Do not liquidate your retirement accounts to pay off debt that can be discharged in bankruptcy. Retirement accounts enjoy broad protections in a bankruptcy so it is not a good idea to cash them out. Do not take out an HELOC to pay off credit card debt that can be discharged in bankruptcy. Remember that credit card debt is unsecured debt meaning it is secured only by your signature, not collateral, a home or a car. If you pay off credit card with a HELOC, you not only risk losing your home if … [Read more...]
Archives for October 2018
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Deciding When to File Bankruptcy
If you are considering Chapter 7 bankruptcy protection, you may wonder if the timing of your bankruptcy matters. For most, the answer is yes. After all the goal, is to emerge from bankruptcy in better financial shape so discharging as much debt as you can is in your best interests. For example, if your financial situation has worsened because of medical costs related to an illness, you may want to wait until you have incurred the bulk of medical charges before filing bankruptcy so that they will … [Read more...]
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Based on 66 reviews
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