Owning and operating your own business is no easy feat, and it can be easy to accumulate debt loads that become insurmountable, both in your personal life and professionally. Fortunately, the U.S. Bankruptcy Code provides business owners with tools for addressing debt and financial instability. Whether or not your business needs to be liquidated in [...]
Most people are aware that one of the hallmarks of filing for bankruptcy is receiving a discharge of debts at the conclusion of a case. While a debt discharge certainly provides you with the benefit of relinquishing your obligation to make payments to a creditor and a financial fresh start, there are limitations for how [...]
Chapter 13 bankruptcy is a court-approved repayment plan allows debtors to pay back their debt obligations over a period of three to five years depending on their debt and income levels. The repayment plan allows debtors to make one manageable payment each month to their bankruptcy trustee, so there is no contact with creditors. For [...]
Bankruptcy is a legal process designed to help individuals who are struggling with insurmountable debt, not to punish or mar them in their financial future. Although there are many myths and misconceptions about how bankruptcy impacts credit, and while many people have concerns over their credit scores, it is important to remember that bankruptcy is [...]
Bankruptcy and discharges of debt are a great benefit for people facing tough financial times, but bankruptcy also allows many creditors to get paid as well. Both Chapter 7 bankruptcy (liquidation bankruptcy) and Chapter 13 bankruptcy (repayment plans) allow for creditors to collect at least some portion of the debts they are owed. The bankruptcy [...]
When you file for bankruptcy, you will have to attend a hearing conducted by your bankruptcy trustee called a “meeting of creditors” or a 341 hearing. The purpose of this meeting is to allow the bankruptcy trustee an opportunity to ask you questions about the information you have provided in your bankruptcy petition, schedules, and [...]
One of the most defining aspects of bankruptcy is the discharge of debts that comes at the end of a case. Whether you file under Chapter 7 or Chapter 13 of the U.S. bankruptcy code, you will receive a discharge charge of your debts following liquidation under Chapter 7, or the completion of a payment [...]
Bankruptcy is a legal process through which people struggling with insurmountable debt can obtain a financial fresh start through a discharge of their debts. Depending on your current financial situation, you may file bankruptcy under a certain chapter of the U.S. Bankruptcy Code. One of the most common chapters for consumer bankruptcy is Chapter 7, [...]
The bankruptcy process entails far more than simply filing a petition and obtaining a discharge of your debts. Among the many steps needed to complete the process, you will be required to take a financial management course and present a certification of completion in order for you to get the bankruptcy discharge and begin rebuilding your [...]
There are a number of myths and misconceptions surrounding bankruptcy, and many of them can cause consumers to incorrectly believe that bankruptcy is not right for them. Among these types of misconceptions is that bankruptcy can only be filed by consumers with limited income, and that earning too much money can preclude someone from being [...]
