When you are behind in debt and worry every day whether you can pay your bills or not, you may want to consider filing bankruptcy. Chapter 7 bankruptcy cases are usually the shortest form of personal bankruptcy. You can file Chapter 7 if you live in, have property, or a business in the United States.…
Continue reading ›When you file bankruptcy, the court will appoint a trustee to your case. The trustee is there to protect the interests of the creditors. Within a few weeks of submitting your bankruptcy paperwork to the court, the trustee will send you and your creditor’s notice of the time and date of the meeting of the…
Continue reading ›Loss of income is one of the main reasons given when consumers file bankruptcy. Job-related financial stress and layoffs being the reasons cited most. Being unemployed and underemployed with no reliable source of income makes it next to impossible to pay your debt. Filing bankruptcy can give you financial relief by eliminating all of your…
Continue reading ›When you get hopelessly behind in your debt and don’t see a way to pay everything you owe, bankruptcy can give you financial relief. You can get a fresh start on a debt-free future in as little as three to six months by filing a Chapter 7 bankruptcy. Automatic Stay When you file bankruptcy, you…
Continue reading ›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…
Continue reading ›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…
Continue reading ›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…
Continue reading ›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…
Continue reading ›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,…
Continue reading ›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…
Continue reading ›
