How Much Debt Do You Have to Have to File Bankruptcy?

Categories: Bankruptcy

chapter 7 bankruptcy

Technically, there is no minimum debt amount required to file for bankruptcy, but there are limitations on how high your debts can go. For example, if you want to file for Chapter 13 bankruptcy, your secured debts cannot exceed $1,257,850, and your unsecured debts cannot total more than $419,275. Your debt load, however, is only…

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Is It Better to File Chapter 7 or Chapter 13 Bankruptcy?

Categories: Bankruptcy

While most assume that filing Chapter 7 is the best route for bankruptcy, not all cases qualify for it and not all debtors would benefit the most from this type of bankruptcy. Consumers have two primary choices: Chapter 7 and Chapter 13. And before you assume one is better than the other, you should consult…

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What Can You Include in Chapter 7 Bankruptcy?

Categories: Bankruptcy

Chapter 13 Bankruptcy

When you file for Chapter 7 bankruptcy, you can discharge numerous debts, but not every single one. Debts including child support, federal student loans, or past due taxes are excluded from this discharge. Furthermore, some assets might require liquidation before you can proceed to the debt discharge phase. Deciding to file for Chapter 7 bankruptcy…

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What Does Chapter 11 Bankruptcy Mean for Shareholders?

Categories: Bankruptcy

Businesses filing bankruptcy affect more than just the company and its employees; it can also affect any shareholders who have invested in that business, too. Luckily, Chapter 11 is not a liquidation. Therefore, the management of that business remains in charge of its daily operations, and it can still generate profits. However, all decisions for…

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Will I Have to Go to Court If I File for Chapter 7 Bankruptcy?

Categories: Bankruptcy

If you file for bankruptcy, yes, you will have to show up in court for what is known as the meeting of the creditors. If you are like most consumers, the idea of showing up in court is daunting. After all, you are probably picturing a traditional courtroom scene with a big room, people staring…

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Can You File for Bankruptcy with a Felony Conviction on Your Record?

Categories: Bankruptcy

Bankruptcy Law

Being convicted of a felony affects you in numerous ways, including your career choices, government aid, and possibly your bankruptcy status. If you have been convicted of a felony, you may have limitations on what you can claim as an exemption. And depending on the crime, you may have difficulty filing for bankruptcy at all….

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Can I Stop Bankruptcy after I Have Already Filed?

Categories: Bankruptcy

341 hearing with creditors

As a debtor, you decide to file for bankruptcy. If you voluntarily wish to dismiss the case after doing so, you have that right. However, before you dismiss your bankruptcy case, you should consult with an attorney to make sure it is the right call. After all, the moment you dismiss, creditors are free to…

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What Can Bankruptcy Do for Me?

Categories: Bankruptcy

bankruptcy8_600x400_preview

If you’re considering bankruptcy, the first thing on your mind is the benefits. Will bankruptcy help you or will the hit to your credit report make life harder? Bankruptcy has its pros and cons, just like any other financial decision. Therefore, you should understand them before assuming it will help you or not. Bankruptcy is…

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How Do I Qualify for Chapter 7 Bankruptcy?

Categories: Bankruptcy

Not everyone in debt qualifies for Chapter 7. Instead, there are strict guidelines in place that apply, regardless of where you live, which determine if you can use Chapter 7 or if you must look for an alternative. Chapter 7 bankruptcy is a total relief bankruptcy. It means that, once your case completes, all debts…

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What Is a Secured Claim in Bankruptcy?

Categories: Bankruptcy

bankruptcy

When filing for bankruptcy, your creditors have rights. And one of those rights is to receive payment by submitting a secured claim form to receive payment on the debts you owe. If filing for bankruptcy, it is probably because you owe a considerable amount of debt and your income can no longer satisfy those monthly…

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