unpaid credit card bills, and so on. Sometimes some people will owe too much money than they can afford to pay back due to poor spending habits or they just really fall into hard times. Whatever reason you have for being in a lot of debt, you may have considered filing for Chapter 13...
As a bankruptcy lawyer and co-founder ofWarren & Migliaccio, L.L.P.,I have helped countless clients navigate bankruptcy proceedings. We specialize in Chapter 7 and Chapter 13 bankruptcy filings, the two most common types of bankruptcy. Our team has years of experience helping individuals and fa...
Loss of Assets: In Chapter 7 bankruptcy, debtors may be required to liquidate some of their assets to repay creditors. This can result in the loss of valuable property, such as a car or family heirlooms. Difficulty Obtaining Credit:After filing for bankruptcy, individuals may face challenges ...
By this I mean that you are now a slave to creditors because your debt level is beyond what your income can handle comfortably such that there is every month you have no savings. Let’s discuss the pros and cons of filing for bankruptcy for the following ...
Not all types of debt are eligible for bankruptcy Purchasing a home after filing for bankruptcy can be challenging It can be hard to qualify for It could take years to complete a Chapter 13 bankruptcy Your cosigners could be on the hook Bankruptcy isn't free How does filing for bankruptcy...
"NextChapter Review" Pros:There have been good updates on the credit report integration. The software is relatively user friendly and has helpful instructions. The preview feature is great as well as being able to download drafts. I like the ease of filing amendments as well. ...
Filing for bankruptcy.As a last resort, you might have no choice but to declare bankruptcy. Chapter 7 bankruptcy will erase all your debts, while Chapter 13 gives you three to five years to pay off your debts. This causes serious, long-lasting damage to your credit. ...
One day, you go to fill your prescriptions and realize the cost of a $13 pill has jumped to an astounding $750. You need this patented medication to survive and to afford it you end up losing your home, filing for bankruptcy, and sleeping in your car. This story sounds fictional but ...
By contrast, Chapter 11 is a form of bankruptcy that involves a reorganization of a debtor's financial affairs. It is most often used by companies, though it is available to some individuals, as well. The main difference is that the entity filing for bankruptcy remains in control of more o...
Disadvantages of Debtor in Possession (DIP) After filing for Chapter 11 bankruptcy, the debtor must close the bank accounts they used before the filing and open new ones that name the DIP and their status on the account. From that point on, many decisions the debtor might previously have mad...