Pinkston and Pinkston, P.A.

Bankruptcy Myth of the Week

We are back again this week to bust another bankruptcy myth! (myth from bankruptcyhome.com)

Myth: If I file for bankruptcy the trustee will seize all of my assets and sell them to settle my debts with creditors.

False: While it's one of the duties of a trustee to sell assets in the estate, the trustee cannot necessarily reach all your assets. There are several factors that must be examined. The type of bankruptcy as a lot to do with how much the trustee can seize. For example, a chapter 13 is a reorganization bankruptcy, so the debtor keeps the majority if not all of his assets, and forms a repayment plan to satisfy interested creditors. (from bankruptcyhome.com)

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

How To Declare Bankruptcy

In order to file for bankruptcy, you will need eligibility, credit counseling, a bankruptcy petition, and money management courses.

In this video, we get an overview on how to declare bankruptcy. The first step in filing for bankruptcy is to understand the process and which debts you’ll still be responsible for after the filing is complete. After researching the differences between Chapter 13 and Chapter 7 bankruptcy, it’s time to see which one best suits your needs. Did you know that making large purchases right before filing for bankruptcy may be considered fraud? Learn more with this full clip.

If you need help filing for bankruptcy or handling bankruptcy appeals, then David Pinkston and everyone at Pinkston and Pinkston, P.A. is here to help. Visit our website for more information on our practice and service areas.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Bankruptcy Myth of the Week

It’s time for another bankruptcy myth to be investigated!

Myth: You can choose whether you want to include all your debt in a bankruptcy filing

False: Experts stress that it’s important to list out all of your debts. Providing misinformation or not including certain debts you have can potentially lead to extra costs, and even the possible dismissal of the bankruptcy case. (Information from Bankrate.com)

If you have more questions about bankruptcy or filing for bankruptcy call David Pinkston at Pinkston and Pinkston, P.A. at 888-592-0158 or pinkstonandpinkston.com.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

What is Bankruptcy?

While many people think that bankruptcy is a significant decision, filing for bankruptcy actually provides you with the opportunity to live a debt free life. In fact, over 3 million people in the U.S. filed for bankruptcy in 2009 alone.  If you’re looking for a way out of debt, then filing for bankruptcy with a bankruptcy law firm may be the best solution for you. Before you schedule a consultation, check out this brief overview of bankruptcy.

Bankruptcy

Bankruptcy is a process that allows consumers and businesses to eliminate or repay some or all of their debts under the protection of the federal bankruptcy court. There are several types of bankruptcy, including:

• Chapter 7 bankruptcy: This chapter refers to the liquidation process, in which all of your non-exempt property is liquidated so that the proceeds can be used to payback the lending companies.
• Chapter 13 bankruptcy: This type of bankruptcy allows you to restructure your debts into a more manageable 3-5 year payment plan.

While there are several different types of bankruptcy, Chapter 13 and Chapter 7 bankruptcies are the most common.

Filing for bankruptcy can be an extremely complicated process and the bankruptcy appeals process can be even more complex.  Let David Pinkston and our attorneys with Pinkston & Pinkston, P.A. guide you through the filing process. Visit our website for a full listing of practice areas or to schedule a consultation.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Bankruptcy Myth of the Week

We are back this week to shed some light on another common myth about bankruptcy!

Myth: If I file for bankruptcy I will lose everything I have.

False: While the bankruptcy laws vary from state to state, every state has exemptions that protect certain kinds of assets, such as your house, your car (up to a certain value), money in qualified retirement plans, household goods and clothing. (answer from MSNMoney.com)

If you have more questions about bankruptcy or filing for bankruptcy call David Pinkston with Pinkston and Pinkston, P.A. at 888-592-0158 or pinkstonandpinkston.com.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.