Blog Category: bankruptcy

Bankruptcy is a legal process that helps individuals and businesses to remove all or a portion of their debt. It may be seen as a relief, but declaring bankruptcy has a serious, long-term effect on your credit. Step 1: Find a Good Lawyer You need to find an experienced attorney who can handle your case.  … Read more

Bankruptcy is a word that sounds ominous itself and is a scary proposition for some people. Many debtors never enjoy the benefits of bankruptcy, or you can say they are just unaware of its perks. Bankruptcy indeed leaves an adverse effect on a person’s credit report for years, but yet it’s the best option for  … Read more

Bankruptcy is a lawful procedure through which individuals ask the courts for help with their debts. Bankruptcy is dealt with in government courts, and rules are laid out in the U.S. Bankruptcy Code. There are several chapters of bankruptcy for individual filers. Chapter 7 is the quickest and easiest form of bankruptcy. Chapter 13 allows  … Read more

Personal bankruptcy filings allow you to petition for liquidation of assets or reorganize your debts when you can no longer repay them. Although it provides some relief in case of financial distress, there is nothing personal about it. Bankruptcy filings are a public record and can be accessed by the general public by following the  … Read more

Bankruptcy can be tricky to understand, especially when we talk about personal bankruptcy, there are many misconceptions regarding this topic. Bankruptcy is a term used when a company or a person has debts that they can’t repay, being that credit, mortgage payments, or other types of debts. Bankruptcy can, in some cases, reduce or even  … Read more

In the United States, we are afforded legal protection when we file bankruptcy. The law allows us to eliminate our debt and relieve our financial burden. We can file Chapter 7 liquidation bankruptcy or Chapter 13 reorganization bankruptcy as an individual or with a spouse. Where problems can come from is if you either intentionally  … Read more

When people get into financial trouble and operate a small business, they may wonder what will happen to the business. Whether or not you wish to continue operating the business will determine the type of bankruptcy you should file. Chapter 7 Chapter 7 bankruptcy can be filed both for yourself or your small business. If  … Read more

When you file bankruptcy, the courts will ask you to submit paperwork listing your debts and your expenses. These figures will show your reasonable expenses which will vary by the debtor, state, or court. Your reasonable expenses will be deducted from your average income over the last six months before filing bankruptcy, the remaining money  … Read more

When bankruptcy comes to mind, you may think of your creditors taking all of your property to pay your debt. When actually, most of the time, you will lose little to none of your property when you file bankruptcy. Bankruptcy can be a way to keep your possessions like your home or your car if  … Read more

Some people advise that bankruptcy should be the last resort when trying to get your finances under control. While there is certainly nothing wrong with trying other measures first before filing bankruptcy, sometimes by waiting too long, you could lose significant legal rights available to you. Automatic Stay It is essential that you speak to  … Read more