.
If you have a regular income but cannot afford to pay your debts, consider filing for this bankruptcy option. Also known as a wage earner’s plan, Chapter 13 bankruptcy allows you to pay your debts over a specified period, typically 3–5 years. The best part is that you keep everything under a court-approved debt repayment plan. All assets automatically become exempt, meaning a bankruptcy trustee or creditor cannot repossess your property. You only need to stick to the plan to maintain your possessions.
Understanding the different bankruptcy options can be overwhelming. Our experienced attorney at O’Brien Law Firm in Southaven, MS, can help you navigate these unchartered waters. Call us today for legal assistance.
If you are in debt, financial difficulties may exacerbate your debt problems and leave you with no choice but to file for bankruptcy. In the heat of the moment, you may be tempted to file for emergency bankruptcy to get immediate reprieve. While an emergency bankruptcy filing may help, it is often a complex process with demanding requirements.
What Is an Emergency Bankruptcy Filing?
Emergency bankruptcy is a type of bankruptcy that allows for immediate reprieve from debts. It differs from normal bankruptcy filings in that the debtor only has to file the minimum required files to get the court to grant a stay order halting collections from creditors. In normal bankruptcy filings, one has to follow the entire process laid out in law, which can take months.
Requirements for an Emergency Bankruptcy Filing
Although the exact number of documents may vary depending on the specific court, below are the minimum documents you need to present when filing for emergency bankruptcy:
Notably, the above documents will help you get creditors off your back. However, you still need to provide additional documents and information on your finances within the specified period to avoid invalidation of your filing.
Looking for an Experienced Attorney?
At O’Brien Law Firm in Southaven, MS, we can help you file for emergency bankruptcy. Call us today to book a free consultation with our bankruptcy lawyers.
Losing a job is one of the most devastating things that can happen to anyone. Some people are able to find a job within a few months and avoid financial ruin. But what if you remain unemployed for six months or more? Worse still, what if you were already in a financial predicament before you were laid off? In such a case, you may consider filing for bankruptcy to get some relief from your creditors.
Bankruptcy procedures are primarily regulated by the U.S. Bankruptcy Code. However, most states have their laws to supplement the federal code and outline the specific guidelines to follow while filing for bankruptcy. That said, there are two main forms of bankruptcy you can file for:
The type of bankruptcy you will be able to file for when unemployed will depend on your financial situation and how much you are willing to lose. If you have little to no income, it may be much easier to file Chapter 7. However, you stand to lose some of your assets and also take a substantive hit on your credit score.
Chapter 13 has stricter requirements as it requires you to have a regular source of income to honor your repayment plan. However, it allows you to keep most of your assets, and the effect on your credit scores will be relatively minor.
Bankruptcy laws are quite complex, and it may be frustrating to navigate through the complexities while dealing with a personal financial crisis. Fortunately, our attorneys at O’Brien Law Firm in Southaven, MS, are here to help. Talk to us today!
Nobody ever dreams of going bankrupt, but during hard times, filing for bankruptcy can provide a much-needed fresh start. But what if you’ve already filed for bankruptcy before? Can you do it again?
As it is, the law doesn’t prevent anyone from filing for bankruptcy multiple times. However, the Federal Bankruptcy Code does put in place safeguards to prevent and discourage frivolous filings. Essentially, you can file for bankruptcy as many times as you want, but you have to wait for the stipulated amount of time before subsequent filings.
The Bankruptcy Code provides debtors with different options for bankruptcy filings, with each option having its own limitations. Here’s a general breakdown of the available options:
Like any law, the Bankruptcy Code allows for some exceptions and considerations where the waiting period between bankruptcy filings can be reduced or waived altogether. For instance, if you experience an unforeseen financial hardship after your last filing, a judge may allow for repeat filings sooner than stipulated.
Don’t navigate the complexities of repeat bankruptcy filings on your own. Contact O’Brien Law Firm in Southaven, MS, today and let us help you explore your options and kickstart your journey to a debt-free future.
The evolution of finance is continuous, and the emergence of cryptocurrencies has added a complex layer to the world of monetary transactions. In this digital age, the interplay between bankruptcy law and cryptocurrencies presents new challenges and opportunities for legal frameworks worldwide. As these digital assets gain prominence, it’s crucial to understand how they will shape the future of bankruptcy proceedings.
One of the primary issues in this domain is the classification of cryptocurrencies. Are they currencies, commodities, or something entirely different? This classification impacts how they are treated in bankruptcy cases. For instance, if treated as currencies, cryptocurrencies could be used to pay off debts. As commodities, they might be liquidated. The volatility of these digital assets further complicates their treatment in bankruptcy cases. Their value can fluctuate wildly, which poses a challenge in determining the debtor’s actual asset worth.
Another aspect to consider is the global nature of cryptocurrencies. They transcend national boundaries, complicating jurisdictional issues in bankruptcy cases. Different countries have varying approaches to cryptocurrencies, and international cooperation becomes essential for handling cross-border bankruptcy cases involving digital assets.
Blockchain, the technology underpinning cryptocurrencies, offers enhanced transparency and traceability. This could revolutionize how assets are tracked in bankruptcy proceedings, potentially making it easier to identify and recover hidden or undisclosed assets.
At O’Brien Law Firm, we recognize that the integration of cryptocurrencies in bankruptcy law is not just a trend but a paradigm shift. Our team is at the forefront, continuously updating our knowledge and skills to navigate this complex landscape.
As we move forward in this new era, O’Brien Law Firm of Southaven, MS, is committed to offering expert legal guidance in the field of bankruptcy law, especially as it intersects with the evolving world of cryptocurrencies. We are here to assist individuals and businesses in understanding and navigating these complexities. Contact us for a consultation, and let us help you stay ahead in this rapidly changing legal landscape.
