Latest on the Bankruptcy Blog

Chapter 13 bankruptcy is often considered a consumer reorganization bankruptcy. In this type of bankruptcy, you will make a plan to pay back any debt you got behind on. You will have three to five years to make these payments on your court-approved plan. At the end of that time, any remaining debt will be  … Read more

Chapter 13 bankruptcy is typically referred to as reorganization bankruptcy. You will submit a plan to the court outlining how you plan to pay back your creditors over a period of time, usually from three to five years. Secured Creditors Chapter 13 bankruptcy is best for people that have secured creditors such as home mortgages  … Read more

When filing bankruptcy, you may wonder what will happen to your debt. Unsecured debt, like credit cards, loans, or medical debt will be eliminated, but secured loans must be handled a little differently. Most secured loans are on a home mortgage or car loan. The lender will hold the property as collateral until you have  … Read more

When you finish up your bankruptcy case, you need to manage your finances carefully, so you do not incur too much debt again. Once you receive a discharge in bankruptcy, you must wait a full eight years to receive another Chapter 7 discharge. It is generally a good idea to wait before you start applying  … Read more

A common worry for most people is that they will lose their assets if they file for bankruptcy. They envision all of their belongings being sold by the trustee to pay to their creditors. This misconception is not true. Most people get to keep all of their possessions during bankruptcy. Various reasons will determine if  … Read more

Besides the obvious of getting your qualifying debt wiped away without having to make any more payments, there are several other possible advantages of filing bankruptcy. Automatic Stay When you file for bankruptcy, you will immediately get an automatic stay. The automatic stay stops all creditors actions against you to collect on your debt. This  … Read more

One of the reasons people are reluctant to file for bankruptcy is the fact that the bankruptcy can remain on your credit report for up to ten years. This is a valid concern as most of us would like to be able to purchase a home or vehicle in the coming years. If you are  … Read more

To get a handle on your debt problems, bankruptcy may be the fastest and easiest solution for you or your business. You may want to try other options first, but don’t wait too long before filing bankruptcy or you could lose out on some important rights you have under federal law. You should contact a  … Read more

If you have decided to file bankruptcy, it is in your best interest to hire a qualified bankruptcy attorney. Bankruptcy law is not as simple and straightforward as it may appear. Every case is different since everyone’s financial situation is different. Your lawyer will help you decide which bankruptcy chapter will serve you the best.  … Read more