Hatfield Harris, PLLC
Local: 479-250-1962 or Toll Free: 800-491-4103

Personal Bankruptcy Archives

Plan to address holiday debts now

Now that the holiday season is over, some people are faced with a harsh reality as the credit card bills start rolling in. You really can't avoid checking the mail, and ignoring the credit card statements won't help the situation at all. Instead, you need to find out what you owe and plan to get those bills taken care of.

Many people in debt can't afford to file for bankruptcy

Many people opt to file bankruptcy to try to get back on top of their finances. While this might sound like it would work, it often doesn't. The issue that many people face is that they don't have the money to file their case. They have to cover the cost to file, as well as attorney fees. But, people who file bankruptcy shouldn't skimp on the attorney.

Enjoy the protections of the automatic stay in bankruptcy

One of the factors that drives some people to file for bankruptcy is that they are sick and tired of debt collectors contacting them constantly. The phone calls and letters seem to come at the most inopportune times. While it is sometimes possible to stem these calls by asking them not to contact you or by entering into a payment arrangement, some creditors will continue to harass you.

Keeping your financial freedom after bankruptcy

There are many different methods for getting back on financial track after you file for bankruptcy. While you are in the midst of the process, you will have to live on a cash budget. Once the court discharges the case, you have to determine what type of financial lifestyle you are going to live.

Automatic stays provide some protection from creditors

People who are tired of checking the mail or answering the phone because of debt collection attempts might appreciate one of the immediate impacts of bankruptcy – the automatic stay. When you file for protection, the court issues an order that prevents creditors from trying to collect on your bills.

Bankruptcy can have mental health impacts

The process of filing for bankruptcy is difficult for many people. Not only do you have to deal with the lifestyle changes that you are going through, but your emotions are probably suffering greatly. You might feel as though you let people down. You might be worried about how others see you now. You may be concerned about your job and your home. All of this can weigh heavily on your mind.

Can a liquidation bankruptcy help?

When it comes to debt relief, one of the primary options is a Chapter 7 bankruptcy. Chapter 7 bankruptcy has many benefits for people who cannot afford to pay back what they owe. As a liquidation bankruptcy, it may require you to give up a portion of your assets for sale. However, there are exemptions, so that you don't have to start over from scratch -- and many people end up giving up nothing at all.

Bankruptcy might provide limited foreclosure relief

People have various reasons for wanting to file for bankruptcy. When you are faced with bills that have a higher payment than your income, you might consider taking this step. For some individuals, the point that pushes them to bankruptcy is foreclosure. They might be so focused on stopping the foreclosure that they take this step.