They say desperate times call for desperate measures. If you are dealing with overwhelming personal debt, you may very well agree. You may even be considering bankruptcy. If you are mulling this option, it is crucial that you understand everything it entails.  Prerequisites for filing  Filing for bankruptcy protection is a big decision. So you […]Read More

Bankruptcy is a complicated legal proceeding, which requires filing a considerable amount of paperwork when you consider this option. Due to the statutory basis and the nature of bankruptcy, you must comply with the documentation requirements. The following documents are required and are taken into consideration when filing for bankruptcy: Basic Personal Information Tax Returns […]Read More

Did you know that creditors can go after your property once you become insolvent? They can attack your assets, garnish your wages, or have your properties foreclosed. To prevent such things from happening, debtors can file for bankruptcy, which stops collection efforts, creditor harassment, and prevents you from losing any of your property, especially your […]Read More

Chapter 7 bankruptcy or liquidation bankruptcy encompasses all your non-exempt property sold and used to pay off your debts. Individuals with little to no income that cannot pay all or any portion of their debts, usually choose this type of bankruptcy. If the debtor has enough income to repay a part of their debt, they […]Read More

The two biggest reasons an individual files for bankruptcy are loss of a job or business and or high medical debts. Experiencing both is a catastrophic combination because as your expenses are rising due to mounting medical bills, your source of income has dried up, so repayment of those bills is not possible. Many other […]Read More

When you choose to file a Chapter 7 bankruptcy, one of your biggest concerns is whether you can keep your property. The fact is that it will depend on the state’s property exemptions, which you can use to protect your assets when filing for bankruptcy. Other states allow residents to choose between the federal bankruptcy […]Read More

A Chapter 13 Bankruptcy is often considered a reorganization bankruptcy since the debtor is attempting to reorganize their debts by offering the creditor partial or full repayment through a repayment plan. This option is used when you do not have many other choices and would like to reduce the loan balance on your mortgage or […]Read More

Chapter 7 Bankruptcy is the quickest and easiest bankruptcy process, as well as the best option that can be done in around six months or less. In a Chapter 7 bankruptcy, all non-exempt assets are liquidated, and the distributions of the proceeds are paid to your creditors. Who Can File? Individuals, partnerships, or corporations who […]Read More

Whenever an individual files for bankruptcy, either under Chapter 7 or Chapter 13, that person will be required to attend a meeting with their creditors. This meeting, otherwise known as the 341 meeting, gets its name from section 341 of the bankruptcy code. This meeting is an informal meeting with about twenty to thirty people […]Read More