bankruptcy blog

In the United States, you have the legal right to eliminate your debt when your financial obligations are more than your income. There are some debts; however, that can not be eliminated in bankruptcy. Child support and alimony will never be able to be discharged in bankruptcy. Student loans are very difficult to have discharged.  … Read more

Bankruptcy is not for every financial hardship, but for some, it can legally eliminate many of your debts. At the end of your case, your debt will be discharged, giving you a fresh start. When you file for bankruptcy, an automatic stay goes into effect as soon as you submit the paperwork to the court.  … Read more

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

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

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

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

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

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

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

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