bankruptcy blog

When it comes to filing for bankruptcy in the US it doesn’t matter whether it is a Chapter 7 or Chapter 13 bankruptcy, there are many forms that must be filled out for the bankruptcy procedure. It is most important that you know which forms you must complete and how to complete them so that  … Read more

Many individuals filing for bankruptcy assume that they can have a choice between either a Chapter 7 or Chapter 13 bankruptcy. Both of these have specific criteria that must be met in order to qualify. This determines which bankruptcy you will be eligible for. Chapter Considerations In a Chapter 7 bankruptcy it is usually a  … Read more

It doesn’t matter whether you are going for a Chapter 7 or Chapter 13 bankruptcy you will be assigned a bankruptcy trustee. As such this professional will need to be paid for their services. The payment rate is different according to the Chapter 7 or Chapter 13 bankruptcy. Trusting The Trustee Bankruptcy trustees in a  … Read more

When you file for bankruptcy you will be assigned a professional called a bankruptcy trustee. This individual makes all of the decisions concerning your bankruptcy. This is the person that decides who gets paid and who does not and what assets you are able to keep and those which will have to be sold. This  … Read more

One of the problems with bankruptcy is there is still a stigma attached to it. It is often perceived that if a person goes bankrupt that they either didn’t want to pay their bills, or they aren’t trustworthy with money. This is more thought of with personal bankruptcy compared to business bankruptcy. However, no matter  … Read more

Chapter 7 is often considered the bankruptcy action for personal bankruptcy. It is also applicable for small businesses that are either a sole proprietor or general partnership. In these forms of business you as the owner are personally responsible for the business debts, and that is why the chapter 7 bankruptcy is applicable. If it  … Read more

Your bankruptcy case will eventually come to a close. This means the bankruptcy court will close your case. This will happen if you have completed all of your bankruptcy responsibilities and you have received a bankruptcy discharge. Or it may happen that your file is closed because it was dismissed because you did not meet  … Read more

When you are at the stage with your finances where you feel you have no choice but to go bankrupt, it may seem to you that all your debt is the same. When you file for bankruptcy your debt is categorized. Some of it will be unsecured debt. This is debt where the creditor doesn’t  … Read more

Individuals that are filing for bankruptcy not only have to consider what this action is going to do for them here and now but in the future as well. It is most likely your personal bankruptcy is going to remain on your credit report for at least seven years and maybe up to ten. While  … Read more

It isn’t just individuals who sometimes find a need for going bankrupt. Many small businesses after struggling financially for a period of time find that they have no other choice but to rely on this form of debt relief. If you feel that your business has no other option but to file for bankruptcy then  … Read more