Bankruptcy is a legal process that allows you to discharge many different types of debts, eliminate calls from collection agencies, and begin rebuilding your financial life. The two different types of personal bankruptcy, Chapter 7 and Chapter 13, allow you to discharge your debts through liquidatin...
Attorneys charge far less for Chapter 7, as it's a less-complicated process than a Chapter 13. The latter is used for, but a bad idea, to pay for one's bankruptcy. "In 7, you have to pay for your bankruptcy upfront. In Chapter 13 you pay your attorney in that 3- to 5-year ...
Chapter 7 Bankruptcy The most common form of bankruptcy is Chapter 7. This is also often known as liquidation bankruptcy. Unable to pay off debts with money, the party must—with the help of a trustee—liquidate their non-exempt assets and divide the money to give to creditors. Much of th...
A Chapter 7 bankruptcy stays on your credit report for 10 years, whereas a Chapter 13 bankruptcy falls off after seven. Both have lasting impacts on yourcredit score, and any new debt you take out will likely come with higher interest rates. 4. Complete the first credit counseling course Be...
Because you are only allowed to receive a bankruptcy discharge every so often. For example, you may only receive a Chapter 7 bankruptcy discharge: Once every eight years, or Six years after a Chapter 13 bankruptcy filing If you find yourself facing an even more serious financial problem during...
Chapter 7 Bankruptcy: Also known as liquidation bankruptcy, Chapter 7 bankruptcy involves the liquidation of non-exempt assets to repay creditors. It is designed for individuals with limited income or resources who are unable to repay their debts. In Chapter 7 bankruptcy, a court-appointed trustee...
Chapter 7 Bankruptcy If you filed a previous Chapter 7 Bankruptcy, you likely did so because you could protect all of your assets from being used to pay unsecured creditors. This is because a Chapter 7 case involves a liquidation, at least theoretically, of your non-exempt assets. ...
Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves selling your assets to repay your debts. Chapter 7 is generally for people with an income below the median for their state, or who meet a somewhat complicated “means test.” The basic filing fee is $338. Most unsecured deb...
You are allowed one Chapter 7 bankruptcy filing every eight years. Chapter 13 bankruptcy also has limits on how soon you can file again. Without the proper representation and advice, you may waste the opportunity that a bankruptcy filing offers. ...
Bankruptcy attorney Millard Ramsey helps people file chapter 7 and chapter 13 bankruptcy in Chattanooga and the surrounding areas. Call 423-464-4500 for a free consultation today.