Facing confusing charges or a large medical bill can seem overwhelming at times. There may be many worries, ranging from having to pay absurd charges, to damaging your credit score, to being forced into bankruptcy, to having your home and assets seized. But it’s best not to automatically assume the worst, as there are plenty of […]
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 […]
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.
The answer, like most answers in bankruptcy is “maybe.” Bankruptcy law is a mix of state and federal law. That is why this post will be fairly general and will reference other sites from across the nation. It is important to talk with a local bankruptcy attorney to both take full advantage of your state’s […]
There are a lot of factors that should be taken into consideration before declaring bankruptcy. Here’s a brief roundup of the pros and cons: Cons: Bankruptcy should be a last resort. Try other methods first. It can take 6-10 years to rebuild your credit history You might not qualify for credit, or if you do […]
Can you file bankruptcy on your own as an individual? Yes, but you shouldn’t. It may seem like a good idea to pay the filing fee and try to save money on attorney’s fees, but in the long run hiring a competent bankruptcy attorney is worth the money. Why do you need an attorney? Bankruptcy […]