Too many, bankruptcy is a scary situation to find oneself in. A good number of people associate it with being broke, which is not entirely the case. In the U.S., filing bankruptcy is an option that’s made available to virtually everyone, including the non-citizens. But have you ever thought of what impact a criminal record could have on filing for bankruptcy?
It is expected that a conviction record should impact one’s bankruptcy case considering its effects on other matters. For example, a convicted felon can be denied the chance to apply for some jobs.
With the outspread unrest recently experienced in various states, leading to several arrests, it is good to understand how that could affect your chances of filing for bankruptcy. In this post, we look at how a criminal record can impact your bankruptcy case, and also other involvements that may also deter you from getting a debt discharge.
First, it is essential to point out that bail bonds are dischargeable in federal bankruptcy court near me. However, fines and court penalties during an arrest or citation cannot be removed in bankruptcy court. It is also prudent to understand that if you are convicted of a crime, there are limitations on the exemptions you get if you file for bankruptcy. The extent of limitations is dramatically dependent on the gravity of the crime you’ve been convicted of.
Crimes that will guarantee you a limitation on the exemptions are those related to finance and fraud. In this case, home exemptions can provide a way to protect your home from creditors. Note that if you are convicted of another crime, not lying withing the fraud or finance field, there are minimal chances of your record having an impact on your bankruptcy exemptions.
However, it is essential to note that the impact that a criminal record has on your bankruptcy case can be quite complex. It is for this reason that you should work with your bankruptcy attorney throughout the entire process.
Do you know that not all businesses can file for bankruptcy? Businesses in the U.S. that deal with trading Marijuana are not allowed to file for bankruptcy, even though they are legal operations in some states. The fact that weed is still criminalized nationally, and bankruptcy cases are held in a federal court, makes it impossible for the businesses to seek financial relief. However, this does not mean that it is legal for marijuana traders to file for bankruptcy; they will only be denied a discharge of their debt.
While bankruptcy can help to eliminate several loans, there are those that one cannot be forgiven. They include:
Before you decide to file for bankruptcy, it is vital that you first seek counsel with a bankruptcy attorney near me. This will allow you to understand your case and the implications that filing for the bankruptcy will have.
Michelle Labayen has been practicing Consumer and Bankruptcy law for more than 16 years. She is a member of the National Association of Consumer Bankruptcy Attorneys (NACBA), and the National Association of Consumer Attorneys ( NACA).
In addition, she is a Max Gardner Bootcamp graduate. Extensive experience has given Michelle a thorough understanding of bankruptcy, including:
In 2021, the Department of Education is going to reduce their 11 services down to 5 student loan servicers. According to Business Insider, the DOE outlined a plan to reduce their service in order to “better customer service.” Only 3 servicers of the original 11 will continue in 2021: Edfinancial, MOHELA, and Maximus.
We Are Living Through History. We are living through more human and economic devastation than recent memory.
We have less than 5 months to go before the presidential election.
It is expected that a conviction record should impact one’s bankruptcy case considering its effects on other matters. For example, a convicted felon can be denied the chance to apply for some jobs.
What is it? Where are we? Where do we need to go?
Back in 2018 nine teachers filed a lawsuit against Navient, one of the government’s student loan servicers for misleading borrowers or blocking them from accessing a public service loan forgiveness program. According to the New York Times, out of the 146,000 applicants to the program at the time, only 3,200 saw their student loans forgiven.
Anyone can qualify to file for bankruptcy. There isn’t an exact amount of debt or financial difficulty required. You don’t have to show insolvency or meet a certain standard.
You should always speak with a lawyer before beginning the bankruptcy process to ensure it’s the best option for you. Michelle Labayen is a knowledgeable and experienced bankruptcy attorney with offices in New York, NY, and Newark, NJ. Florida licensed attorney Drew Gaddis is counsel and would be representing all clients in Florida.
Copyright © 2019 The Law Offices of Michelle Labayen, LLC all rights reserved.
Disclaimer – Privacy Policy – Terms and Conditions – Powered by: Andrea Lynn Drake, LLC