Many things can bring you to the point of considering bankruptcy, and in many cases, bankruptcy is truly the most effective, beneficial option you have available. However, bankruptcy is not something to take lightly, and is generally not the first course of action you should consider when you hit hard financial times. As you weigh your options, it is wise…
When an individual chooses to exercise his or her right to bankruptcy under Chapter 7, it results in immediate financial relief on several fronts in return for restrictions on that person’s financial behavior for a set period of time and forfeiture of some forms of personal property. Depending on the nature of that individual’s need, they may discharge a significant of…
If you have suffered from some very poor fortune or made some errors in judgment, you may be able to make a clean start through bankruptcy. However, not all debt can be discharged, as one Georgia man learned recently. A bankruptcy court overseeing Northern Georgia ruled on March 6 that a man who had applied for bankruptcy could not discharge…
Chapter 7 bankruptcy is often the easiest type of bankruptcy to qualify for, but this does not mean the process itself is simple. Those who pursue debt relief under Chapter 7 face a number of consequences and requirements, including subjecting themselves to a creditors’s meeting in the initial phases of the process. For some debtors, this meeting can carry great…
If you owe personal taxes that you cannot feasibly pay, you may qualify to discharge some or all of that debt through a Chapter 7 bankruptcy. However, like all things involving federal taxes, there are a number of very strict standards you must meet. While meeting these standards and qualifying for a Chapter 7 discharge is not simple or easy,…
After discharging debt in a Chapter 7 liquidation, a debtor may sometimes need additional relief from his or her debt. While it is possible for a single person to receive multiple discharges under Chapter 7, it requires special planning and patience. There are a number of actions a debtor may take that could invalidate a second Chapter 7 procedure, leaving…
Chapter 7 bankruptcy holds the legal power to grant some consumers with untenable debt a clean start, financially speaking. When Chapter 7 works effectively, a debtor follows the strict guidelines that apply to the process and receives much needed relief from overwhelming debt. With this relief, consumers have the opportunity to reset their financial lives and rebuild their lives from…
Bankruptcy is one of those complex legal issues that is often deeply personal. In fact, a recent report published by ProPublica examines how different people groups participate in bankruptcy, suggesting that some aspects of the process may vary depending on the racial or socioeconomic background of an individual who files. According to the report, a significant number of African American…
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 may be at the point where you struggle just to make ends meet each month. Creditors call you as often as they can in an attempt to get you to pay them. Your stress level is high, and you realize that bankruptcy could be the debt relief option you need. Then you learn that you must first take something…