Filing bankruptcy is typically a last resort action for most people. It is a process in which individuals eliminate different types of debt they might have. Deciding to file for bankruptcy is a life-altering decision— one of the main reasons why is the lowering of one’s credit score. Consumers usually file one of two chapters of bankruptcy, while others...
Continue ReadingHave you found yourself in a situation where you owe unpaid income taxes to the IRS? Is the IRS using aggressive efforts to collect back taxes from you? If you are stressed and feeling overwhelmed because you have substantial tax debt, then filing for Chapter 7 bankruptcy might be the solution to put a stop to IRS collection actions. When the...
Continue ReadingAlthough bankruptcy can eliminate a substantial portion of your overall debt, you need to be cautious if you want to use it to get rid of your tax debt. If you owe back taxes and file for Chapter 7 bankruptcy, the tax debt likely won’t be wiped out, and you will still need to pay what you owe after the...
Continue ReadingAlthough many hardworking people fall behind on their mortgage payments, most lenders aren’t willing to work out deals with homeowners to pay off what they owe. If you are facing foreclosure on your home and feel like you are all out of options, then filing for bankruptcy might be the solution to save your home and help you get on track...
Continue ReadingAs a single person, financial woes can be stressful to deal with, but adding a spouse to the mixture isn’t the type of “spice” that relationship counselors typically encourage. For couples who have not yet taken the leap, there should be little to no impact, unless there are jointly held property or debts. However, once you put a ring...
Continue ReadingWhat Happens When Hawaii’s Foreclosure Moratorium Ends? The state-mandated moratorium on mortgage companies’ ability to file foreclosures expires in Hawaii on 8/30/21. What this means for many homeowners who have fallen behind on mortgage payments due to the economic hardships imposed by the pandemic, is that the mortgage companies can now come knocking on the door for payment. Actually, they can...
Continue ReadingCreditors will do whatever it takes to gain compensation, and when individuals fall behind on their mortgage payments, their home becomes the primary target. This is done by the forced sale of someone’s home in order to pay back their debt. If you are extremely behind on your mortgage payments, our Hawaii bankruptcy team outlines how you may be...
Continue ReadingChapters 7 and 13 of the United States Bankruptcy Code are two of the most common types of bankruptcy that are filed by consumers. Though their primary goals are to help their filers gain relief from their debts, their processes to achieve this goal are very different. Below, our Hawaii bankruptcy team provides a guide to how these chapters...
Continue ReadingBankruptcy Can Give Debtors a Fresh Start It’s always in the back of our client’s minds on the eve of filing bankruptcy. What sort of interest rates will I get when applying for a future car loan? Will I ever qualify for that home loan? Are credit cards going to be beyond my reach for the next 10 years? These...
Continue ReadingCreditors have a variety of methods at their disposal to collect debts in the form of levies, liens, and garnishments. These processes can leave debtors feeling like unprotected divers swimming in a sea of sharks! Thankfully, the bankruptcy code offers a proverbial shark cage to protect debtors and their property in the form of an automatic stay. It’s this protection...
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