If you're already struggling financially, there's probably no greater danger of putting yourself over the top and complicating your life unnecessarily than Christmas shopping.
Chapter 7 bankruptcy, which is often called "total" bankruptcy, is designed to give people in debt a fresh start -- but that fresh start sometimes requires a few sacrifices.
When you file for bankruptcy, something called an "automatic stay" goes immediately into effect. Essentially, it's an abrupt halt to the legal actions that creditors can take against you -- which is usually just enough time to buy a little breathing room and give you the chance to gather your resources and make a few decisions.
Bankruptcy fraud is no laughing matter, even though certain celebrities have lately treated the court's rules like a joke -- at least until they were caught. The latest celebrity to land in jail over the issue is Abby Lee Miller, the owner of the dance school featured in TV's Dance Moms.
Why do people ultimately betray their country?
Employers are prohibited by federal law from discriminating against you for filing for bankruptcy protection. However, that may not end your concerns about your employer's reaction to the news.
Once you've filed for bankruptcy, the court issues something known as an "automatic stay." This bars your creditors from taking further action against you unless the bankruptcy court specifically allows it. That doesn't always stop the harassment immediately, however.
The final outcome of a case that went all the way to the Supreme Court of the United States certainly isn't a cause for celebration by General Motors (GM).
Many people don't realize this, but from the moment that you file your bankruptcy, the trustee assigned to your case has the status and power of a creditor -- but not just any ordinary creditor.
Bankruptcy is as much about asset protection as it is debt relief. In Michigan, debtors who file for Chapter 7 bankruptcy protection are entitled to choose between the federal exemptions or the state system of exemptions.