The whole idea of chapter 7 bankruptcy is to leave as much debt as possible behind. There are some cases, however, in which you might want to reconsider and carry debt forward. Read on to find out why you would agree to keep the debt and how to do so. Secured Debts and Reaffirmations Your bankruptcy debt is divided into secured and unsecured. Secured debt is anchored by the property itself. [Read More]
Advantages Of Chapter 13 Bankruptcy Vs. Chapter 7
There are a lot of people who instantly think Chapter 7 bankruptcy is better than Chapter 13, but this is not really the case. Chapter 13 offers some key advantages that are not available through Chapter 7, and here are the top ones. It Offers Debt-Relief to People Who Make Too Much Money You might not realize that there are income guidelines that you must meet in order to file for Chapter 7, and this often disqualifies people from using this branch of bankruptcy. [Read More]
What To Know About Your Bankruptcy Trustee
Declaring bankruptcy is a big step, but knowing what to expect can help ease the stress and confusion of the situation. Once you file, you will be assigned a bankruptcy trustee, who will be managing your bankruptcy case from now until its final petition. While you should still count on your bankruptcy attorney to lend you support during the months that it takes a bankruptcy to go through court, yourbankruptcy trustee also fills an important role. [Read More]
How Does Personal Bankruptcy Affect You?
Bankruptcy is a scary word. There is such a stigma attached to it that many people are afraid even to consider filing for personal bankruptcy, even when it is the best alternative. To de-mystify bankruptcy, it helps to understand how bankruptcy affects you. What Debt Does Bankruptcy Remove? Filing for bankruptcy removes a significant portion of your debt, but not all of it. Take some time to figure out what is driving your debt. [Read More]