Latest on the Bankruptcy Blog

Chapter 7 bankruptcy is often called a liquidation bankruptcy. A court-appointed trustee will examine your assets to determine if any non-exempt property is valuable enough to be sold and the proceeds distributed to your creditors. Certain exempt property can not be sold, and you will be able to keep them throughout your case. The trustee  … Read more

When you are struggling financially, sometimes bankruptcy can be the wrong choice to get your finances back on track. A chapter 7 bankruptcy is the fastest and easiest form of bankruptcy. In as little as three to six months, all of your qualifying debt can be eliminated. Sometimes it is better to file a Chapter  … Read more

When you file bankruptcy, most debts can be eliminated. Unsecured debts are usually eligible for discharge, credit cards, medical debt, utilities, payday loans, some taxes, and other loans that do not have collateral attached to them. Exemptions Every state allows you to keep certain assets; these are considered “exempt” in bankruptcy. Some states allow you  … Read more

Each year hundreds of thousands of people search out financial counseling to get out from under their overwhelming credit card debt. Add that to the million or so required to take credit counseling before they can proceed with their bankruptcy case, and that is a considerable segment of the population struggling with credit card debt.  … Read more

Credit cards can be an excellent tool when used responsibly and a costly expense when we let them get out of control. Few people read the fine print on a credit card application, and this can get us into trouble later down the road. The majority of personal bankruptcy cases are due to excessive credit  … Read more

Two chapters of the bankruptcy code for personal bankruptcy are Chapter 7 “liquidation” and Chapter 13 “reorganization” bankruptcy. Before considering bankruptcy, you should consult with a bankruptcy attorney to find out which code will suit your personal situation best. Chapter 7 Often called straight, regular, or liquidation bankruptcy, Chapter 7 is bankruptcies purest form. In  … Read more

If you are overwhelmed in debt and believe bankruptcy can give you financial relief, you should consider hiring an experienced bankruptcy attorney. You may be tempted to save some money by representing yourself in court. While this may seem like a good idea since you have so many other bills, the property, and money you  … Read more

The United States Bankruptcy Code is divided into segments known as “Chapters.” Each chapter is dedicated to specific sections of the code. The chapters are divided by the type of bankruptcy being filed. Large, complex business organizations and corporations seeking protection from the court will file Chapter 11 bankruptcy. Individuals can file Chapter 7 or  … Read more

When you file bankruptcy, with the court’s help, you can legally eliminate all of your qualifying debt. Some debt can never be discharged, such as alimony, child support, or current taxes. And some like secured debt will not be eliminated if you plan to keep the collateral. Court Decree The court can rule that you  … Read more

When people tell why they filed for bankruptcy, unemployment is often the number one reason given — layoffs and unemployment as being the primary factor of job-related financial stress. For most Americans, an interruption in income will create a pile of unpaid bills. We have been advised to have several months of savings for hard  … Read more