As Pinnacle Airlines deals with filing a Chapter 11 bankruptcy, Memphis International Airport and One Commerce Square downtown are both dealing with potential fallout. But according to Memphis Business Journal, the effects may be minimal – especially for the city of Memphis. In the Journal’s recent article on the bankruptcy, Larry Cox, president of Memphis-Shelby [...]
Archive of posts filed under the Life After Bankruptcy category.
If I File Bankruptcy, How Will It Affect My Spouse?
Some Common Questions About Marriage and Bankruptcy Bankruptcy comes with a lot of myths, and some of the biggest involve how it might affect your spouse. Here are some answers to think about in the case of couples who are considering bankruptcy and are not separated or divorced: Do both spouses have to file for [...]
Foreclosure and Memphis Pets in Peril
Clients who come to our office considering bankruptcy sometimes wonder what might happen to their pets. For the most part, if you declare bankruptcy your pets will be safe. Unless you have an animal that is so expensive it could be considered an asset – a racehorse, for example – no one will take your [...]
Bankruptcy vs. Credit Counseling
If you’ve considered alternatives to bankruptcy, you may be confused about the credit counseling option. Credit counseling can be a great resource. The right non-profit organization can offer you invaluable help in managing your budget, setting realistic spending goals, and paying off debts responsibly. Unfortunately, though, most people don’t get credit counseling early enough to [...]
How Will Bankruptcy Affect My IRA?
Retirement Plans and Getting Rid of Debt While bankruptcy can have its disadvantages, you may not need to worry about your retirement plan. As part of the Bankruptcy Abuse Prevention and Consumer Protection Act passed in 2005, many retirement plans can be exempt from creditors when you file bankruptcy. Bankruptcy and Your IRA In the [...]
If I File Bankruptcy, What Will I Lose?
Transcript: If I file for bankruptcy, what will I lose? If you file for bankruptcy what are you going to lose? Usually you won’t lose anything, because each state has a list of exemptions, and that just means that there’s a list of property that is exempt from creditors. They can’t take it from you [...]
Can I Refinance After Filing for Bankruptcy?
Transcript: Can I Refinance After Filing Bankruptcy? How long after bankruptcy can you refinance? Well, that’s a tough question to answer because it depends to such a large extent on the mortgage companies and the housing market, and whether or not you have any equity in your home – things of that nature. You know, [...]
Could Student Debtors Find Relief?
Currently both houses of Congress have legislation pending that might affect the student loan community, including one bill sponsored by Memphis area Representative Steve Cohen. These new laws working their way through Congress would allow you to discharge overwhelming private school loans through bankruptcy. Up until bankruptcy laws changed in 2005, privately-backed student loans were [...]
Chapter 13 Bankruptcy – When Can You Get a New Credit Card?
Transcript: If I file Chapter 13 bankruptcy, when can I get new credit cards? You don’t get a new credit card until you complete the Chapter 13 process. Remember that Chapter 13 is a reorganization and repayment of your debts, and people who do Chapter 13 usually have a home that they’re trying to keep [...]
Chapter 7 Bankruptcy – When Can I Get a New Credit Card?
Transcript: If I file Chapter 7, how long until I can get a credit card? After Chapter 7 discharge, which comes 3-4 months after filing in most cases, you’ll find it very easy to get new credit cards. Our clients tell us that they have plenty of credit card applications sent to them in the [...]
