bankruptcy blog

Bankruptcy exemptions are the laws that endow a person with the protection of a property in the bankruptcy. Even when you have not filed any bankruptcy, you can still avail of the bankruptcy exemptions. When you file Chapter 7 bankruptcy, and you do not claim the exemptions or opt for the wrong one, then the  … Read more

When you file bankruptcy, a standard legal process begins depending on the type of bankruptcy you file. It starts with the appointment of a bankruptcy trustee who oversees your income as well as assets. With this, the trustee can pay the debts of the debtor accordingly. If problems arise between the spouses regarding property, bankruptcy  … Read more

Repossession is the process in which the lender of your vehicle takes the ownership back for lack of payment. The auto lender doesn’t need to warn you or provide the court’s orders regarding the same. It is almost always included in the contract that you signed when purchasing the vehicle. The laws for vehicle repossession  … Read more

Bankruptcy doesn’t just happen overnight; it is usually a development that occurs over a long period. Therefore, when considering filing for bankruptcy, it is essential to plan. Avoiding pitfalls that could jeopardize your bankruptcy case or, worse, send you to jail. To ensure that the process runs smoothly, here are a few essential tips to  … Read more

Many businesses do not succeed and end up in judicial recovery and bankruptcy, which means the end of a company. This can cause problems for those who will retire and depend on documents that prove the time of contribution, for example, of a bankrupt company. To prove affiliation to Social Security, salary and contribution time  … Read more

We can consider bankruptcy as a judicial solution to a debtor’s financial situation. In other words, it is a collective execution process, in which all the bankrupt’s assets are collected for a forced judicial sale, with the proportional distribution of the asset among the creditors. This gives creditors some satisfaction from the money that was  … Read more

  If you are filing for a Chapter 7 bankruptcy, then you should prepare for the means test. The means test is essentially a mechanism that prevents higher-income individuals from going through a Chapter 7 bankruptcy. The means tests ensure that only bankruptcy filers with primarily consumer debts use Chapter 7 as their debt relief  … Read more

It is a common misconception that student loan debts cannot be discharged through a bankruptcy filing. This statement has often been dismissed as a myth by many judges and bankruptcy professionals. If you have been overburdened with enormous student debt, you should consider filing for bankruptcy. Can you ignore your student loans? If you have  … Read more

You may be wondering how soon you can file for bankruptcy if you have already filed for bankruptcy in the past. It is possible to file for bankruptcy more than once. However, the second one might not be as helpful as the first one. It also depends on the period elapsed from your last filing  … Read more

Credit card debt can be a huge toll for debtors, often causing considerable stress. But, debt settlement and debt consolidation can sometimes help you find your way out of excessive credit card debt. When these avenues fail, bankruptcy is another solution to your debt. Debt Settlement The negotiation strategy with creditors to settle the credit  … Read more