Your Bankruptcy Doesn’t Have to Affect Your Spouse

When you are facing the reality that bankruptcy is your best bet to discharge overwhelming debt, you may find yourself worrying about what that will look like for your spouse. Luckily, just because you are filing bankruptcy, doesn’t mean your spouse has to as well. It is true, you and your spouse can make the decision to file separately. This decision is important, as it can determine how your debt is discharged.

Why File Bankruptcy Jointly?

All debts and assets of both you and your spouse are disclosed in the bankruptcy when you file together. When filing jointly, all the debt is bundled together. This makes the process simpler if both you and your spouse have debt. Filing together can seem like an obvious answer, especially if both you and your spouse have incurred debt, either together or separately, but it is far from your only option.

Why File Separately?

What If Only I Have Debt?

If you have debt and your spouse does not, it can be a easy decision to keep your spouse out of the bankruptcy. When your spouse is not a part of the bankruptcy, you can do things like save 50% of your tax refund if you filed your taxes jointly. You can also protect assets that are in the name of the non-debtor.

 What If We Both Have Debt?

What you may not know is that even if you both have debts, it can benefit you to file separately. If you have a lot of debt, a chapter 7, or liquidation bankruptcy, may sound like the best option as it discharges the debt, rather than putting it into a payment plan.

Unfortunately, The trustee has the right to sell any assets and utilize the proceeds to pay off creditors due to the nature of a chapter 7. This means you could lose big assets like your home. However, if the spouse whose name is on the house files a chapter 13 while the other spouse files a chapter 7, you can get benefits of both bankruptcies. In your Chapter 7, the debt is discharged. Meanwhile, in your spouse’s Chapter 13, your home is protected and their debt is placed into a payment plan.

Talk to an Attorney About Your Options.

Thinking of filing bankruptcy but nervous about how it’ll affect your spouse? Your best option is to speak with an experienced attorney about your options. Call The Law Offices of Dax J. Miller today and schedule your free phone consultation! We can help you find out what works best for your situation.

Biden Cancels $1.2 Billion in Student Loan Debt, What Now?

Biden cancels $1.2 billion in student loan debt for 150,000 borrowers, bringing the total cancelled debt to $138 billion for 3.9 million borrowers. This recent cancellation benefitted those enrolled in the income-driven repayment plan called SAVE. If you didn’t sign up or didn’t qualify for SAVE and still feel the weight of your student loan debt, don’t worry. Bankruptcy could be your way out.

Bankruptcy and Student Loans

Did you know that bankruptcy can help you with your student loan debt? According to bankruptcy code, student loans can be discharged if there is proof of undue hardship. This essentially means that you must prove to the court that you cannot maintain basic living conditions while paying off student debt. You must also prove that the debt will impact you for the majority of your repayment plan. Undue hardship can be difficult to prove since it is loosely defined by the bankruptcy courts. Luckily, there have been efforts in recent years to broaden the definition and make the process easier. In fact, last year Biden sent out experimental guidance that encouraged the government to cooperate with student loan borrowers seeking relief.

What is Bankruptcy?

Bankruptcy is the legal process by which a business or individual can seek relief for debts that they don’t have the means to repay. Filing for bankruptcy may sound intimidating, but it can do wonders to restart your life. Along with its potential to eliminate student loan debt, it can also stop collections, clean up your credit, and help you deal with other debts such as medical debt, credit card debt, and auto loans. Here at The Law Offices of Dax J. Miller, we offer Chapter 13 and Chapter 7 bankruptcies. A Chapter 13 bankruptcy allows you to place your debt into a repayment plan to help you pay off the debt you owe to your creditors. A Chapter 7 bankruptcy gives you the opportunity to discharge your debt.

Let Bankruptcy Help You with Student Loan Debt!

Having trouble making ends meet with your student loans or other debts? Call The Bankruptcy Law Offices of Dax J. Miller today to schedule a free phone consultation. We can help you figure out what the best move is for you.

Indiana Unemployment Claims on the Rise

The US Department of Labor reported that Indiana unemployment claims rose in the week ending on January 27th. Possibly caused by layoffs, Indiana jobless claims were reported at a whopping 4,122 for the week, up from 3,996 the previous week. This appears to be a part of a nationwide trend, as total US filings are also up 9,000 claims from the previous week. Bankruptcy filings are also on the rise in the US. Could bankruptcy be the next move for newly laid off Americans?

How Does Unemployment Affect Chapter 7 Bankruptcy?

