Bankruptcy can't solve your problems if you have substantial student loan debt. Student loans aren't dischargeable in bankruptcy except in extreme cases where you can show severe hardship, such as becoming unable to ever work because of total permanent disability. You also can't get rid of mo...
Use it to find the clear information, advice and forms you need to get through the entire process. First, How to File for Chapter 7 Bankruptcy will help you determine your qualifications for Chapter 7, and whether it is the best way to deal with your debts. Then you'll find out how...
At that point, I was determined to get out of debt. I went home and rummaged through my closet and bureau, pulling out all the clothes I had bought. I piled them onto my bed and took a picture to carry as a reminder of how I wasted my money. I took pictures of the electronics t...
Bankruptcy— Chapter 7 and Chapter 13 are the two most common forms — involves either erasing most unsecured debt or being placed on a court-approved repayment plan for three to five years. Debt settlementmight suit people who don’t qualify for bankruptcy or who simply don’t want to file...
Chapter 7: Also known as liquidation bankruptcy, Chapter 7 bankruptcy requires individuals to sell their non-exempt assets to pay creditors. Chapter 13: Chapter 13 bankruptcy allows individuals with higher income to pay off their debt through a court-approved repayment plan. Chapter 11: Chapter 11...
To qualify for a Chapter 7 Bankruptcy, you must first pass the “Means Test,” which requires that your income not exceed a certain amount. This test requires that you first add up your income earned during the six previous complete months. Next, add up all of the income from all sources...
federal laws. If you have secured debt, that property may be repossessed or you may pay a lump sum toward the value. Most people who file for Chapter 7 bankruptcy have nothing to lose. If you have sufficient enough income, you won’t be eligible for this type of liquidation bankruptcy. ...
So, you might be asking, how can I get out of debt without filing bankruptcy? Keep reading to learn more about why you shouldn’t consider bankruptcy as your final debt solution. Make a Budget Making a budget can be a great starting point for getting out of debt without filing for bankr...
Chapter 7—In the vast majority of cases, the Chapter 7 process lasts three to four months. After partnering with an attorney who will file with bankruptcy court, a trustee will liquidate nonexempt assets and impose the automatic stay. Most of our clients have no non-exempt assets for a tr...
Chapter 7 simply liquidates the company's assets, while Chapter 11 allows the business to continue to operate under a reorganization plan. If a company you've invested in declares bankruptcy, how much you're likely to get back will depend on the type of bankruptcy and the kind of investment...