Don’t Let Financial Problems Dominate Your Life
Many people call a Chapter 7 bankruptcy a liquidation bankruptcy. This name comes from the potential requirement to use accumulated resources to repay creditors before a discharge is possible. Frequently, filers have to sell or liquidate certain resources to repay...
For individuals facing overwhelming debt but wishing to keep their assets, Chapter 13 bankruptcy can provide a structured path toward financial recovery. Chapter 13 bankruptcy relies on your income to make monthly payments toward your debts over a period of three to...
Chapter 7 bankruptcy and Chapter 13 bankruptcy are a bit different. With Chapter 7, you have debt waived after you liquidate nonexempt assets and pay off as much of that debt as possible with the proceeds. With Chapter 13, you generally do not waive any of the debts,...
Chapter 7 bankruptcy can be a lifeline for individuals ready to start over financially. Still, a few missteps before you file can delay your case, block your discharge or even lead to legal trouble. Steer clear of these mistakes to keep your fresh start within reach....
Chapter 13 bankruptcy is not an instantaneous process. A filer must submit paperwork to the courts and negotiate a repayment plan. They then need to make between three and five years of structured payments. The repayment plan often requires the majority of the filer’s...
If you are facing overwhelming debt and you start to miss payments, lenders may want to reclaim the assets that you have purchased. For things like credit card bills, there may not be any assets, as these are unsecured debts. But with other types of debt, there is a...
Many people struggling financially may be eligible for a Chapter 7 bankruptcy. If they can pass a means test, they could potentially complete the Chapter 7 bankruptcy process in as little as a few months. Chapter 7 bankruptcy is also known as liquidation bankruptcy....
There are multiple ways for people to address major financial responsibilities. People with credit card debts may try consolidating what they owe or even transferring the balance from one credit card company to another. In some cases, they might work with a private...
An inheritance can feel like a lifeline during financial struggles, but bankruptcy may change how that gift is handled. In Texas, whether inherited money or property is protected depends on both timing and the type of bankruptcy filed. Below are some crucial points to...
There are many reasons that homeowners may find themselves struggling to manage their mortgage payments. The payment can amount to up to a third of the household’s monthly income, and any major financial changes could alter the homeowner’s ability to pay. Job loss can...