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Bankruptcy

Bankruptcy: Breaking the Misconceptions

Posted by on Jan 8, 2015 in Bankruptcy | 0 comments

There are a lot of misconceptions that surround the idea of filing for bankruptcy. It is most commonly associated with destitution or absolute poverty, marking total financial failure. No one wants that and, more importantly, nobody wants to go on record saying that they are, legally, a failure. This, however, is simply not true. If you are at a point wherein the bills and debt payments are getting too overwhelming and your lifestyle cannot be supported by your income while accommodating these payments, then bankruptcy could very well be the solution you’ve been looking for.

Depending on the kind of bankruptcy you want to file for, there are some types of bankruptcy that you need to be qualified for in order to file for it. Legal assistance comes into play here because every situation is different from the last and each individual case needs to be properly assessed by someone who knows their stuff about bankruptcy law.

According to the website of bankruptcy lawyer Erin B. Shank, P.C., there are four common types of bankruptcy that people apply for. There is Chapter 7, a type best suited for those with unsecure debt; there is Chapter 11, which is mostly favored by business owners; there is Chapter 12, favored by fishermen and farmers due to its more simplistic procedure; and there is Chapter 13, applicable to both individuals and business owners.

What case is better for you is one that can be better explained and assessed by a legal expert, due to the complicated legal nature of this claim. However, you can rest easy knowing that there are actually quite a lot of attorneys, paralegals, and other law practitioners in this field who have had to file for bankruptcy themselves. This gives them the unique perspective from the other side of the door, empowering the legal team you choose into properly representing you, in order to give you the best financial plan that is most suitable for you. The right legal team could set you on the right track to your financial freedom!

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The True Costs of Divorce

Posted by on Aug 8, 2014 in Bankruptcy, Marriage | 0 comments

It is a given that divorce can be life-changing, and not always in a negative way. There are situations where divorce is the most viable option, especially when a couple finds it impossible to continue on with the marriage. Some have even found that a divorce has significantly improved their relationship with their ex-spouse, and after a period of adjustment, has affected children in positive ways.

However, divorce can be a costly undertaking, and filing for the divorce is the least of these. In most counties, the filing fee is between $100 and $350. In Lewisville County, for example, the filing fee currently ranges from $279 to $303, depending on the add-ons. A Lewisville divorce lawyer will know what kind should be filed for the client. Speaking of which, the legal fees for each spouse typically start at $5,000, and this can go up significantly depending on how contentious the case is. But legal fees are not the biggest costs of divorce.

The biggest cost to a divorced couple is maintaining a household on one income instead of two. The costs will depend on whether there are children and if it was a two-income household to begin with. If one spouse was the sole breadwinner, the costs of alimony and child support can have a tremendous impact on the him or her until such time as the non-earning spouse starts working and the children reach the age of majority. The average American may find that the costs of divorce can be so high that filing for bankruptcy may become the only viable route out of financial distress.

As discussed on the website of Ryan J. Ruehle, LLC in Cincinnati, few people are prepared for the unexpected costs of divorce, and the debt burden may be too great to bear. This is why prenuptials are a necessity that many couples neglect upon getting married, and sometime  comes back to haunt them later. There are many advantages to filing for bankruptcy because of divorce, but the timing is crucial. If you think you will run into financial trouble, it would be best to discuss the matter with divorce and bankruptcy lawyers to get a clearer picture of where you stand and your best options.

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