When you are unemployed, you are likely contemplating what your options actually are. Even with unemployment benefits, many Americans will fall well below the median income in their state. This means that an unemployed person who is struggling with their debts and looking to file bankruptcy will likely pass the means test that will qualify them for a Chapter 7.

How Does Unemployment Affect Chapter 13 Bankruptcy?

A Chapter 7 is a great way to discharge your debts, however, it might not be a great option for those looking to save their assets. In that case, you might be looking for a Chapter 13. A Chapter 13 may be difficult to navigate when unemployed, even if you are receiving benefits. This is because your debt is placed into a repayment plan that you are expected to contribute to regularly. If you cannot make those payments, your bankruptcy will likely get dismissed. In this case, it is important to communicate with your lawyer about what you can afford so they can help you make the decision that is right for you.

Can Bankruptcy Help You?

If you are unemployed and considering bankruptcy as an option, call us here at The Law Offices of Dax J. Miller for a free phone consultation. We can help you figure out which chapter is right for you.

Bankruptcy Filings Rise in 2023

The numbers are in – bankruptcy filings are on the rise. With all four quarters of 2023 reaching new peaks, we are seeing the highest number of both business and non-business filings since 2020. With business filings up 40.4% and non-business filings up 16%, we are seeing a total 16.8% rise in filings since 2022.

What is Bankruptcy?

Bankruptcy is a legal process that is taken by a business or individual who cannot repay debts to their creditors and seek relief from those debts. At The Law Offices of Dax J. Miller, we offer Chapter 7 and 13 bankruptcies for individuals seeking to file. A Chapter 7 bankruptcy gives an individual the opportunity to discharge their debt. A Chapter 13 bankruptcy gives an individual the opportunity to  repay their debts through a repayment plan.

Why File for Bankruptcy?

There are many reasons that people file for bankruptcy. Many Americans have a variety of debts including credit card debts and auto loans. Filing for bankruptcy can be a great option when those debts start to pile up. This is because bankruptcy can give you relief from garnishments and collection letters. When you file for bankruptcy, it stops your garnishments and collections by initiating an automatic stay.

Another reason to file for bankruptcy is in the case of repossession or foreclosure. When you file for a chapter 13, repossession can be halted or prevented and foreclosure sales can be stopped in their tracks. Chapter 7 bankruptcies, on the other hand, can provide you with relief from your personal liability on your property.

Is Bankruptcy Your Next Move?

The idea of filing for bankruptcy can be daunting, but here at The Law Offices of Dax J. Miller, we do our best to provide guidance through what can be a very stressful time in your life. If you think bankruptcy could be the right move for you, contact us today to schedule your free phone consultation.

Rise in Bankruptcy for Millennials and Generation X

Despite recent economic data reports showing a 29% increase in consumer confidence since November of 2023, LegalShield’s December Consumer Stress Legal Index displays a worrying rise in financial pressures. According to these documents, more consumers, especially Generation X and Millennials, are seeking legal help for bankruptcy and repossession than in previous years, marking a three-year peak.

The Bigger Picture

According to Newsweek, bankruptcy filings are up 24.7% for Generation X and up 40.1% for Millennials. This rise in bankruptcies is no coincidence. The economic strain on younger generations is clearly reflected in  broader economic data. American household debt has risen 1.3% in the third quarter of 2023, now at $17.29 trillion. This was due to marked increases in debt balances across the board, including mortgages, credit cards, auto loans, and student loans.

Why Bankruptcy Could Be the Answer

Bankruptcy can sound daunting, but it could be the answer to the financial burdens that younger generations are now experiencing. It can help clear credit card debts, auto loan debts, medical debts, and, in some cases, student loans.

These debts can be overwhelming financially by garnishing your wages and mentally by having various creditors banging at your door. Luckily, filing for bankruptcy can help with both of those problems. Not only will filing discharge your debt or put it into a repayment plan, but it will force garnishments and creditor calls to cease.

Bankruptcy can even help you in the case of repossession of your vehicle or other property. Repossession can be halted or prevented when you file a chapter 13. We achieve this through the initiation of an automatic stay. An automatic stay prevents your creditors from taking further action against you.

Is Bankruptcy Right For You?

Are you are interested in learning more about how bankruptcy can help you? Call us at the Law Offices of Dax J. Miller. We can set you up with a phone consultation – free of charge.

