Contrary to popular belief, filing for bankruptcy does not mean that you give up everything that you own. There are bankruptcy exemptions that protect your property even after your filing. Bankruptcy exemptions are the laws that stipulate that your creditors or the court trustee cannot touch specific property. The bankruptcy code is a federal law…
Continue reading ›As you may know, bankruptcy is a court proceeding in which a judge and court trustee examine the assets and liabilities of individuals and businesses who cannot pay their bills. Then the court will decide to discharge the debts and you will no longer be legally required to pay your debts. If your finances have…
Continue reading ›Bankruptcy is sometimes frowned upon, especially if you do not know the flexible provisions under the Bankruptcy Code. Chapter 13 deals with the adjustment of debts. This provision lets the petitioner apply for protection from bankruptcy by seeking a repayment plan to repay the debts. This repayment plan is usually structured to allow the petitioner…
Continue reading ›If you or your business are going through financial difficulties and you wish to file for bankruptcy, you may choose to do so under the bankruptcy code. The Bankruptcy Reform Act of 1978, often referred to as the Bankruptcy Code is a federal law and must be read along with the Bankruptcy Abuse Prevention and…
Continue reading ›As the year 2020 continues to witness a sharp decline in economic growth, businesses all over the U.S. are filing for bankruptcy. This mainly includes the brick-and-mortar retail sector businesses that have succumbed to the economic meltdown due to operational difficulties and financial stress. As a result, quite a few retail companies have petitioned for…
Continue reading ›If you fell behind in your secured debt and the bankruptcy court approved a payment plan for you. You may be wondering how you can live so frugally during the three to five years you will be paying the court toward your past debt. Filing bankruptcy can provide you with a fresh financial start, and…
Continue reading ›The U.S. Constitution permits citizens to file for bankruptcy when they are no longer capable of repaying their debts. In such cases, you can file for personal bankruptcy by petitioning under the Bankruptcy Code, which is a Federal law. The Bankruptcy Code allows the petitioner to declare insolvency or to apply for restructuring their debts.…
Continue reading ›Bankruptcy is one of the quickest and most affordable options to get out of debt. This is because bankruptcy stops debt collectors and even protects your assets. The most apparent benefit of filing for bankruptcy is to eliminate debts or dramatically minimize them. This legal process is known as “discharge”. In other words, the individual…
Continue reading ›Are you struggling with overwhelming debt, but are you concerned about the consequences of bankruptcy? Does the bankruptcy process intimidate you? Are you worried you will never secure loans again after filing for bankruptcy? These are legitimate concerns; but, did you also know that the majority of your worries are probably based on myths about…
Continue reading ›Are you juggling your monthly bills, or losing sleep worrying about your debt? Are you considering a debt consolidation loan or a risky title loan to get a fresh start? Not all debt relief options are equal, and one option could be the difference in saving your property or walking away worse than you started.…
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