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Category Archives: Bankruptcy

Bank16

As Corporate Bankruptcies Mount, Employees Could Soon Follow

By Law Offices of Carol M. Galloway, P.A. |

The novel coronavirus quarantine hit the service and retail industries the hardest with many strip malls, actual malls, retailers, and restaurants closing shop to avoid bleeding what little they had left. This has left their employees between a rock and a hard place. One of the most difficult questions to ask when an employer… Read More »

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BankruptcyCouple

Weinstein Ordeal Costs Hollywood Stars Millions

By Law Offices of Carol M. Galloway, P.A. |

The third circuit court of appeals has handed down a ruling that could cost Hollywood stars millions. The money is tied up right now in Harvey Weinstein’s bankruptcy. The Hollywood producer became famous overnight after it became known that Weinstein had forced himself on potential actresses. His trial ended in a guilty verdict in… Read More »

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Bankruptcy17

What Are Exemptions In Bankruptcy?

By Law Offices of Carol M. Galloway, P.A. |

Bankruptcy exemptions allow those in Chapter 7 to protect some of their most prized assets from liquidation. Remember, in Chapter 7 bankruptcy your assets are liquidated to repay creditors. On the other hand, Chapter 7 bankruptcy requires that you pass a means test to show that you don’t have enough money to pay your… Read More »

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Student Loans And Bankruptcy

By Law Offices of Carol M. Galloway, P.A. |

If you’ve heard people say, “You can’t discharge student loans in bankruptcy,” then you should know that sometimes folk wisdom is accurate. Federal student loans are backed by a guarantee that the loan cannot be discharged in bankruptcy. But there are exceptions. In this article, we’ll discuss what happens to your student loans in… Read More »

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Bankr29

What Is A Means Test In Bankruptcy?

By Law Offices of Carol M. Galloway, P.A. |

Chapter 7 bankruptcy is considered one of the most favorable types of bankruptcy. Essentially, all qualifying unsecured debt is discharged. The downside of Chapter 7, is that your assets are liquidated to repay your creditors. But most folks who qualify under Chapter 7’s means test won’t have a lot of assets to liquidate. When… Read More »

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Bankr24

What Types of Debts Can be Discharged in Chapter 7?

By Law Offices of Carol M. Galloway, P.A. |

If you’re considering filing for bankruptcy, you likely by now know that there are two chapters of bankruptcy that are commonly used by individuals and couples. Chapter 7 bankruptcy is particularly good for those who have a lot of unsecured debt. Chapter 13 works better for secured debt. In this article, we’ll discuss unsecured… Read More »

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Bankr19

The Pros and Cons of Chapter 13 Bankruptcy

By Law Offices of Carol M. Galloway, P.A. |

Chapter 13 is one of two chapters of consumer bankruptcy that are widely available and cater to the needs of individuals and couples. Chapter 7 bankruptcy is good for handling unsecured debts like credit card debt or medical expenses. Chapter 13 bankruptcy, on the other hand, is good for handling secured debt like car… Read More »

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Mistakes People Make When Filing for Bankruptcy

By Law Offices of Carol M. Galloway, P.A. |

If you’ve been considering bankruptcy, you have probably encountered online services that encourage debtors to file for bankruptcy on their own. This can be tempting, especially if you think that since you’re already in bankruptcy, you have nothing more to lose. However, nothing could be further from the truth. Debtors who don’t understand the… Read More »

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Five Myths About Filing Bankruptcy

By Law Offices of Carol M. Galloway, P.A. |

Many people live too long under a cloud of overwhelming debt because they’re misinformed about bankruptcy law, the process, and the results that can be obtained. This prolonged suffering is often unnecessary. As bankruptcy attorneys, we want consumers to understand clearly the advantages and disadvantages of filing for Chapter 7 or Chapter 13 bankruptcy… Read More »

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