Gift giving is an integral part of life. When you're going through bankruptcy, though, you may wonder if you can still give and receive gifts while your case is active. The court generally doesn't have a problem with people giving stuff to or receiving things from friends and family, but here are a few rules to ensure those gifts don't hinder your case.
Gifts with Low to Moderate Value Allowed
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One of the questions you will likely have when you have a lot of debt is if you should file for bankruptcy. There are good and bad times to use bankruptcy, and it helps to know those situations so that you do it right.
You Have A Lot Of Debt
One thing that people do not realize is that it costs money to file for bankruptcy. You have to pay for filing fees, lawyer fees, and other costs associated with the bankruptcy, which may not make the hit on your credit worth it.
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When you file a Chapter 13 bankruptcy case, you will be in for the long haul. A Chapter 13 case typically takes five years for the average person to complete, and you will not receive all the relief you need until you complete the plan. While five years is a long time, it is not forever. If you handle your case correctly, you can get through it without too much trouble.
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Most people seeking bankruptcy advice do not know a lot about filing for Chapter 7. Yet, they might need help eliminating their debts, and they turn to bankruptcy attorneys for assistance. If you are considering Chapter 7 bankruptcy, learning the following four things to expect might help you decide if Chapter 7 is right for you.
1. To Receive an Automatic Stay
One thing you should expect with a Chapter 7 case is to receive an automatic stay.
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Chapter 7 bankruptcy is one tool for escaping the mountain of debt you may be toiling under. However, the bankruptcy court can only eliminate eligible debt reported on the petition. Anything not included on the list of creditors will continue to be owed after the case concludes, which can potentially inhibit your financial recovery. It's not the end of the world if you forget to include someone, though. Here are two things you can do if you find you inadvertently left a creditor off your bankruptcy schedules.
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