Meet Your Financial Goals With Bankruptcy

Two of the top new years resolutions for Americans this year are to build savings and pay off credit card debt. Unfortunately, under the current weight of high inflation and other unexpected financial strains, one might find it difficult to meet their goals this year. As a matter of fact, middle-income households are currently functioning on an average budget deficit of $2,500. It might surprise you to find out that filing for bankruptcy can be the key to making your resolutions a possibility.

Bankruptcy can help build your savings

Bankruptcy can help you meet your financial goal of saving money. In some cases, bankruptcy can completely discharge your debt, leaving you with more money from your paychecks each month to put towards your savings goals. Otherwise, it can stop unwanted advances from creditors and enter you into a repayment plan – which groups all of your debt into one payment. This can make it easier to budget each month as you won’t be getting multiple garnishments from various creditors.

Bankruptcy can pay off your credit card debt

Credit card debt is a common, yet devastating, issue in America today. In fact, according to USA today, the average credit card debt carried in an American household is $7,951. This could feel overwhelming, especially when paired with other common debts such as medical debt. Luckily, bankruptcy can help clear all of your debts, including those from your credit card company.

Let Bankruptcy Help You Meet Your Financial Goals Today!

Find out how bankruptcy can help you get the head start you need on your new years resolutions. Call The Bankruptcy Law Offices of Dax J. Miller today!

Foreclosure Filings are on the Rise

In 2023, 357,062 US properties were filed for foreclosure. That is 10% more than 2022 and a whopping 136% more than 2021. This reflects a correction from the volatility of the past few years, however, it might still sound alarming to the average American. Although this means more predictability for the housing market, a pro for future homeowners and investors, a foreclosure still can be devastating to the individual who owns the home. So what do you do when you get the notice that your home is being foreclosed on? The answer very well may be bankruptcy.

What is Foreclosure?

A foreclosure is the legal process that occurs when a homeowner defaults on their mortgage. In this process, the lender seeks to take possession of the property. Understanding the foreclosure process and the actions that you can take are vital in determining how best to move forward.

How Can Bankruptcy Help?

Bankruptcy can feel daunting to the average person, however, it can be a great way to save your home. If you file a chapter 13 bankruptcy, you can stop the foreclosure sale in its tracks. Bankruptcy gives you the opportunity to take the amount you are behind on the house and pay it off over the next 3 to 5 years. This leaves you caught up on your payments and no longer at risk of losing your home.

Even if saving your home isn’t the right move for you, a chapter 7 bankruptcy allows you to surrender your home, giving you a chance to move out. In this scenario, bankruptcy relieves you of the burden of paying off any personal liability for the mortgage debt on a house you no longer live in.

Let Bankruptcy Help You Avoid Foreclosure

Let bankruptcy leave you in charge of what happens to your home. Call The Bankruptcy Law Offices of Dax J Miller today to see how bankruptcy can help you.

Bankruptcy Restarts Your Life

You may have heard it before – bankruptcy restarts your life.  But what do people really mean when they say that bankruptcy gives you a fresh start? Here, we will discuss some of the most outstanding pros of filing for bankruptcy.

The truth about bankruptcy may surprise you.

Bankruptcy stops most collections

Many people remain unaware that bankruptcy stops most collections. Collections may come in the form of harassing calls from your creditor or garnishments on your paychecks. When you are filed for a chapter 7 or chapter 13 bankruptcy, it initiates an automatic stay, which stops collection efforts from creditors. In some cases, a bankruptcy attorney can even recover a refund of some of the garnishments you may have been subject to.

Bankruptcy eliminates most debts

Some people may be unaware that bankruptcy can eliminate many types of debts, including credit card debt. Credit card debt can feel overwhelming, especially when it comes from multiple sources.

Surprisingly, many people don’t know that bankruptcy can also discharge medical debt.  Medical debt is one of the most catastrophic types of debt to encounter.  It is almost never planned for and even when it is, the amount may exceed expectations.

Filing for bankruptcy may be able to help by either eliminating your debt or entering you into a repayment plan.

Bankruptcy cleans up your credit

A common misconception about bankruptcy is that it ruins your credit, however, it can actually give you a fresh start. Bankruptcy can provide an opportunity to rebuild your credit by removing overwhelming debts and leading you on a path towards financial stability.

Let Bankruptcy Restart Your Life Today

Don’t spend another day worrying about collections, debts and bad credit.  Call The Atlanta Bankruptcy Law Offices of Dax J. Miller today so we can help you find out how bankruptcy can restart your life!

