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chapter 7 bankruptcy Archives

What if I qualify for both Chapters 7 and 13?

When it comes to consumer bankruptcy, the law offers a few different options. In almost all cases, an individual qualifies for either Chapter 7 or Chapter 13 bankruptcy. However, in some cases, an individual may qualify for both types of bankruptcy, which can create some interesting opportunities. If you believe you may qualify for both Chapter 7 and Chapter 13, you have some very important things to consider.

What can I exempt under Chapter 7?

When a person chooses to pursue a bankruptcy under Chapter 7, he or she only usually has to forfeit some of his or her personal property in the process. In fact, many individuals are quite surprised to learn just how many types of property enjoy some sort of exemption under bankruptcy law. If you're considering using Chapter 7, be sure to take your time and fully understand the process so that you don't miss some of the many benefits this type of bankruptcy has to offer.

Discharging tax debt through Chapter 7

If you're hoping to use a Chapter 7 bankruptcy to discharge tax debt, there's good news and complicated news. The good news is that discharging tax debt is possible through a Chapter 7 bankruptcy (or a Chapter 13 bankruptcy, to a lesser extent). The complicated news is that the matter is, well, complicated. While some types of tax debt are dischargeable, not all tax debt is dischargeable, and certain actions by the Internal Revenue Service (IRS) can place additional restrictions on how you liquidate assets.

Will Chapter 7 liquidate my home or retirement savings?

When you begin to consider filing for bankruptcy, it is understandable that you may have many concerns about what you'll have to give up in exchange for a fresh start, especially when it comes to your home or retirement assets. While a Chapter 7 bankruptcy does require you to liquidate assets in order to discharge some or all of your debt, it does not require you to liquidate every kind of asset.

Discharging educational debt through Chapter 7 bankruptcy

Chapter 7 is often an excellent way to discharge many kinds of debt if you fall behind and making payments becomes unfeasible. However, there are a number of debts that Chapter 7 cannot usually discharge. One of the most commonly misunderstood debts is educational debt, which is not typically dischargeable. However, there are some circumstances in which you might be able to use Chapter 7 to discharge educational debt.

Sears may file for Chapter 7 bankruptcy

Chapter 7 bankruptcy can offer a struggling business some excellent options for settling untenable debt. Sears department stores have been circling some form of bankruptcy for a while, but many industry insiders believed that the company would file under Chapter 11. If the company moves forward with Chapter 7, shareholders could be left with no consolation prize.

Small business owners may benefit greatly from Chapter 7

Starting your own business can be a rough road to travel, and for many business owners, the idea simply fails to get off the ground. There are numerous reasons why this might be, but whatever the reason, a failed business idea does not have to dismantle your entire life. Many business owners file for bankruptcy to keep a failing business from destroying the rest of their lives, which is a perfectly legitimate use of bankruptcy.

Discharging cash advance debt through Chapter 7

If you're considering a Chapter 7 bankruptcy, you may be concerned that not all of your debts will qualify for discharge, especially some of the more destructive types of debt. Cash advance debts can be some of the worst culprits in driving you deeper into personal debt and feeling like there is no way out, and there is some conflicting information out there about whether or not cash advance debt can be discharged with bankruptcy. Of course, like most serious matters, there is not a simple yes-or-no answer to this question. Can you discharge cash advance debt with a Chapter 7 bankruptcy? Well, probably.

What is debt reaffirmation?

A Chapter 7 bankruptcy proceeding can be a complicated matter, and each case must be handled with care and precision. In some cases, a debtor may choose to work out a specific deal with a secured creditor that allows him or her to keep a certain piece of property. This process is known as debt reaffirmation and must be undertaken very carefully.