Bankruptcy: Will Filing One Make an Impact On My Children?

A fresh start. That is what most people want when they ask for help from a bankruptcy lawyer in Davidson MD. But when you're a parent filing for bankruptcy things may take a different turn. You may wonder will bankruptcy casts its dark shadows over my children's life?

We find this concern legitimate. That's why it helps to review the possible circumstances to give you a better idea. Nevertheless, our answer is that you can still secure their future even after you've filed for a Chapter 7 or Chapter 13.

Will My Children’s Property Be Confiscated?

Generally, any property you've purchased is considered as your property. This will be listed in your bankruptcy schedule. If the child paid for an item from his or her own money (and you can prove it), then the item is not your property. For instance, all the items of electronic gadgets, clothing, toys, and furniture will be counted as belongings in your bankruptcy. But don't be alarmed. Bankruptcy trustees have no interest in such items because there’s little to no value in them. When you file for Chapter 7, you’re allowed to keep all exempt property. On the other hand, you are allowed to keep all of your property if you qualify for Chapter 13.

Will This Affect My Children's Bank Accounts?

Well, this could be a different story here. Since you've been asked to disclose all bank accounts, then a minor bank account will list you as the holder. But if the said account is under the Uniform Transfers to Minors Act or the Uniform Gifts to Minors Acts, then it is not a property of the bankruptcy estate.

Take note. You are not allowed to transfer money to your child's account prior to the filing of Chapter 7 or Chapter 13. If by chance you've done that. Then that deposit will be seized by the bankruptcy trustee and will be used to repay your creditors.On another hand, this transaction is considered fraud and will most likely result in a nullification of your bankruptcy.It's a good idea to carefully work with a bankruptcy lawyer in Davidson MD so you can protect any asset that belongs to your children.

Will My Children Be Denied Student Loans in the Future?

No. Your children will still be able to obtain college loans. However, your filing for bankruptcy will automatically disqualify you from a credit-based loan. In the instance of you learn more being denied a Plus loan, then it is up for your children to take out a larger loan on their behalf.

You don’t have to worry. A better future is still possible if you’ll declare for bankruptcy. Talk to a bankruptcy lawyer in Davidson MD to know more how these matters could affect your children. If you're in need of guidance and support in these challenging financial times, then call us! Baneylaw PC offers a free face-to-face consultation.We have assisted many parents through the Chapter 7 and Chapter 13 bankruptcy process. We are happy to answer any questions regarding how bankruptcy may affect your children.

 

Bankruptcy: Will Filing One Make an Impact On My Children?

A fresh start. That is what most people want when they ask for help from a bankruptcy lawyer in Davidson MD. But when you're a parent filing for bankruptcy things may take a different turn. You may wonder will bankruptcy casts its dark shadows over my children's life?

We find this concern legitimate. That's why it helps to review the possible circumstances to give you a better idea. Nevertheless, our answer is that you can still secure their future even after you've filed for a Chapter 7 or Chapter 13.

Will My Children’s Property Be Confiscated?

Generally, any property you've purchased is considered as your property. This will be listed in your bankruptcy schedule. If the child paid for an item from his or her own money (and you can prove it), then the item is not your property. For instance, all the items of electronic gadgets, clothing, toys, and furniture will be counted as belongings in your bankruptcy. But don't be alarmed. Bankruptcy trustees have no interest in such items because there’s little to no value in them. When you file for Chapter 7, you’re allowed to keep all exempt property. On the other hand, you are allowed to keep all of your property if you qualify for Chapter 13.

Will This Affect My Children's Bank Accounts?

Well, this could be a different story here. Since you've been asked to disclose all bank accounts, then a minor bank account will list you as the holder. But if the said account is under the Uniform Transfers to Minors Act or the Uniform Gifts to Minors Acts, then it is not a property of the bankruptcy estate.

Take note. You are not allowed to transfer money to your child's account prior to the filing of Chapter 7 bankruptcy attorney davidsonville md or Chapter 13. If by chance you've done that. Then that deposit will be seized by the bankruptcy trustee and will be used to repay your creditors.On another hand, this transaction is considered fraud and will most likely result in a nullification of your bankruptcy.It's a good idea to carefully work with a bankruptcy lawyer in Davidson MD so you can protect any asset that belongs to your children.

