Monthly Archives: March 2024
Can I Keep My Car if I File Bankruptcy?
More people than ever come into our office with this question. Auto loan delinquency rates recently hit a thirty-year high. Regardless of the amount of delinquency, and usually regardless of the vehicle’s financial value, you can keep your car if you file bankruptcy. Otherwise, a car or truck is subject to seizure after just… Read More »
Tips for Buying a House After Filing Bankruptcy
Consumer bankruptcy gives distressed debtors a fresh financial start. Debtors who return to the starting line should be able to take advantage of favorable market conditions, such as low mortgage rates. During 2024, observers expect already low rates to drop by an additional 1 percent, down to an average of 5.75 percent. For a… Read More »
Will I Lose My Government Benefits If I Declare Bankruptcy?
Absolutely not. Government benefits, such as Social Security benefits, workers’ compensation benefits, and VA disability benefits, are exempt. Trustees (bankruptcy managers) have some power to intercept some government payments, such as tax refunds and stimulus payments. But this power does not extend to the aforementioned government benefits. Additionally, the Automatic Stay applies to government… Read More »
Can Bankruptcy Affect Your Security Clearance?
Yes, bankruptcy can affect your security clearance, but usually in a positive way. The financial problems that usually precede bankruptcy could affect your security clearance in a negative way, under DoD Directive 5220.6. This negative effect could be a security clearance downgrade, a suspension, or even a revocation. As outlined below, people who file… Read More »
