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    Tax Help: What Happens When You File Chapter 7 Bankruptcy?

    Last updated 2 years ago

    For many Americans, living a financially stable life is difficult. Without adequate savings, a single medical emergency can lead to considerable debt and the need to file for bankruptcy

    In this short video, a Certified Public Accountant discusses Chapter 7 bankruptcy. Chapter 7 bankruptcy is the bankruptcy option that allows individual debtors to liquidate non-exempt property and assets in exchange for absolution of debts. Consumers may initiate bankruptcy voluntarily or lenders by force them to file.

    If you’re contemplating filing for Chapter 7 bankruptcy, contact Knollmeyer Law Office. Our bankruptcy attorneys will help you through every step of the process. Call our office today at (877) 647-3909 for more information.

    Disclaimer:

    The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

    Bankruptcy Law: Chapter 7 and Chapter 13 – FindLaw

    Last updated 2 years ago

    In today’s tough economic conditions, bankruptcy filings have been at record numbers. Bankruptcy is a legal process that allows both individuals and business to find relief from overwhelming debt. To learn more about bankruptcy and how it will affect your future, watch this video.

    The legal term for the relief afforded by bankruptcy is debt discharge. After the process is complete, most of your debts will be relieved. Bankruptcy will have negative effects on your credit for years to come, meaning it will be difficult to obtain assets such as credit cards and loans. You will also be required to fulfill some of your obligations, such as alimony and tax debts.

    To learn more about bankruptcy and whether it may be the right choice for you, call Knollmeyer Law Office at (501) 985-1760. We strive to provide each client with personalized attention to his or her case.

    Disclaimer:

    The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

    When to Seek Legal Help with Your Social Security Claims

    Last updated 2 years ago

    Social Security Disability is an important mechanism designed to provide for those who become disabled and are unable to work or support themselves. But claiming and receiving the benefits of Social Security Disability is a long, tedious, and complicated process. It is also important to complete the application correctly; due to the length of the process, you will have to wait a significant amount of time before you can remedy any errors and complete the application successfully.

    While you may represent yourself at all stages of the application process, statistics show that your chances of success are much higher when you hire a social security disability attorney to assist you with your case. Here are some indications that you should seek legal counsel with your claim.

    • Uncertainty when filling out necessary forms: Many of the forms required throughout the application process can be confusing. Making mistakes can cost you months in delays with no guarantee of success.
    • Trouble gathering the necessary documentation: You need to gather a wealth of medical information and documentation about your work status and your diagnosed condition for the application process. If you are unsure of exactly what documents you need, how to obtain them, and who to ask for assistance, consulting a social security attorney may be a good option for you.
    • Inexperience working with government personnel: Even when claimants are truly disabled and absolutely need disability benefits, understanding the nuances of the evaluation process is important to their chances of success. Applicants often simply aren’t sure how to answer questions in a manner that creates a compelling case to the government.

    Many of those who apply for Social Security Disability benefits do so as a last resort. With your ability to support yourself and sustain your quality of life at risk, completing a successful claim is extremely important. If you are uncertain about any aspect of the application and evaluation process, obtain the services of an experienced social security disability attorney rather than attempt to navigate the process unaided. Call Knollmeyer Law Office at (501) 985-1760 to schedule a consultation.

    Disclaimer:

    The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

    5 Myths of Bankruptcy from CBS

    Last updated 2 years ago

    Individual bankruptcy filings may be on the rise, but consumers are as in the dark as ever about how bankruptcy actually works. There are many common misconceptions about bankruptcy that prevent people from filing, even if this legal recourse is their best option.

    This short video from CBS News discusses some of the most common misunderstandings people have about filing for bankruptcy. Many Americans believe that you have to be completely penniless to qualify for bankruptcy; however, it’s best to seek a solution far before hitting bottom. Filing for bankruptcy can also protect you from creditor harassment. You’ll be surprised to find out how beneficial filing for bankruptcy can actually be for your finances!

    If you’re still uncertain about how bankruptcy works, contact the attorneys at Knollmeyer Law Office. For 25 years, we’ve been helping Arkansas residents with their bankruptcy, family law, and social security disability cases. Visit us online or call (501) 985-1760 for a consultation today.

    Disclaimer:

    The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

    Debunking Common Bankruptcy Myths

    Last updated 2 years ago

    Bankruptcy can be a very confusing process, but it may not be as bad as people initially believe. Like all other financial decisions, it’s important to know about the true effects and consequences of bankruptcy before deciding whether to pursue filing. This overview will help you separate fact from fiction when it comes to commonly held bankruptcy myths.

    Fiction: Spouses Must File for Bankruptcy Together

    Fact: As a rule, joint filing is only necessary if the debt in question if it is under both spouses names. For example, if you and your spouse are both signers on a mortgage that you have defaulted on, then you should both file. But if you’re considering filing for bankruptcy because of your own personal debt, your spouse does not have to file with you.

    Fiction: You’ll Lose Your Home and Car if  You File

    Fact: In many cases, filers are able to keep their homes and at least one of their vehicles if they file for bankruptcy. However, this depends on whether you choose the correct chapter of bankruptcy, negotiate your debts properly, and devise an ideal repayment plan. Your bankruptcy attorney can help you with all these issues.

    Fiction: Bankruptcy is Unbearably Difficult

    Fact: While bankruptcy can be a stressful process, hiring a bankruptcy attorney can make filing and renegotiating your debts fairly straightforward. Working with an experienced attorney means he or she will fight for the best financial outcome for you.

    For more advice on choosing bankruptcy, contact Knollmeyer Law Offices today. With five locations across Arkansas, we’ll provide all the support you’ll need for a stronger financial future. Call (501) 985-1760 today.

    Disclaimer:

    The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

     

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