The reason many people feel bad is that they are breaking a promise to themselves.
Filing bankruptcy is very hard, because it forces you to renegotiate these promises that you made to yourself, which often creates intense feelings of guilt.
However, the bottom line is that Creditors entered into a financial transaction with you when they lent [...]

Bankruptcy works by protecting you form your Creditors when you are no longer able to pay your debts. The most powerful function of a bankruptcy is called the “Automatic Stay.”
The Automatic Stay goes into effect the second your bankruptcy case is filed with the Court. The Automatic Stay is like a wall that goes straight [...]

Once your bankruptcy has been filed most companies will no longer send you invoices or statements; you will be responsible for making your monthly payment on time, to the address you have always sent payments to, even though you will no longer receive correspondence requesting payment from the lender. Most lenders will send a receipt [...]

For many reasons you should not pay people, relatives, and other Creditors back before filing a bankruptcy.
The greatest reason is that the Trustee has the ability to take the money back, so that one Creditor (includes relatives who lent you money and you paid back) is not preferred over another of similar status.
Generally, you can [...]

No. I cannot even fathom a circumstance that this is acceptable. However, there are appropriate ways to protect your property prior to bankruptcy. Speak with your attorney first to make sure you are taking appropriate actions.
Remember, the bankruptcy code is complicated and there are legal ways to protect your asset before filing a bankruptcy. The [...]

Secured debts include your house, car, and other items you may have financed in order to purchase them, such as televisions and household goods. This is different then when you purchase an item on a credit card as the lender takes an interest in what you purchase and if you default on payment the lender [...]

In Colorado there is now a free service for homeowners who have missed payments or are in danger of foreclosure. This service is the Colorado Foreclosure Hotline.
The Colorado Foreclosure Hotline provides free professional housing counseling. The counselors provide assistance to homeowners who are trying to avoid foreclosure.
The Colorado Foreclosure Hotline may be contacted by calling [...]

The answer is that is depends. It will depend on when you change your job.
If you change your job prior to filing a Chapter 7 bankruptcy and you make more money than you did before you may no longer qualify for your fresh start Chapter 7 bankruptcy.
However, if you receive a higher paying job after [...]

The answer is that is depends. It will depend on when you change your job.
If you change your job prior to filing a Chapter 13 bankruptcy and make more money in the new job then you may be required to pay more to the 13 trustee during your Chapter 13 Plan.
If you receive a higher [...]

The answer is “it depends.” The greatest factor in determining your ability to keep a piece or property or any asset in bankruptcy is the value of that piece of property. After you know the value of your property you will need to know whether property is exempt.
Each state has different laws that protect your [...]