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…
After you file for bankruptcy, you may worry that you’ll never have good credit again. Fortunately, this does not have to be true, if you take proactive steps to improve your credit. A bankruptcy will certainly hurt your credit in the short term, but the damage does not have to last forever. With time and careful, consistent work, you can…
If you’re considering a bankruptcy, it can feel overwhelming. This is a reasonable response to overwhelming debt, but not a helpful way to move forward. For many people, simply choosing a type of bankruptcy is a stumbling block in the path to a financial clean slate. For private individuals, Chapter 7 and Chapter 13 bankruptcies both offer financial relief, but…
Many college students are unable to fully fund their education through scholarships and savings, which is why thousands of students graduate college already deep in debt with student loans. Student loans are quite common, but many people who take on this debt do not realize the significant impact that it can have for years, even decades down the road. If…
For many people, filing for bankruptcy can feel like a jumping off a cliff and not knowing what waits at the bottom. If you are considering bankruptcy, this fear can keep you from moving forward and creating a real second chance for yourself. Among the other things that worry people about life after bankruptcy is whether or not they’ll ever…
When a person begins to consider a bankruptcy, often he or she has many concerns about which pieces of his or her property can be exempted from the process. Persons with various investments have a good deal of homework to do if they want to fully understand which of their investments may withstand the process and which face the greatest…
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…
A recent bankruptcy court decision may mark a significant step forward in the flexibility that debtors have when filing Chapter 7 bankruptcy. The court ruled that it was not an abuse of Chapter 7 for the man to claim expenses for maintaining two separate homes. The trustee overseeing the bankruptcy petitioned the court to recognize the man’s claim as an…
It can be disheartening and overwhelming to know that you cannot manage your debt on your own. This feeling of helplessness may only get worse when you fall behind on your mortgage, eventually receiving threats of foreclosure from creditors. The threat of losing your home can make you feel like all hope is lost, but you may still have an…
Filing for bankruptcy can be an emotionally exhausting process, and building a life for yourself after a bankruptcy procedure is a difficult task. Some of the difficulties you may face are very practical, but others are more personal, and deal with your approach to living and owning property. While many people come to bankruptcy because of circumstances beyond their control,…