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…
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…
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…
If you are one of the many Ohio residents who does not have the means to pay off your debts, you are not alone. Struggling to meet debt obligations is something that happens to numerous people at some point in their lives. The question is, what will you do about it? There are various debt relief options that may be…
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. For a larger…
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…
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…
Ohio residents who are facing significant monetary struggles may be able to file for bankruptcy in order to get the fresh financial starts that they desire. For those who qualify for Chapter 7 bankruptcy filings in particular, all qualifying debts are eligible for discharge if they receive court approval. It is normal, when thinking about filing for bankruptcy, to have…
For many debtors, the weight of their debt can grow beyond what they are able to handle. Sometimes, filing a bankruptcy petition can be the most viable solution to their problems. Bankruptcies all have different positives and negatives, making it necessary to fully understand what each form of bankruptcy will or will not discharge. Chapter 7 bankruptcies are an excellent…