Will My Children Be Denied Student Loans in the Future?

No. Your children will still be able to obtain college loans. However, your filing for bankruptcy will automatically disqualify you from a credit-based loan. In the instance of you being denied a Plus loan, then it is up for your children to take out a larger loan on their behalf.

You don’t have to worry. A better future is still possible if you’ll declare for bankruptcy. Talk to a bankruptcy lawyer in Davidson MD to know more how these matters could affect your children. If you're in need of guidance and support in these challenging financial times, then call us! Baneylaw PC offers a free face-to-face consultation.We have assisted many parents through the Chapter 7 and Chapter 13 bankruptcy process. We are happy to answer any questions regarding how bankruptcy may affect your children.

 

Bankruptcy: Will Filing One Make an Impact On My Children?

A fresh start. That is what most people want when they ask for help from a bankruptcy lawyer in Davidson MD. But when you're a parent filing for bankruptcy things may take a different turn. You may wonder will bankruptcy casts its dark shadows over my children's life?

We find this concern legitimate. That's why it helps to review the possible circumstances to give you a better idea. Nevertheless, our answer is that you can still secure their future even after you've filed for a Chapter 7 or Chapter 13.

Will My Children’s Property Be Confiscated?

Generally, any property you've purchased is considered as your property. This will be listed in your bankruptcy schedule. If the child paid for an item from his or her own money (and you can prove it), then the item is not your property. For instance, all the items of electronic gadgets, clothing, toys, and furniture will be counted as belongings in your bankruptcy. But don't be alarmed. Bankruptcy trustees have no interest in such items because there’s little to no value in them. When you file for Chapter 7, you’re allowed to keep all exempt property. On the other hand, you are allowed to keep all of your property if you qualify for Chapter 13.

Will This Affect My Children's Bank Accounts?

Well, this could be a different story here. Since you've been asked to disclose all bank accounts, then a minor bank account will list you as the holder. But if the said account is under the Uniform Transfers to Minors Act or the Uniform Gifts to Minors Acts, then it is not a property of the bankruptcy estate.

Take note. You are not allowed to transfer money to your child's account prior to the filing of Chapter 7 or Chapter 13. If by chance you've done that. Then that deposit will be seized by the bankruptcy trustee and will be used to repay your creditors.On another hand, this transaction is considered fraud and will most likely result in a nullification of your bankruptcy.It's a good idea to carefully work with a bankruptcy lawyer in Davidson MD so you can protect any asset that belongs to your children.

Will My Children Be Denied Student Loans in the Future?

No. Your children will still be able to obtain college loans. However, your filing for bankruptcy will automatically disqualify you from a credit-based loan. In the instance of you being denied a Plus loan, then it is up for your children to take out a larger loan on their behalf.

You don’t have to worry. A better future is still possible if you’ll declare for bankruptcy. Talk to a bankruptcy lawyer in Davidson MD to know more how these matters could affect your children. If you're in need of guidance and support in these challenging financial times, then call us! Baneylaw PC offers a free face-to-face consultation.We have assisted many parents through the Chapter 7 and Chapter 13 bankruptcy process. We are happy to answer any questions regarding this website how bankruptcy may affect your children.

 

Is Your Credit Card Fully Safe from Credit Card Hacks?

Nowadays, credit card hacks have become prevalent, especially in big corporations. In a way, credit card hacks can be a form of identity theft wherein you may need an identity theft lawyer should it cause any severe damage to your finances.

Recently, the fast-food restaurant, Wendy’s, was hit by malware that leaked customer payment information at more than 1,000 different locations. Also, The Home Depot had its own network breach back in 2014 as well which affected 56 million debit and credit cards. It’s also a corporate responsibility for all big companies, especially ones that are already very established, to keep their networks and systems secure from any sort of data breach.

Although it can almost be totally impossible on our part as a consumer to prevent credit card hacks from happening if we make purchases with our credit cards, we can still take action in reducing the damage it may cause.

