Informative articles on bankruptcy

2017: The Year of Retail Bankruptcies Studies show that more people are turning to online retailers to find the latest fashion, accessories and technology in 2017. Because of this shift in foot traffic, retail stores are filing for bankruptcy at a staggering rate. The Limited Just a few weeks before
3 Things you should avoid if you are considering bankruptcy Swiping your credit card One of the first things you should do if you find yourself in financial trouble is cease the use of your credit cards. No online spending, cash advances, or shopping. Just remember, if you know you
October 21, 2016

Changes to Bankruptcy Law

Changes to Bankruptcy Law Bankruptcy laws have changed, but most people don’t exactly know the changes. Let’s look at the changes in the bankruptcy law. I’m sure that after you review the changes, you will see that the changes aren’t that drastic, and most likely will have little or no
How often can a debtor file bankruptcy? A debtor can file a Chapter 7 bankruptcy once every eight years, if he receives a discharge in the first bankruptcy. There is no time limit in a Chapter 13 bankruptcy.
Can a bankruptcy stop garnishments, repossession, foreclosures, lawsuits, and harassment? Yes. By filing a bankruptcy under Chapter 7 or 13, an “Automatic Stay” is created by federal law, which immediately stops garnishments, repossessions, foreclosures and lawsuits against the debtor. Additionally, creditors and collection agencies can no longer contact the debtor.
What is Chapter 7 bankruptcy? The Chapter 7 bankruptcy is known as the “liquidation” bankruptcy. Basically, the debtor relinquishes his property to the bankruptcy trustee, and receives a discharge of his debts. However, there are exceptions to this basic rule. A debtor is allowed to claim some property as “exempt”
Is bankruptcy right for me? Studies have shown that the major causes of serious consumer delinquency are layoffs, illness, and marital problems. Bankruptcy was discussed among the founding forefathers when our nation was founded. They understood that chronic debt was bad for the fabric of society. Chronic debt creates health
How much does it cost to file bankruptcy? Chapter 7 – The legal fee, court costs, reaffirmations, and credit counseling combined is $1200.00. Chapter 13 – To file a Chapter 13, all you need is $310.00. The attorney fees are paid through monthly payments to the Trustee. Debtors have an
June 21, 2016

Chapter 13 bankruptcy

Chapter 13 bankruptcy You are making too much money under the means test to qualify for a chapter 7 You have equity in your home and you would lose it were you to file chapter 7 Your car was seized and you want to get it back so you can
Can a debtor protect his property in a bankruptcy? In a Chapter 7 bankruptcy, the debtor is allowed to keep certain “exempt” assets such as most household items, clothes, retirement accounts, property used in business, and $35,000 in equity in the debtor’s home. However, if the debtor has mortgaged the