How bankruptcy may affect your credit

February 28, 2011

More Americans are turning to bankruptcy as a way out of some difficult and otherwise insurmountable financial problems. Before filing for bankruptcy one should understand how bankruptcy could affect credit ratings. The most common bankruptcy filings are Chapter 7 and Chapter 13. In a Chapter 7 filing the debtor’s assets are sold and proceeds are […]

Read the full article →

Why do People File Chapter 13 Bankruptcy?

February 23, 2011

Filing bankruptcy is often the last resort for a number of people experiencing financial difficulties. For those facing foreclosure of their homes or repossessions of their vehicles or property, Chapter 13 is preferred over filing Chapter 7 bankruptcy. There are several important factors that influence which filing status the debtor falls under. To get a […]

Read the full article →

Chapter 7 & Bankruptcy Exemptions, Obligations, and Tax Issues to Consider An Overview of Chapter 7

February 21, 2011

A Chapter 7 bankruptcy filing contemplates a liquidation of the debtor’s assets, with certain exemptions and under the supervision of a court-appointed trustee, and the distribution of the proceeds to creditors based on a statutory priority. In order to file under Chapter 7, the debtor must pass the means test and undergo credit counseling. The […]

Read the full article →

An Overview of Chapter 13 Bankruptcy

February 16, 2011

If bankruptcy is to be considered, a thorough evaluation of the debtor’s financial situation, exemptions, current income, and obligations is necessary. Individual debtors will have several chapters of the bankruptcy code to consider, the most common being Chapter 7 and Chapter 13. Chapter 13 and Mortgages A debtor will file a Chapter 13 petition in […]

Read the full article →

Can I erase my student loans by filing bankruptcy?

February 16, 2011

Student loans after bankruptcy There are not many things that cannot be erased by bankruptcy when it comes to debt. Despite this, there are a few debts that you cannot scrub out simply by declaring bankruptcy. One of those debts is any student loans that you might have. This kind of debt is going to […]

Read the full article →