Most people file for Chapter 7 bankruptcy, which allows you to dispose ofunsecured debts, such as credit card balances and medical bills. You must liquidate property to repay some or all of your unsecured debts if you have nonexempt assets, such as family heirlooms (collections with high valu...
Life events like job loss, medical emergencies or divorce can cause a sudden or significant loss of income, making it hard to keep up with financial obligations. Without a steady income, you may fall behind on mortgage payments, car loans and credit card bills, leading to mounting debt. Over...
Unsecured debts, like credit card bills, may be discharged. For the debt that isn’t discharged, you must make monthly payments. An impartial trustee, usually a lawyer, is appointed to oversee your Chapter 13 bankruptcy process and collect a monthly payment, dispersing it to your creditors du...
One of the primary advantages of Chapter 7 bankruptcy is the discharge of most unsecured debts including credit card debt, medical bills, personal loans, and utility bills. This discharge eliminates the debtor's legal obligation to repay these debts. Filing for Chapter 7 bankruptcy triggers an au...
Foster Law Offices, LLC assists consmers with obtaining a fresh start through Chapter 7 Bankruptcy. Credit card debt, medical bills, loans? We can help.
Bankruptcy most commonly results in a negative hit to your credit, but you can learn how to rebuild your credit after filing for bankruptcy.
Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q1 2024 was $17.69 trillion. Auto loan debt was $1.62 trillion and credit card was $1.12 trillion. According to data gathered by Urba...
In Chapter 7 bankruptcy, the goal is often to wipe out dischargeable debts like medical bills or credit card debt. A Chapter 7 bankruptcy discharges you from most unsecured debt if you fulfill all requirements. Chapter 13 bankruptcy takes a different approach. It allows individuals with regular ...
Unsecured debts, such as credit card bills, are wiped out by a Chapter 7 bankruptcy, so it makes little sense to keep paying them if you’re certain about using thisdebt relief option. Next,try to earn some additional income. Selling old electronics or taking on a part-time job are two...
Credit card debt. Medical bills. Past due rent. Past due utility bills Income taxes that are more than three years old. If the majority of your debt falls into any one of these categories, Chapter 7 bankruptcy will provide you the fresh start you need, and you will be relieved of these...