Bankruptcy Law Blog

When you file chapter 13 bankruptcy, you have the opportunity to keep your assets during a “reorganization” where you offer a fair payment to creditors in return for maintaining your property. Chapter 7 is a little different; while you may keep your assets if you have if they are low enough value to fit into…

When you miss payments, your creditors may call you frequently in an attempt to get you to make a payment. The stress from the constant calls can be overwhelming. When you file bankruptcy, a process called the “Automatic Stay” stops your creditors from contacting you in any way regarding your debt. “The automatic stay is…

When you are trying to decide which bankruptcy is a good option to save your home from foreclosure, Chapter 13 may be the best option for you. In Chapter 13 bankruptcy, you do not lose your assets, and you will have three to five years to catch up on your payments through a court-approved repayment…

People are often hesitant about filing bankruptcy because of what it will do to their credit. They know that a bankruptcy can stay on your credit report for ten years. They should also consider that being behind in their payments can cause a negative impact on their credit report. Things like late payments, over the…

For the purpose of figuring out what type of bankruptcy will suit you best, you need to know how most of your debt is classified. Typically, consumer debt falls into two categories, secured and unsecured. Unsecured debt is obtained by a favorable credit score and a promise to pay, such as credit cards, medical debt,…

When people are in a financial crisis, they often turn to debt settlement and debt negotiation firms for help. While some of these firms legitimately help people resolve their debt, there are many that are out to make a fast dollar off an unsuspecting consumer. Consumers have spent large amounts of money only to find…

Also called the “liquidation” bankruptcy, Chapter 7 is the quickest and easiest form of bankruptcy. In three to six months, all of your qualifying debt can be eliminated. Anyone can file Chapter 7 bankruptcy that lives in the United States or has property in the U.S. if they meet eligibility criteria. In order to qualify,…

Filing bankruptcy can be an emotional decision. No one likes to admit that they lost control of their finances. Often to no fault of our own, we have lost the ability to keep up with our payments. Reasons can be: Fortunately for debtors with no options of catching up on all their debt, bankruptcy is…

If you are behind in your mortgage payments and worry you may lose your house to your lenders, you may want to consider filing bankruptcy. Bankruptcy can stop the foreclosure process by implementing the automatic stay, which stops most collection attempts against you. Filing bankruptcy will not stop the foreclosure process forever, and it will…

Bankruptcy may be the fastest and easiest way to deal with your debt problems. If you do not have a better way to handle your debt, bankruptcy can give you protection from your creditors. Bankruptcy is a legal proceeding where you will want to get professional help to deal with the complicated rules and paperwork.…