Is It Better to File Chapter 7 or Chapter 13 Bankruptcy?
Is it better to file Chapter 7 or Chapter 13 bankruptcy? While many 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…
What Can You Include in Chapter 7 Bankruptcy?
What can you include in Chapter 7 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…
What Does Chapter 11 Bankruptcy Mean for Shareholders?
What does Chapter 11 bankruptcy mean for shareholders? 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…
Will I Have to Go to Court If I File for Chapter 7 Bankruptcy?
Will I have to go to court if I file for Chapter 7 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,…
Can You File for Bankruptcy with a Felony Conviction on Your Record?
Can you file for bankruptcy with a felony conviction on your record? 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…
Can I Stop Bankruptcy after I Have Already Filed?
Can you stop bankruptcy after you have filed? 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,…
What Can Bankruptcy Do for Me?
If you’re considering bankruptcy, the first thing on your mind is the benefits. 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 a powerful financial tool that helps you get back into control of your finances….
How Do I Qualify for Chapter 7 Bankruptcy?
How do you qualify for Chapter 7? 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…
What Is a Secured Claim in 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…
How Do I File for Chapter 7 Bankruptcy?
How do you file for Chapter 7 bankruptcy? The process is relatively quick, especially because it is the most common type of bankruptcy filed by consumers each year. The process can, however, take longer than necessary if you do not follow the filing deadlines or complete the steps required by the court. Luckily, because it…