Chapter 7 Bankruptcy Basics

Chapter 7 Bankruptcy Basics

Chapter 7 bankruptcies are usually not very complicated. Issues typically arise if the trustee thinks you are hiding assets or if a creditor takes aggressive action to collect on a debt. Anyone in the United States can file for Chapter 7 bankruptcy protection. Some of the reasons you may be denied are: If you make  … Read more

  Filed under: Chapter 7


Which Bankruptcy is Right For You?

Which Bankruptcy is Right For You?

Personal bankruptcy usually falls under one of these two types. Chapter 7, or liquidation bankruptcy, and Chapter 13, reorganization bankruptcy. Business bankruptcies generally fall under Chapter 11 that is also a reorganization bankruptcy and Chapter 12 bankruptcy for family fishermen or family farms, which is much like Chapter 13 and Chapter 11 bankruptcies. Chapter 7  … Read more

  Filed under: bankruptcy


Secured Creditors and Bankruptcy

Secured Creditors and Bankruptcy

A secured debt is one with collateral. Often in the form of a mortgage, vehicle, lien, or security interest in a specific property like a refrigerator or couch. If the debtor does not pay on the debt, the creditor can seize the property. Keeping the Property If you want to keep a property that creditors  … Read more

  Filed under: Debt


Wage Garnishments and Bankruptcy

Wage Garnishments and Bankruptcy

Wage garnishments can be embarrassing and make it difficult to pay your already heavy bills. You may be experiencing harassing phone calls if you have fallen behind on your debt payments. Reasons could be due to large unexpected bills, medical expenses, fewer hours at work, or any number of valid reasons that put you behind  … Read more

  Filed under: bankruptcy


Bankruptcy Misconceptions

Bankruptcy Misconceptions

Some misconceptions about bankruptcy are that the person that filed bought lots of stuff they had no intention of paying for, or lived foolishly and now want it all cleaned up. Most of the people that file bankruptcy protection are honest hard working people that due to unforeseen circumstances put too much debt load for  … Read more

  Filed under: bankruptcy


Debt not Dischargeable in Bankruptcy

Debt not Dischargeable in Bankruptcy

Bankruptcy can eliminate credit card debt, payday loans, medical bills, and other unsecured debt. There is debt that by law cannot be eliminated, such as alimony and child support. Bankruptcy does not mean that you no longer have to make secured payments such as mortgage debt if you want to keep your house. During and  … Read more

  Filed under: Debt


What Happens To Your Credit When You File Bankruptcy

What Happens To Your Credit When You File Bankruptcy

It’s true that a bankruptcy can stay on your credit history for up to ten years. It’s also true that when you get too far behind in your payments, those negative marks can also stay on your credit history for up to seven years. Filing bankruptcy legally wipes away your unsecured debt and allows you  … Read more

  Filed under: Credit


When Bankruptcy Can Help

When Bankruptcy Can Help

Filing bankruptcy can be a hard decision to come to, most of us think if we just work a little harder, pay a little more, we can get caught up in our finances and get the creditors to stop calling. When all other measures have failed or not feasible, such as borrowing money, consolidation loans,  … Read more

  Filed under: bankruptcy


Filing Bankruptcy

Filing Bankruptcy

When you have tried other options to catch up on your debt, and you are still struggling, you may want to consider filing bankruptcy. Personal bankruptcy is a court protected plan to help those in financial stress to satisfy their creditors as much as possible. As soon as you file the bankruptcy paperwork, a court  … Read more

  Filed under: bankruptcy


Automatic Stay in Bankruptcy

Automatic Stay in Bankruptcy

An automatic stay in a United States bankruptcy case stops all actions by your creditors trying to collect on a debt once your bankruptcy petition has been filed. An automatic stay allows you some relief from the constant phone calls and worrying if your car will be repossessed or you and your family will be  … Read more

  Filed under: Debt