To quickly discharge eligible debts, Chapter 7 bankruptcy occasionally requires filers to liquidate some of their assets. Those requesting a discharge of unsecured, non-priority debts must first allow the court-appointed trustee who is assisting with their case to...
There are many reasons to file a business bankruptcy case. Business owners whose companies no longer return a profit may pursue Chapter 7 bankruptcy as they begin the process of dissolving the organization. Bankruptcy is also a common solution in cases where...
Filing for bankruptcy requires honesty and transparency in the reporting of assets and debts on the part of the filers. But some consumers who file under Chapters 13 or 7 are less than honest with their declarations. When this happens, the trustees or creditors can...
Bankruptcy provides financial relief for those struggling with debt. Businesses and lawmakers worry about the possibility of people abusing bankruptcy and defrauding their creditors. Therefore, there are numerous restrictions imposed on different types of bankruptcy....
People sometimes make the mistake of thinking that they are going to lose everything if they file for bankruptcy. They know that they need to liquidate assets in a Chapter 7 bankruptcy filing, for example, and that the money will be used to pay back a portion of the...
Some people call Chapter 7 bankruptcy liquidation bankruptcy. This name comes from the potential requirements to sell off or liquidate assets. The trustee overseeing the bankruptcy filing may require the liquidation of certain assets to repay creditors before the...
Filing for Chapter 7 bankruptcy can feel overwhelming, especially when you’re worried about losing the things that matter most. One of the biggest concerns for many people is whether they can keep their homes. The good news is that filing for bankruptcy doesn’t always...
Facing financial hardship? Chapter 7 bankruptcy might be an option. However, before filing for this type of bankruptcy, it's important to understand how it works. This process has specific steps and eligibility requirements. Here’s what you need to know. What exactly...
While there may be various strategies with which to address debt issues, some paths may be more suitable to certain situations. In some cases, bankruptcy could be the most viable path to seek debt relief and begin building a healthier financial future. Individuals in...
When facing high levels of debt, there may be many individuals who remain uncertain of how to tell which path for relief might best meet their needs and goals. While bankruptcy could help provide much-needed financial relief during similar trials in life, some may...