Five Surprising Facts about Bankruptcy in the U.S.
Bankruptcy is not uncommon to American consumers. Even if one particular consumer has not filed, odds are high that he or she has a friend or family member who has before. Regardless of how common it is, it is still widely misunderstood. So, whether you are considering filing for bankruptcy yourself or if you have…
What Are the Steps of Chapter 7 Bankruptcy?
When you file for bankruptcy, there are a few steps that you will go through. The process is not over quickly, so by being aware of the stages, you can be better prepared for how long it will take to settle your case. Also, certain factors in your bankruptcy case could influence whether it takes…
Seven Things Not to Do Before Filing Bankruptcy
If you intend to file bankruptcy, there is plenty more that you have to do other than hiring an attorney and filling out some forms. There is also plenty NOT to do. What you do (and more specifically, what you don’t do) prior to officially filing is critical. Doing the wrong thing could result in…
What is a Bankruptcy Trustee?
When you file for bankruptcy, the court will appoint a trustee appointed to your case. The bankruptcy trustee will have various roles. The trustee is there to review the petition, look for red flags and fraudulent claims. His goal is to maximize the amount of money that your creditors will receive. Who Pays the Bankruptcy…
What Happens at a 341 Hearing with Creditors?
When you file for Chapter 7 or Chapter 13 bankruptcy, you are required to attend a meeting of the creditors. This is also referred to as a 341 Hearing. During this meeting, you are not in front of a judge. Instead, your bankruptcy trustee is present, along with creditors, to discuss your debt obligations. This…
After Bankruptcy: What Steps Should I Take First?
What steps should you take after bankruptcy? You have finished your bankruptcy proceedings – now, your debts are either discharged, or you are going through the court-designated repayment program. Regardless, you have been given a fresh start with your finances, which means that you need to play it smart. A large majority of those who…
Will I Lose My Home if I File for Bankruptcy?
Will you lose your home if you file for bankruptcy? A common concern for consumers who are contemplating bankruptcy is whether or not they will lose their home. During Chapter 7 bankruptcy, several issues can arise. But, typically, if there is equity that is exempt and you can continue making your payments, you may not…
Business Bankruptcy: Does Your Business Qualify?
Does your business qualify for a business bankruptcy? If your business is struggling to turn a profit or has excessive debt, it might be time to consider filing for bankruptcy. Bankruptcy is a lifeline for businesses, just as much as it is for consumers. Most business owners assume that if they need to file bankruptcy,…
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