One of the reasons why debtors seek bankruptcy protection is to stop harassing collection attempts from creditors. While anyone should not be subject to such abusive measures, debtors have rights you need to know in order to protect yourself, even before you decide to file for legal protection. There are a number of debt collection [...]

Being "bankrupt" and not being able to pay your debts should be considered two different situations. You often hear people throw around the term or expression of going "bankrupt" when they file bankruptcy protection. Yet, it may not necessarily mean you can't pay what you owe. When a consumer is considered insolvent they may be [...]

I Want to File Bankruptcy But I Have No Assets! Many who claim to have no assets file Chapter 7 bankruptcy. This is sometimes referred to as a Chapter 7 no-asset bankruptcy. In many cases, the process goes by quickly since the trustee won't have any property or assets to satisfy creditors with. Many consumers [...]

As an individual, being responsible for business debt in bankruptcy likely depends on the structure of your business. In some cases it may depend on how it was developed or formed. Many who seek to file for protection may operate a business as a sole proprietor, partnership, corporation or limited liability company (LLC). If you [...]

Business Debt and Your Spouse As a business owner, determining whether your spouse is liable for what is owed in a bankruptcy filing depends on how your business is structured and the debt incurred. In many situations, for married couples it depends on where you live. In other words, an aspect you may need to [...]

Deciding to file for bankruptcy is a significant step toward improving your finances. Whether you have decided to file Chapter 7 or Chapter 13 bankruptcy, one of the most important steps you should take includes getting to know the process and what to expect. In this sense, it helps to make the filing process easier [...]

The automatic stay is one of the reasons why bankruptcy can be a powerful tool in helping you regain control of your finances. It is often seen as a stop sign to creditors or anyone looking to proceed with legal action against you. Whether you are behind on paying your bills or feel repossession is [...]

Bankruptcy exemptions play a significant role during the filing process. They help debtors obtain protection for their assets and personal property against creditors. In short, exemptions provide legal options for debtors to keep their possessions during and after bankruptcy. Chapter 7 bankruptcy exemptions help determine what you can keep, while Chapter 13 bankruptcy exemptions help [...]

Filing for bankruptcy can help you keep your assets legally without having them seized by creditors to satisfy an outstanding balance or past due debt. Yet, some who file think they need to hide or withhold information about their personal property in order to retain it. This action may lead to bankruptcy fraud charges, hefty [...]

Married couples may benefit from filing a joint bankruptcy petition under certain circumstances. Couples may save money during the process and gain adequate protection for assets and property between them. Yet, there are a few details to review in understanding the process and whether a joint petition is the best option. The process is similar [...]