creditor

What Is Relief from Automatic Stay?

Who gets relief from the automatic stay in bankruptcy? When a relief from the automatic stay is filed, it is done by a creditor. The creditor is asking the court to remove the automatic stay protection issued in bankruptcy so that they can continue collection efforts. Typically, the creditor does so when they need to…

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How Much Should You Be in Debt before Filing for Bankruptcy?

How much debt should you be in before filing bankruptcy? A common question on consumer minds is whether or not they have enough debt to justify filing for bankruptcy. The answer is not as simple as “X dollars” is the threshold. Instead, it comes down to your unique financial situation, the type of debts you…

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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…

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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,…

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Bankruptcy Exemptions

What Are the Bankruptcy Exemptions for Chapter 11 and Chapter 13?

Each form of bankruptcy works in its own way, with Chapters 7, 11, and 13 differing from one another substantially. One of the biggest differences is how exemptions are applied when it comes to your personal property. What are the bankruptcy exemptions for Chapter 11 and Chapter 13? Chapter 11 Filing for Chapter 11 means…

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bankruptcy

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…

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