What To Know About Filing for Bankruptcy

There may come a time that you feel crushed by your current debt situation. When that happens, you may be able to find relief through bankruptcy. A Chapter 13 bankruptcy lawyer can help you determine whether or not you qualify.

Filing Considerations
Once you determine that you want to file for bankruptcy, there are a few things you need to consider when filing. There are going to be both court costs and legal costs associated with your bankruptcy. This is not a free service. Not all debts may be included in the bankruptcy including fraudulent debt. Your bankruptcy filing leaves any co-signed debt to the co-signer. While you may be off the hook, they remain fully liable. For up to 10 years, your credit may take a ding. Future lenders may see the bankruptcy and charge you higher interest rates. Any secured loans such as a home mortgage may be discharged, but the creditor often keeps the asset.

Bankruptcy Types
Most bankruptcies are either Chapter 7 or Chapter 13. A trustee takes over all the assets of the debtor in a Chapter 7 bankruptcy. These assets are sold to cover the debts owed. Some assets may be kept, but the new law only allows this type of bankruptcy every eight years. The court has the debtor create a repayment plan under a Chapter 13 bankruptcy. The payment plan often allows the debtor to pay over three to five years making partial payments. Most debtors are able to retain possession of the property as long as they maintain their payments.

Before Filing
There are a few things you can do before filing for bankruptcy. Many creditors are willing to work with debtors. Discuss with them the possibilities of moving the payment date or other solutions. Credit and debt counselors may be another alternative.

If you do decide to file for bankruptcy, a Chapter 13 bankruptcy lawyer like Brent George Law can help you create a repayment plan. An experienced attorney can help you navigate this stressful time.

How to Stay Safe While Riding a Bike on a Roadway

Riding a bicycle on a roadway can be an economical, healthy, and environmentally friendly option for individuals. However, riding a bike may place a rider in a vulnerable and dangerous position, especially if a cyclist is involved in an accident with a motor vehicle. A crash may result in numerous in problems, including injuries and financial implications for both parties involved in a wreck. (A bicycle injury lawyer like Howard Blau Law can be very helpful in the event of a serious wreck.) In order to avoid a potentially disastrous situation, here are two important tips to keep in mind to stay safe while riding a bike on a major roadway.

1. Wear Protective Gear

Hundreds of accidents involving bicycles occur every year. Therefore, it is critical that a cyclist wear protective gear including, of course, a helmet. According to multiple sources, helmets can – and do – save lives, and they should be worn when cycling. (Many states in the U.S. legally require the use of a helmet.)

2. Ride Defensively and Obey the Rules of the Road

Bicyclists are expected to obey the same rules of the road as drivers in cars. Therefore, it is extremely important for an individual on a bike to ride defensively, be mindful of the laws of the road, and be aware of their surroundings. If an accident occurs, a cyclist may technically be at fault and liable for damages depending on the circumstances. Anytime that a crash occurs between a vehicle and a bike, it is vital to obtain legal representation from a bicycle injury lawyer to assist in navigating the aftermath of a crash.