In the bankruptcy system, exemptions are categories of assets that are not included in your bankruptcy estate. In Chapter 7 bankruptcy, exemptions determine what property you can keep, such as your home, car, pension or personal belongings. The goal of exemptions is to allow you to get your ...
The services of a bankruptcy lawyer in the United States or a bankruptcytrusteein Canada and Europe is required to declare bankruptcy. A free evaluation meeting can be scheduled to meet with the lawyer and discuss your personal situation. They may suggest other options to resolve your debt issues...
When you file Chapter 7 bankruptcy, you essentially sell off your assets to clear debt. People who have no valuable assets and only exempt property—such as household goods, clothing, tools for their trades, and a personal vehicle worth up to a certain value—may end up repaying no part ...
Going through a nonprofit credit counseling agency is a good way to find an affordable debt management plan. If your credit card debt is more than 40% of your income and can’t be repaid within five years, bankruptcy may be a better option than a debt management plan. Pros Fixed monthly...
Filing for bankruptcy is a big decision and one that will certainly impact the rest of your life. Deciding whether to apply is one of the hardest things you will ever have to do, and you should always fight tooth and nail against it. Still, unfortunately, many have to declare bankruptcy,...
If you can't get out of debt, you may have to declare bankruptcy, which can ruin your credit rating and make you ineligible for loans or credit for years. Consider all your options carefully and weigh their pros and cons. Consult a professional financial advisor for more specific guidance ...
Studentaid.gov: You can have your federal student loans forgiven, canceled or discharged. Learn more about the types of forgiveness and whether you qualify due to your job or other circumstances. The Public Service Loan Forgiveness (PSLF) program: PSLF can help you reduce student loans. If you...
The most commonly cited reason people declare bankruptcy is because of the financial hardship they experience from unexpected events, like a job loss and medical issues. But regardless of how frequent an income loss can happen or expensive medical bills can add up, it's a big decision to file...
The decision to declare bankruptcy should not be treated casually, but under some circumstances, it can be the best choice to help you restructure or discharge certain types of debt. Should I file chapter 13 or chapter 7? Bankruptcy is no fun, no matter which chapter you file under. But ...
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