When filing personal bankruptcy, most consumer debt can be classified into two categories. One is secured debt like your home or your car, and the other is unsecured debt like medical bills and credit cards. Secured Debt Secured debt has property used as collateral for the loan. If you don’t pay your mortgage, you may … Read more
When people are overwhelmed in debt and looking for answers, they wonder what bankruptcy can do for them. Chapter 13 is considered a ‘reorganization’ bankruptcy, as it gives you the chance to pay your arrears over some time. Filing Chapter 13 bankruptcy can keep your home from being foreclosed on, or your vehicles from being … Read more
A Chapter 13 bankruptcy is also called a “reorganization” bankruptcy. Chapter 13 bankruptcy is very different than Chapter 7 “liquidation” bankruptcy. In a Chapter 13 bankruptcy, you keep all of your assets and submit a plan to the bankruptcy court on how you intend to pay back your arrears. This type of bankruptcy is best … Read more
Reaffirmation is an agreement you make with your creditors to remain legally obligated to the debt during your bankruptcy case. Usually, this debt could have been eliminated during bankruptcy. When It’s a Good Idea It may be a good idea to sign a reaffirmation agreement if the creditor is giving you something of value like … Read more
When you are considering bankruptcy, it is good to know a little about the legal actions you are about to take. If you know a bit about what to expect, the whole process will be less intimidating. Chapter 7 bankruptcy is the quickest and easiest form of bankruptcy. The cases are usually straightforward unless a … Read more
For consumers, there are two common types of bankruptcy. Chapter 7, the liquidation bankruptcy, and Chapter 13 the reorganization bankruptcy. Chapter 7 Chapter 7 bankruptcy is the fastest and easiest form of bankruptcy. This bankruptcy is usually straightforward, and the whole process can be over in as little as three to six months. In Chapter … Read more
As a result of filing bankruptcy, the negative mark can remain on your credit history for up to ten years. It is unpredictable how long it will affect your ability to get credit. Often you will start to receive credit offers in the mail soon after your bankruptcy case is over. These initial offers will … Read more
In most cases, you lose little to no property when you file bankruptcy. When people think of “going bankrupt,” they think they will lose their property and be homeless. This is not the case; everyone who files bankruptcy will be able to keep most if not all of their property. The type of bankruptcy you … Read more
Bankruptcy is an effective tool for protection against wage garnishments and judgment liens. After you file bankruptcy, an automatic stay goes into effect, stopping all collection and legal actions taken against you regarding your debt. Garnishment Creditors are prohibited from garnishing your wages after you file your bankruptcy papers with the court. Government agencies are … Read more