Filing for bankruptcy is a last resort for individuals or companies struggling to pay their bills. While the concept of filing for bankruptcy is the same for both groups, the actual process of filing for and the ramifications of a bankruptcy are different for an individual are different than for a business. What are the… Read More »
Many people may want to get out from under overwhelming debt, but they may wonder how does bankruptcy work? The first thing they should realize is that bankruptcy may not be able to eliminate all their debt. In some cases, it can wipe out all your liabilities, but certain types of debts like student loans,… Read More »
Filing for bankruptcy is stressful enough on its own, but then there is the further challenge of selecting a proficient bankruptcy attorney that you can trust to handle your case. Although it may be overwhelming and confusing, there are some tricks to making the process a little less cumbersome. Since many provide free consultations, take… Read More »
The type of bankruptcy you should file depends on several factors, including the type of debts you have, your income and the amount of your debts. It’s best to ask a bankruptcy attorney if your situation is complex or you are unsure if you qualify to file a certain type of bankruptcy. Chapter 7 Bankruptcy… Read More »
Understandably, there is often confusion in how to pay for a bankruptcy lawyer when you are so financially strapped. You likely wonder if you cannot pay your bills, how can you possibly afford to pay the attorney. Many bankruptcy attorneys provide an easy payment plan to ensure that the individual or family can afford to… Read More »
Many individuals that are considering bankruptcy as their best option for their financial situation find it challenging to spend money by hiring a bankruptcy attorney. Many of them have the idea that they can simply fill out the paperwork alone, or hire someone at a reduced fee. However, it is more financially advantageous to hire… Read More »
Chapter 7 bankruptcy is one of many processes in which a person can deal with accrued debt that they are unable to pay back. Through what’s known as “liquidation,” chapter 7 bankruptcy involves a trustee canceling most of, if not all, debt and then selling off a portion of available assets to pay off any… Read More »
Chapter 11 bankruptcy is most commonly filed by corporations but may also be used for some individual bankruptcy claims. Other common bankruptcy options such as Chapter 7 (an asset liquidation bankruptcy) and Chapter 13 (a financial reorganization bankruptcy) that can be used by individuals are generally shorter processes than Chapter 11 but for different reasons… Read More »