Chapter 7 bankruptcy is also known as straight bankruptcy. Most of the debtors file either Chapter 7 or Chapter 13 bankruptcy. The new federal bankruptcy laws have brought about changes in the manner in which consumers file bankruptcy. Filing bankruptcy requires very rigid terms to be fulfilled. This step has been taken to curb the number of debtors……(Read more)
When you file bankruptcy whether it is Chapter 7 or Chapter 13, a section in bankruptcy code 11 U.S.C 341 requires you to be present for a meeting with your creditors. This meeting is usually scheduled 30 to 40 days after you or your bankruptcy attorney has filed bankruptcy. In majority of the cases, creditors are not present for the meeting……(Read more)
Bankruptcy is a legal process that takes place in the federal court. When you file for bankruptcy, you are actually declaring your inability to pay debts. You seek debt relief by filing for any one of the 6 chapters of bankruptcy depending on your financial situation……(Read more)
Bankruptcy is a court proceeding in which you declare your inability to make payments to your creditors. A trustee is appointed to liquidate your assets and pay off your creditors. Chapter 7 bankruptcy otherwise known as “liquidation bankruptcy”, converts……(Read more)
When you file bankruptcy it indicates that you have exhausted all other options of debt relief and declaring yourself bankruptcy is the only option that you are left with. Filing for bankruptcy will not pardon……(Read more)
If you are having a steady flow of income every month but finding it difficult to keep up with your monthly debt payments, you can opt for Chapter 13 bankruptcy. Unlike Chapter 7 bankruptcy, where you are required to convert your assets into cash……(Read more)
Bankruptcy may help you get rid of your debts. However, it has various disadvantages like it may ruin your credit as well as make it difficult for you to get loans including student loans also. But in your post-bankruptcy period, you are eligible to get a loan depending on the kind of loan you are applying for………..( Read more )
If you are thinking of filing bankruptcy it is an extreme decision that you are going to make. Bankruptcy may mean that you have to start from the scratch to build your credit again. Filing a bankruptcy may not be the best option, thus, it is better to explore all the other alternatives possible………(Read more)
Bankruptcy is a legal proceeding through which a person can eliminate (or “discharge”) some or all of their debt. Bankruptcy law is meant to balance two competing goals: allowing individuals who have no reasonable chance of paying off their debts a way to start off with a clean slate……..(Read more)