There are differences between a Chapter 7 bankruptcy (“liquidation” or “straight bankruptcy”) and a Chapter 13 bankruptcy (the “wage earner’s bankruptcy”). While a Chapter 7 bankruptcy […]
Sometimes debtors are described as “judgment proof.” This means that creditors will have difficulty collecting debt against them because their property is legally exempt or they […]
Most bankruptcy filers will continue to owe tax debts at the end of a Chapter 7 bankruptcy. However, it is possible to discharge debts for State and […]
If a debtor does not qualify for a Chapter 7 filing, there are financial options other than Chapter 13 bankruptcy, but they have their own downsides […]
In order to qualify for Chapter 7 bankruptcy, which discharges most of a debtor’s unsecured debt (personal loans, credit cards, etc.), the debtor must pass a […]
It may seem somewhat ironic to anyone considering filing for bankruptcy that he or she is expected to pay exorbitant fees to file. Fortunately, filing costs […]
Even thought it may make perfect financial sense for them to file for bankruptcy, some people avoid filing because they feel embarrassed or ashamed. This is […]
Loan cosigners should know that if the primary borrower does not pay the debt and files for bankruptcy, the cosigner will be responsible for the debt. […]
Any consideration that a business owner gives to filing for bankruptcy hinges on whether he or she is personally liable for the debt incurred by his […]
Those who consider their debt obligations to be insurmountable might want to contemplate filing for bankruptcy as a means of starting over. Some people think that […]
When homeowners get behind on their mortgage payments, their lenders might begin foreclosing on their homes. While such measures as loan modification, short sale, or a […]
According to a recent survey, nearly two-thirds (63 percent) of Americans said they did not have sufficient savings to pay for an emergency costing as little […]
Homeowners faced with foreclosure should consult with an attorney about filing for Chapter 13 bankruptcy to save their homes. Once the filing is made, the Bankruptcy […]
Individuals considering bankruptcy (as well as creditors) should know what obligations bankruptcy does not affect. For instance, obligations defined as “domestic support obligations” are not dischargeable. Such […]
While a Chapter 13 bankruptcy may help those facing foreclosure to come up with a payment plan that helps them keep their homes, Chapter 7 bankruptcy […]
If you are behind on your mortgage payments and file for Chapter 7 bankruptcy, the mortgage lender will almost certainly ask the bankruptcy court to allow […]
Many states have “filial responsibility” laws, which obligate adult children to take responsibility for their parents. These laws date back to the 16th-century English “Poor Laws,” […]
Welcome to our new column! Do you have any questions about the difference between Chapter 7 and Chapter 13? Are you thinking of filing bankruptcy? Let […]