A Guide to Chapter 7 Bankruptcy

Liquidation bankruptcy Most people assume that if they file for Chapter 7 bankruptcy relief, they will lose their property. This assumption probably comes from the fact that a Chapter 7 bankruptcy case is referred to as a “liquidation bankruptcy.” What people fail to realize is that that majority of Chapter 7 Read More >

The Pros and Cons of Chapter 7 Bankruptcy – Part 2

Pros and Cons of Chapter 7 Bankruptcy Many Americans never fully recovered from the economic recession that gripped our country. Some lost their homes through foreclosure while others are still searching for employment. Many had to make the choice whether to put food on the table or pay bills - - of course, Read More >

What is Credit Counseling?

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was signed into law on April 20, 2005 with most provisions set to take effect on October 17, 2005. BAPCPA had a large impact on how bankruptcies would be filed in the United States including implementing a new means test to determine if Read More >

What is a Chapter 7 Bankruptcy Discharge?

If you ask most people who file Chapter 7 bankruptcy, they will tell you that they never thought they would need to file for bankruptcy. Unfortunately, many people find themselves in a position where they are unable to pay their debts due to a job loss, the loss of a spouse or a prolonged medical illness. For these Read More >

How to Buy a New Home

Are are planning to buy your first home? After your car, the next logical big purchase will be your first home. The process of buying a home is made up of several different elements. Maybe you decide to once you finally make enough money, you get married, you start a family or, maybe you are just tired of pouring your Read More >

How to Plan for a “Big” Car Purchase

John Wooden, the famous UCLA Basketball is said "Failing to plan is planning to fail."  His statement can apply to how we spend our hard earned money.  If we fail to plan for and make “big” purchases, we will waste money and make bad decisions.   Generally speaking, the two biggest purchases a person will make in Read More >

How can a Chapter 7 Bankruptcy Help with my Student Loans?

Most people who are dealing with debt problems and need a solution to their financial crisis are not considering filing a bankruptcy case because they want to escape their debts.  Most people who file bankruptcy do so because they have experienced a financial crisis that is beyond their control such as the loss of a Read More >

Why they should teach financial planning in school!

Why should public schools teach financial planning in school? Maybe a better question is should schools teach students basic money skills, not just financial planning. Just recently, I was very surprised when a friend of mine mentioned he had to show his son how to write a check and his son had just graduated from Read More >

What To Do With Your First Paycheck

Your FIRST PAYCHECK is coming- LIFE IS GOOD! Now what? How many times have you heard older folks/parents say “If I knew then what I know now, I’d be retired (or living in Florida, or be living in a big house etc., etc., etc.)” or the other statement you hear “Boy did I throw away money when I was young!” You are Read More >

Reston VA Bankruptcy Attorney

Patel Law Firm (established 2006) has expanded its Fairfax chapter 7 bankruptcy practice into Reston, Virginia as of February 2014. As a Reston bankruptcy attorney, Beeraj Patel hopes to provide the citizens of Reston, VA with the same reliable and affordable services that helped Patel Law Firm become established as a Read More >