The Law Offices of Sherrie A. Smith, PLLC

01/31/2024

No one wants to file for bankruptcy more than once, but did you know you must wait 8 years to be able to file for Chapter 7 again after your debts are discharged? However, you only need to wait 4 years in order to file for Chapter 13.

01/29/2024

While bankruptcy can be an effective solution for your financial challenges, it is anything but simple. Once you've made up your mind to declare, you have to begin the process of filing. We can help, but it doesn't hurt to know what to expect.

Filing for bankruptcy is a big decision that requires a lot of preparation. This step-by-step guide will help you make the right choices along the way.

01/26/2024

Depending on the results of your means test after filing for Chapter 7 bankruptcy, a trustee may adopt a presumption of abuse, suggesting you aren't truly in need of a Chapter 7 discharge. This can be worrisome, but if it happens, you aren't out of options.

Chapter 13 bankruptcy allows a individuals and sole proprietors to seek protection from creditors and reorganize debts without liquidating assets.

01/24/2024

Most spouses share finances, debt included. While this naturally extends to the joint filing of bankruptcy when couples find themselves insolvent, if the debt is in a single name, filing alone may help protect assets.

Can you still file bankruptcy if your spouse does not want to file with you? This is what you should know.

01/22/2024

If you want to file for bankruptcy, but don't have the cash to pay your lawyer, you’re likely wondering if you can pay with a credit card.

The short answer is no.

You typically can't keep credit cards when you declare bankruptcy. However, it's important to learn why, what happens to company cards, and how to rebuild your profile.

01/19/2024

Bankruptcy - What NOT to do before filing: Don't pay creditors

Many people want to “do the right thing,” and pay certain creditors in full before filing for bankruptcy. For example, they may want to make sure mom’s loan gets paid. These transactions are prohibited. You can certainly pay your bills as you would normally. However, you cannot make a payment out of the ordinary, to satisfy a creditor in full. These payments are called preferential transfers.

01/17/2024

If you are filing for bankruptcy, it means you are trying to get your debt discharged. While this is typically a straightforward process, a discharge can be denied or disputed either by a trustee or creditor. Knowing why may help you avoid such a complication.

For most people who file bankruptcy, discharge is the goal. But what happens if the court denies your bankruptcy discharge?

01/15/2024

The practice of dealing with debt and debtors has seen a lot of turbulence throughout history. Today, we have a system to help those in need while preventing abuse, but just how did we get here? Read on.

Since its inception, bankruptcy has taken many twists and turns. Learn how bankruptcy developed over the years in the judicial system of the United States.

01/12/2024

Did you know that bankruptcy doesn't always relieve you of every debt? Some debts are considered "nondischargeable" or not eliminable through filing bankruptcy. Know what debts are nondischargeable and what may help you get the most out of bankruptcy.

Nondischargeable debt is a type of debt that cannot be eliminated through a bankruptcy proceeding. Examples of such debt include student loans as well as most federal, state, and local taxes.

01/11/2024

Dealing with a heavy debt load can be burdensome, especially when there are many rumors about bankruptcy. But you should take comfort in the fact that bankruptcy is available for people in just your position.

Bankruptcy may affect your job if a potential or current employer completes a credit check, but you’re often protected from discrimination in that case.

12/11/2023

If you're drowning in debt, bankruptcy may be the answer.

Learn more about your options here: https://www.halt.org/is-bankruptcy-the-answer-to-your-debt-problem/

12/08/2023

When we think of bankruptcy, we often think of it as one big process. In many cases, we are under the assumption that bankruptcy can eliminate debts and solve money problems (with the consequence of destroying one’s credit score). However, this is not always the case.

Find out about declaring chapter 7 or 13 bankruptcy and if it can get you debt relief. Bankruptcy may hurt your credit, there are several alternatives.