Articles Posted in Bankruptcy

Sometimes it is difficult to know what type of bankruptcy would be in your best interest; here is a quick guide to cover the basics. You should ultimately talk to a bankruptcy attorney to determine the best course of action for your unique situation. Analysis of Income and Debt In both Chapter 7 and Chapter…

When you are having financial difficulties, sometimes the timing of when you file for bankruptcy can be just as important as the type you file. Delaying Filing There may be times you might want to delay filing bankruptcy for a few months to make sure your work bonuses or one-time payments are not going to…

If you find that you are in financial trouble again after your bankruptcy has been discharged, you may need to file again to get bankruptcy protection from your creditors. You can file for bankruptcy as often as you want, but you will only receive a discharge if the legal requirements are met. Chapter 7 If…

Chapter 7 is often the most straightforward and quickest type of personal bankruptcy. This type of bankruptcy is considered a liquidation bankruptcy. Upon completing all of the required steps, your qualifying debt will be discharged within an average of six months. Chapter 13 bankruptcy is regarded as a reorganization bankruptcy. In this type of personal…

There are people out there that are looking to take advantage of vulnerable people. One way people fall victim is to become involved in bankruptcy-related scams. If you are considering filing bankruptcy, it is important to be aware of some of the possible ways scammers could be looking to take advantage of you. Red Flags…

As part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), an annual statistics report is required to be submitted to Congress by the Administrative Office of the United States Courts. The report is also accessible to the public. BAPCPA Report – 2017 The summary of findings for the calendar year 2017…

If you have been set up in a payment plan for a Chapter 13 bankruptcy and you find yourself unable to make the payments either because of a loss of a job or other unforeseen debt, you may be able to convert your case to a Chapter 7 liquidation bankruptcy. A debtor, trustee or creditor…

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 is part of the U.S. Bankruptcy Code. This act made significant changes to the Bankruptcy Code. The act was written to prevent abuse of and profit from the bankruptcy process. The act also protects frivolous filings, including the requirement that you must submit tax…

A bankruptcy trustee is a representative who works for the Department of Justice and represents your estate during the bankruptcy proceeding. In the state of California, a Bankruptcy trustee is assigned to every Chapter 7 bankruptcy case. Working with a trustee during Chapter 7 bankruptcy is an essential aspect of completing the bankruptcy process and…

For most people, the thought of filing for bankruptcy weighs heavily when considering debt relief options. With all of the questions and unknown aspects, most people are falsely intimidated by bankruptcy. When you have tried other options such as debt consolidation loans, borrowing money from banks or family, paying monthly bills with your credit cards…