Debt collection is a multi-billion dollar industry, and it is only growing. One of debt collectors’ tactics is to get people who owe long past due debts to pay those debts despite the fact that the debts cannot be collected as a matter of states’ statutes of limitations. Debt collectors do so in a variety […]
The bankruptcy laws offer two primary options for consumer bankruptcies: Chapter 7 or Chapter 13. This blog post describes the basics of each of these chapters. In addition, the costs, benefits, and eligibility requirements of each chapter are described. A Chapter 7 consumer bankruptcy is commonly referred to as a “liquidation” bankruptcy. Basically, consumers […]
When most people think of bankruptcy, they think of Chapter 7 Liquidation bankruptcy. A Chapter 7 bankruptcy involves the consumer (or “debtor”) giving up her non-exempt property in exchange for the discharge of a certain amount of her debt. Indeed, the ability to discharge debt through bankruptcy is one of the most attractive features of […]
An underlying policy of bankruptcy law is to help consumers receive a fresh start in their financial lives. Many times, the only way to help people receive this fresh start is to allow them to completely get rid of a certain amount of debt. Getting rid of debt through bankruptcy is a process called discharge. […]
In a traditional Chapter 7 liquidation bankruptcy, the court will gather all of the debtor’s property to eventually sell at auction. The proceeds from the auction sale are then disbursed to the debtor’s creditors to satisfy existing debts. Once all of the auction proceeds are disbursed, the debtor is discharged from bankruptcy. While this process […]
In a traditional Chapter 7 liquidation bankruptcy, the court will gather all of the your property to eventually sell at auction. The money gathered from the auction sale is then distributed to your creditors to satisfy your debts. Once all of the auction money is disbursed, you are discharged from bankruptcy. While the basics are […]
Watch Consumer Bankruptcy Basics, a video designed to help you start understanding the factors to consider when deciding if bankruptcy will meet your financial needs.