If your income is too high, you unfortunately can’t qualify for Chapter 7. But you do have another option: Chapter 13 bankruptcy. This option takes longer to resolve your debts because it requires a long-term repayment plan — usually three to five years — before some of your remaining ...
Depending on your business's legal structure and assets, you may be eligible to file for either aChapter 7,Chapter 11orChapter 13bankruptcy. Here is a basic overview of each type: Chapter 7bankruptcy is for businesses that intend to shut down and liquidate their assets to pay off debts. Ch...
Chapter 13 Bankruptcy: Unlike Chapter 7, Chapter 13 bankruptcy involves the creation of a repayment plan to repay a portion of the debts over a three to five-year period. It is designed for individuals with a regular income who can afford to make monthly payments towards their debts, albeit...
How Do Bankruptcy Exemptions Work? Exemptions always protect the same amount of property regardless of the chapter filed. However, what happens to "nonexempt" property you can't protect with a bankruptcy exemption will depend on whether you file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7...
bankruptcy discharge is a court order telling your creditors to stop bothering you. It allows you to start over financially, with a clean slate. If you have ever filed for Chapter 7 bankruptcy, the court has issued you a bankruptcy discharge. When you file for bankruptcy, you don’t ...
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code Please watch our video on what to expect during your first consultation with bankruptcy lawyer Chris Benson: Chapter 7, Entitled Liquidation, contemplates an orderly, court-supervised procedure by which...
Once your debts are wiped out, you can take steps to restore your credit, such as making all your payments on time. The bottom line is, until you file bankruptcy, your bad credit is likely to get worse. After bankruptcy, you can rebuild your credit. Atlanta Lawyers · Rebuild Your Credi...
Jack Snowdin
Eventually, many are forced to file bankruptcy anyway. And this is never a bad thing. A Fresh Start The U.S. Bankruptcy Code was designed to provide individuals with a fresh start for their financial situation. Filing Chapter 7 means a discharge or wiping out of debts you do not want...
After all, if you choose to file bankruptcy, it could have a detrimental impact on your credit score for years to come. For example, chapter 13 bankruptcies typically stay on your credit report for seven years while chapter 7 filings can stay on your credit report for up to 10 years. ...