Introduction: Foreclosure is a daunting prospect that can put your home and financial stability at risk. However, with the right knowledge and proactive measures, you can navigate this challenging situation. At The Law Offices of Dax J. Miller, LLC, we are committed to helping you protect your home and secure your financial future. In this blog post, we’ll provide an understanding of the foreclosure process, discuss your rights as a homeowner, and explore strategies to help you avoid foreclosure or mitigate its impact.

The Foreclosure Process: Foreclosure is the legal process through which a lender seeks to take possession of a property due to the homeowner’s default on mortgage payments. Understanding the various stages of foreclosure can help you take appropriate action.

  1. Pre-Foreclosure: This stage begins when you fall behind on mortgage payments. During this time, the lender may send you notices of default and provide opportunities to resolve the outstanding payments.
  2. Foreclosure Auction: If the default remains unresolved, the lender may proceed with a foreclosure auction. This is a public sale of the property, typically conducted by a county sheriff or a designated auctioneer.
  3. REO Properties: If the property does not sell at auction, it becomes real estate-owned (REO) by the lender. At this stage, the lender becomes the legal owner of the property.

Protecting Your Home:

  1. Open Communication: Maintain open lines of communication with your lender. Inform them of any financial difficulties and explore options such as loan modifications or repayment plans.
  2. Seek Legal Assistance: Consulting with an experienced foreclosure attorney can provide valuable guidance and protection of your rights. They can review your situation, negotiate with the lender on your behalf, and explore alternatives to foreclosure.
  3. Loan Workout Options: Your lender may offer various loan workout options, such as loan forbearance, loan modification, or a short sale. These options can help you avoid foreclosure and find a more manageable solution.
  4. Bankruptcy Protection: Filing for bankruptcy, specifically Chapter 13, can provide an automatic stay that halts foreclosure proceedings, giving you time to reorganize your finances and potentially save your home.

Conclusion: Foreclosure can be a challenging and stressful experience, but remember that you have rights and options available to protect your home. At The Law Offices of Dax J. Miller, LLC, we’re here to guide you through the foreclosure process, help you understand your rights, and explore strategies to safeguard your home and financial future. Contact us today for a consultation, and let us provide the support and expertise you need during this critical time.

Introduction: Repossession can be a distressing experience for individuals facing financial challenges. Whether it’s a vehicle or other property being repossessed, understanding your rights and available options is crucial. At The Law Offices of Dax J. Miller, LLC, we’re here to provide guidance and support during these difficult times. In this blog post, we’ll delve into the world of repossession, shed light on your rights as a consumer, and explore potential options to help you protect your assets.

Understanding Repossession: Repossession typically occurs when you fall behind on payments for a financed vehicle or other items used as collateral for a loan. Creditors may initiate the repossession process, but it’s essential to know that they must adhere to specific legal guidelines. Understanding your rights can help you navigate this process more effectively.

Your Rights During Repossession:

  1. Right to Notice: Creditors must provide you with prior notice before repossessing your property. This notice should detail the reasons for repossession, the timeline for taking action, and any opportunities for you to rectify the situation.
  2. Right to Cure: In some cases, you may have the right to “cure” the default by catching up on missed payments or resolving the issue that led to the repossession threat. This can help you regain control of your property and prevent further action.
  3. Right to Redemption: Even after repossession, you may have the right to redeem your property by paying off the outstanding balance. This option allows you to reclaim ownership, but it often comes with additional costs.

Protecting Your Assets:

  1. Communication with Creditors: Open lines of communication with your creditors can be vital. Exploring possible payment arrangements or negotiating a new repayment plan may help you avoid repossession altogether.
  2. Legal Assistance: Seeking legal representation, such as the services offered by The Law Offices of Dax J. Miller, LLC, can provide you with professional guidance and protection of your rights. An experienced attorney can review your situation, analyze any potential violations, and advocate for your best interests.
  3. Exploring Bankruptcy Options: Bankruptcy, particularly Chapter 13, can offer an effective solution to prevent or halt repossession. By filing for bankruptcy, an automatic stay is initiated, which provides immediate relief and stops creditors from taking further action against you.

Conclusion: Repossession is a challenging experience, but remember that you have repossession rights and options available to protect your assets. At The Law Offices of Dax J. Miller, LLC, we’re committed to helping you navigate the complexities of repossession and finding the best possible outcome. Contact us today for a consultation, and let us provide the guidance and support you need during these challenging times.

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