Once you decide to pursue a bankruptcy, you need to understand the process for starting a case. As a consumer, you can file a Chapter 7 or Chapter 13 bankruptcy, whether or not you maintain a child support obligation. A Chapter 7 bankruptcy allows you to obtain a discharge of most, if not all, of your debt, according to Cornell University Law School. A Chapter 13 bankruptcy permits you to pay off most, if not all, of your debt through a court-monitored repayment plan.
According to a study led by Dr. David Himmelstein at the Harvard University School of Law, medical bills were the largest contributing factor to more than 60 percent of personal bankruptcies, and 75 percent of those were among ...
However, you should first consult an attorney or conduct extensive research to determine if this is the best course of action for your situation. While in some cases, filing separately makes sense, in others you will not be aff...
Bankruptcy is a way to eliminate certain categories of debt if you do not have the means to repay them. While you can file bankruptcy at any time, you should first determine if bankruptcy is in your best interest. Bankruptcy ca...
Procedurally, filing bankruptcy without your spouse is essentially the same as filing jointly, as you must provide financial data on your spouse even if you are the sole filer.
In addition to compiling extensive personal financial information, you must accurately complete the appropriate schedules for your local bankruptcy court. One of the most important bankruptcy schedules is the listing of credito...
When interest rates drop, homeowners can sometimes gain significant savings by refinancing their mortgage. If you have a bankruptcy on your credit, refinancing will require you to take steps to prove your credit-worthiness and ...
As part of a Chapter 7 or Chapter 13 bankruptcy filing, you're required to attend a meeting of creditors, also known as a 341 meeting. The meeting of creditors is a necessary step in completing a bankruptcy petition and it's im...
When you file for bankruptcy, you are filing a petition to the United States legal system to let you off the hook with your debt. The two most common types of bankruptcy filings are Chapter 7 and Chapter 13. Filing for Chapter ...
While bankruptcy can certainly hurt your credit, it's not impossible to get credit again within a reasonable period of time. Although a bankruptcy can remain on your credit report for up to 10 years, if you immediately take ste...
While it can be difficult to get a loan or other forms of credit shortly after filing for bankruptcy, it is not impossible. Many individuals are able to obtain a loan within a year and a half of having had their bankruptcy disc...
Once you make the decision to file, stress and worries over money usually vanish instantly. Calls from creditors cease, and money is freed up to pay for other necessary household expenses. The process of filing for bankruptcy i...
Filing for personal bankruptcy should be a difficult decision because of its long-term ramifications, but it has several benefits. As soon as debtors file for personal bankruptcy, their obligation to pay back some debts is temp...
If you have a house you want to protect from bankruptcy, you need to make sure that you file a Chapter 13 bankruptcy, which protects major assets, such as property.
Although several alternatives to filing for bankruptcy exist, these alternatives don't work for everyone. For those in dire financial situations, filing for personal bankruptcy can provide huge relief. Depending on the type of ...
According to the U.S. Bankruptcy Court, when you file for Chapter 7 bankruptcy protection, you must provide a list all of your creditors (regardless of whether they are secured by an asset or unsecured) and the amount and natu...
Filing a chapter 7 bankruptcy is a way to liquidate non-exempt assets into cash in order to wipe out overwhelming amounts of debt. This is usually only reserved for those who are otherwise unable to pay off the debt on their ow...
While there's nothing you can do about that specific point and you won't be able to prevent creditors from seeing it, you can start reworking your credit as soon as you file for bankruptcy. Think of the process as trying to bui...
Bankruptcy is like a huge red X marking your credit report. It will be on there between 7 and 10 years and can ruin your financial reputation. However, your creditors will also know that you can't file for bankruptcy again for ...
The idea of paying off debt when you can barely afford food may seem ridiculous. The truth, however, is that you don't need to spend much money to get yourself out of debt. Many of the things you need to do to start again have ...
Chapter 7 absolves you of all debts, but liquidates your assets, selling them to pay off a portion of your debt. Chapter 13 allows you to keep your major assets, such as a home, and set up a payment plan through the court to ge...
When people refer to filing for Chapter 13, they are referring to a form of bankruptcy. There are two types of proceedings for bankruptcy: Chapter 7 and Chapter 13. For a Chapter 7 bankruptcy, debts are eliminated. For a Chapte...
According the Oregon State Bar, there are five types of bankruptcy proceedings. Bankruptcy proceedings that are commonly referred to are Chapter 13 and Chapter 7 bankruptcies. A Chapter 7 bankruptcy is about a three-month proce...
A qualified debtor will obtain a discharge, which bars creditors from taking any and all action to collect the debt. Chapter 7 petitions are administered by a bankruptcy trustee, who can take possession of a debtor's non-exempt...