How? Being a reputable identity theft lawyer in Virginia, we give you insight on how you can minimize the negative effects of credit card hacks on your finances:

Get a New Credit Card

If you’ve already gotten word of the data breach in a company you’ve had a transaction with or with your credit card company itself, then request a new card immediately. Most of the time, companies will process these requests immediately to avoid inconveniences and even more damage to their reputation. However, if they do not comply with your request immediately, you can seek legal advice from an identity theft lawyer to know what measures you can do and to be aware of your rights in this situation.

Freeze Your Credit Card

If your account is caught in a data breach, then call each of the main credit bureaus and ask permission to have your credit frozen. That way, no one can access your credit report your approval and creditor will not approve any application or transaction without gaining access to your credit report.

Request for Your Credit Report

By law, you are allowed to get one free credit report per year from each of the credit reporting companies. However, there are instances wherein you are able to get frequent free reports if you are a victim of fraud. Even if you aren’t a victim of identity theft yet, have a proactive approach and visit check your credit reports often.

Make Sure to Have Passwords That Aren’t Easy to Decipher

Whenever you’re applying for a debit learn more or credit card, make sure to use strong passwords and change them frequently to avoid any form of identity theft. Know that if it’s easy for you to remember, it may also be easy for any tech-savvy hacker to find out.

Whatever the case, when credit card hacks or any other forms of identity theft happen to you, make sure to act on it right away. If you have a problem having major companies helping you with your case, you can get the help of an identity theft lawyer, like Baneylaw P.C. Bankruptcy and Consumer Law.

Nathan D. Baney is an expert in dealing with bankruptcy, identity theft, debt collection abuse, and other cases associated with consumer law. Should you need a reliable identity theft lawyer in Annapolis, MD, contact Baneylaw right away.

 

The Process of Filing for Bankruptcy

Want to find relief from all your debts?

Seek help from a bankruptcy lawyer to help you identify if bankruptcy is the best option for you. Thereafter, what type of bankruptcy you should file.

Bankruptcy can be complex sometimes. It’s not as simple as filling out some paperwork, pass it to the court and voila! You’re done.

Bankruptcy is a legal process which involves certain protocols you should follow accordingly. That is why you should hire an expert because a lawyer can guide you what step to take in order to avoid troubles with your creditors, trustee and the court.

What is the proper way of filing for bankruptcy?

Compile all your financial records. Preparing and listing all documents containing your financial information in advance will not only help you but other people who helps with your case as well.

Collect all significant documents such as your debt record, income, assets and properties, and monthly household living expenses. They can immediately understand the situation you are in.

Receive credit counseling within 180 days before filing for bankruptcy. This is the next step you must do. It is of utmost importance to get counseling from an approved agency because if you fail to do so, your petition will not be accepted.

Through credit counseling, you can determine the appropriate type of bankruptcy and the agency will even help you with a repayment plan.

File a petition for bankruptcy. Now this is the part where you should be extra careful and maybe hire a bankruptcy lawyer. Because first, you probably don’t understand federal and state bankruptcy laws and which one applies to your case.

You also need help to complete a lot of forms. Lastly, you have to follow proper procedures in court because it could affect the outcome of your case in a way you will not like.

Meeting with the creditors. After your bankruptcy case is accepted, your creditors receive a notice that you include debts to them in your petition.

For about three to six weeks later, the trustee will set a meeting for you and the creditors. Your creditor might come or will just send a representative to ask you or the trustee some questions. On the other hand, you must be present in the meeting.

Post-bankruptcy credit counseling. Post-bankruptcy counseling is done differently depending on what type of bankruptcy you file for, either it’s Chapter 7 or Chapter 13.

For Chapter 7, it must happen within 45 days of the creditors meeting. For Chapter 13, it must site take place before the day you make the last payment or the day you file a motion to discharge the bankruptcy if you won’t finish the payment plan.

Make sure to get a post-bankruptcy counseling to complete your bankruptcy and discharge your debts.

A lot can happen while you are processing your bankruptcy case. One decision can make or break your chance of eliminating your debts. So, to avoid more complications, seek help from a bankruptcy lawyer who knows better.

Understand more about bankruptcy. Consult with the most trusted and reliable bankruptcy lawyers in Annapolis MD. more info Visit Baneylaw, PC at Parkway Suite 300, 1997 Annapolis Exchange, Annapolis, MD 21401 or just call 571-620-6715.
 

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