Who Can File Bankruptcy Chapter 7?

Chapter 7 bankruptcy is also referred to as liquidation bankruptcy. Chapter 7 uses assets that are nonexempt and taken from the debtor. The assets are then sold to pay the creditors. Individuals who are seeking protection under Chapter 7 laws may have to forfeit most of their property in order to have their debts discharged. If you are wondering who can file bankruptcy Chapter 7, debtors may file Chapter 7 bankruptcy if they meet the following qualifications: Pass a means… Read More >

Filing Chapter 13 Bankruptcy – What Does That Mean?

Chapter 13 bankruptcy is also referred to as bankruptcy for the average working individual. This section of bankruptcy allows individuals who are filing Chapter 13 bankruptcy the opportunity to go through debt reorganization. This reorganization is handled by the bankruptcy court. According to the code, the primary objective for a Chapter 13 bankruptcy filing is to have debtors with a regular source of income repay their debts in accordance with a court approved repayment plan. Debtors have the option of… Read More >

How to File Bankruptcy Correctly

There are two ways that you can choose to file bankruptcy. You can choose to file on your own, or you can choose hire a bankruptcy attorney. It is critical that you also take some time to consider why you are filing in the first place. When you are thinking about how to file bankruptcy, think about your current financial situation and any personal assets you have. The Common Reasons People File for Bankruptcy Individuals usually cite several common reasons… Read More >

Why Hiring Bankruptcy Chapter 7 Lawyers Can Benefit You

Are you facing a lot of debt that you are not able to pay off? It does not matter why you are considering filing bankruptcy. Bankruptcy Chapter 7 lawyers are able to guide you during the entire process. The lawyers can help you fill out the right forms and can negotiate with your creditors for you. There are several questions that individuals may have before, during and after the filing, and experienced bankruptcy chapter 7 lawyers will be able to answer… Read More >

Secured Debt Versus Unsecured Debt: Do You Know The Difference?

There are two different types of major debt, secured debt and unsecured debt. If you are trying to prioritize debt or thinking about getting a loan, you will need to understand the difference between secured debt versus unsecured debt.  What Are Secured Debts? Debts that are categorized as secured debts have an asset attached to them that is also known as collateral. A lender will place a lien on the collateral. This lien provides the lender the opportunity to seize… Read More >