There are two common types of bankruptcy that consumers file for – chapter 7 and chapter 13. If you file under chapter 7, then all your non-exempt assets and property is sold off to pay back the creditors. While in chapter 13, the debtor is allowed to prepare a repayment plan. This plan is based on the debtor’s income and convenience and it is the debtor who in compliance with a trustee and a judge decides the terms of repayment of all his debts. Continue reading Bankruptcy Fees – The Cost Of Filing For Bankruptcy
All the assets, including property, that cannot be sold or seized to clear the debts of a debtor who has filed for bankruptcy forms the part of bankruptcy exemption. Continue reading Bankruptcy Exemptions – Find Out Which Assets Are Exempt In Bankruptcy
A bankruptcy trustee is an individual who is in charge of the administration process of the bankruptcy. The trustee is generally appointed by the court and supervises the bankruptcy process. Acting as a negotiator between the creditor and the debtor, the trustee’s chief duty is to oversee that the interests of both the parties are maintained. Continue reading Bankruptcy Trustee Duties… Across The Various Chapters!
A bankruptcy petition is the application which a debtor submits in court to declare bankruptcy. Once the bankruptcy petition is approved by the court, then the proceedings to repay the debt officially starts. This document is very important as it not only starts the repayment proceedings, but also prevents any creditor to file a lawsuit against the person filing for bankruptcy. Continue reading Bankruptcy Petition – Things To Keep In Mind Before Filing For Bankruptcy
Many students need some sort of loan to pay for their higher education and the debts that are taken for the express need of funding one’s college tuition are known as student loans. They can be federal, that is loans taken from government funded agencies, or private, loans taken from private banks, in nature. Continue reading Bankruptcy and Student Loans – Ways to Get Rid of Student Loans
In addition to the debtors, creditors in bankruptcy also have certain rights and privileges. They are permitted to the following:
- Share in the bankruptcy estate which is based on the priority of the claim.
- They are present in the court hearing related to debtor’s non-exempt assets, repayment plan, and sale of the bankruptcy estate.
- Object to the debtor’s debt discharge.
Chapter 12 bankruptcy code was added in 1986 so as to help the financially distressed family farmers and fishermen. The main purpose of chapter 12 bankruptcy law was to give family farmers and fishermen a chance to plan and repay their debts so the creditors don’t take away their belongings. Continue reading How To File For Chapter 12 Bankruptcy
Bankruptcy is defined as that state when a person or a business is so much in debt that there is no chance of a repayment. In that condition, the person or a business is forced to declare bankruptcy so that all the assets are not taken over by the creditors. The US government offers many laws for bankruptcy protection out of which one is chapter 12 bankruptcy law. The chapter 12 bankruptcy law is specifically designed for family farmers and fishermen. Continue reading What Is Chapter 12 Bankruptcy… An Overview
After you file bankruptcy, you January realize that your life has changed for the better. You will stop getting calls from creditors and you can start your life afresh. But, you will have to be extremely cautious about your finances now and act with responsibility when it comes to spending and credit. Continue reading What Happens After Bankruptcy
Chapter 11 allows “reorganization” of a corporation under the US laws for bankruptcy. In this context, reorganization means preparing a plan that ensures that the business is not shut down and at the same time creditors get paid over a period of time. Continue reading How To File For Chapter 11 Bankruptcy
Chapter 11 bankruptcy is a type of bankruptcy in which the option of reorganization is made available to the business corporations, partnerships and individuals. Here, “reorganization” means continuing business and at the same time repaying the creditors as per an agreed repayment plan. Continue reading What Is Chapter 11 Bankruptcy
If you have already explored other options and zeroed-in on bankruptcy as the only solution to your debt problems, chapter 13 bankruptcy might be something that you should consider. One of the biggest advantage of chapter 13 bankruptcy is that it can stop foreclosure proceeding on your home and hence save your home. However, there is no magic that will do the trick for you. You have to ensure that you adhere to court’s orders and the decided repayment plan in order to ensure that you are finally safe and debt free. Continue reading How To File For Chapter 13 Bankruptcy
Chapter 13 bankruptcy is meant for people with regular incomes. Chapter 13 bankruptcy involves charting out a repayment schedule for the debtor in order to make it possible for the debtor to repay the debt over a 3-5 year period. The bankruptcy court facilitates and overlooks the whole process. It is important to note here that this repayment period cannot be more than 5 years and the choice of 3/5 years is based on certain criteria as defined in the bankruptcy law (it is based on debtor’s current monthly income vis-à-vis the median income in the state). Continue reading What Is Chapter 13 Bankruptcy
Once you have decided that declaring bankruptcy is the only way out of your debt problems, and after you have cleared the eligibility criterion for filing chapter 7 bankruptcy, you have to ready yourself for the actual process of filing bankruptcy. There are various ways of doing so and you are free to choose the most suitable option for yourself. You can seek professional help or do-it-yourself. Continue reading How To File For Chapter 7 Bankruptcy – Filling Out The Forms
An individual (this is generally the case because businesses go for chapter 11 mostly) can file for bankruptcy if he or she is unable to pay back his/her debt. But this (filing bankruptcy) should really be the last thing on your mind and should come into play when nothing else (debt consolidation/negotiation etc) works out. While there are other chapters of bankruptcy too (e.g. chapter 11 and chapter 13), chapter 7 is the most common kind of bankruptcy that is filed by debtors in US. Chapter 7 bankruptcy of the Title 11 entails the United States Bankruptcy Code and it manages liquidation. Continue reading What Is Chapter 7 Bankruptcy
Opting for bankruptcy is one thing and how to go about is another. Once you have made up your mind to go for bankruptcy, the next thing is where to start. Continue reading How To File For Bankruptcy
Bankruptcy now stares you in the face. What next? If you want to file a bankruptcy case, then bankruptcy attorney is the person who can guide you in the right direction. An attorney can help you ascertain your actual current income under the bankruptcy law and potentially cut down your debt or stop foreclosure on your home. Many bankruptcy attorneys today provide a free, no-obligation consultation. Continue reading Bankruptcy Attorney – Get Professional Help In Bankruptcy Proceedings
Bankruptcy laws are often complex enough to be comprehended by a consumer, and in most cases professional guidance will be needed to grasp the Bankruptcy laws. Although professional guidance is advisable, and in some cases mandatory, it will serve good purpose to have a brush up with bankruptcy filing laws. Continue reading Bankruptcy Laws – What You Should Know Before Filing Bankruptcy