Chapter 7 bankruptcy basics: Chapter 7 bankruptcy allows a quick discharge of most debts while keeping all the property you need. Whether you are facing overwhelming debt or just want to eliminate debt to be in a better financial position, bankruptcy is a good option. How do I keep my property in Chapter 7 bankruptcy?
Bankruptcy attorneys are everywhere. A Google search turns up over 5 million results. So how do you find the right bankruptcy lawyer? Is one just as good as another? I will help guide you through it with these three tips. You should never meet with a bankruptcy lawyer paralegal. Most bankruptcy law firms will offer
The idea behind Chapter 7 bankruptcy is that a person can discharge – or cancel – certain types of debts, relieving them of any future legal obligation to pay. Typically, individuals file for Chapter 7 because of mounting unsecured debts, such as credit cards or medical bills. After going through the bankruptcy process – in
When a creditor presents a claim against a Chapter 7 bankruptcy estate, it must be legally valid. In other words, if the creditor could not normally sue to enforce the debt outside of bankruptcy, it cannot seek to collect the debt from the bankruptcy trustee. After all, bankruptcy is about giving a second chance to
Chapter 13 is sometimes called the “wage earners” or “reorganization” bankruptcy. It is designed primarily for people with a regular income who may have fallen behind on their debt payments, and people who do not qualify for chapter 7 bankruptcy. In chapter 13, individuals work with a credit counselor and their attorney to develop a
Chapter 7 bankruptcy is sometimes called the “fresh start” bankruptcy. The goal in filing for chapter 7 is to provide a clean slate for a debtor, allowing them to retain much of their property and receive a “discharge” that erases most of their debts. It is designed to help lower income wage earners (individuals, married