Chapter Summary: Bankruptcy

When you file bankruptcy, whether it be a Chapter 7 or Chapter 13 filing, the bankruptcy trustee plays a big role in the process. Once you and your bankruptcy attorney have filed a successful bankruptcy petition, the bankruptcy court assigns a bankruptcy trustee who will be charged with executing your estate. In a chapter 7 bankruptcy the trustee will sell your non-exempt property and use the proceeds to pay back your creditors. In a Chapter 13 bankruptcy case, you make one monthly payment to the trustee who then devise it up to your creditors according to the payment plan that the court approves. Anyone filing bankruptcy must be completely honest and forthcoming about their accounts, assets, money, and property. You cannot hide or get rid of money or property before or during a bankruptcy without getting it approved by the trustee and courts. A bankruptcy attorney will be able to explain this to you in greater detail and offer you advise on property that you do want to get rid of.

Most people file for bankruptcy because they’re indebted to a person or corporation, like a bank for example. When you file for Chapter 7 bankruptcy, an impartial trustee is appointed to your case and handles the liquidation of

Many bankruptcy filers don’t have an extensive history of bad credit. A large portion actually went into the bankruptcy process with decent to good credit. Bankruptcy provides relief to out of control debt or financial situations that have no other solution. They come out with a discharge of their debt

Chapter Seven personal bankruptcy is many times known as "straight" or alternatively "liquidation" bankruptcy -- it cancels your current debt, but one may have to let the bankruptcy court liquidate some of an individual's possessions for the benefit of your debt collectors. ("Chapter 7" pertains to the section of the particular federal government Bankruptcy Code which has the bankruptcy legislations.)

If the former resident files for protection under the bankruptcy laws; either with a Chapter 7 or Chapter 13 filing, the garnishment process stops. Often times, these debtors already have other bad credit, other creditors pursuing them, and possibly other garnishments already in place. Besides the possibility of quitting their job, filing for bankruptcy relief puts an immediate hold on our action, resulting in the waste of the spending of the filing fees. For this reason, we are extremely selective as to which former residents we recommend this action

Most people would like nothing more than to be freed from their financial debt. Personal bankruptcy can provide you with legal protection from your creditors and take care of much or all of your debt. There is the chance you will get to keep your home and car. In other words, personal bankruptcy can be the salvation to financial ruin. By wiping out your old debts, you will find yourself in a better position to pay your current bills.

You may have considered filing for bankruptcy to erase your personal debt completely, but then realized that after filing for either chapter 7 or chapter 13 bankruptcy, you will still be stuck with your student loans. However, filing for bankruptcy can erase your student loan debt if you also file for the undue hardship extension. While not everyone qualifies for this extension, many people do, so it is worth looking into. If you attended a for-profit trade school, you are more likely to be eligible to have your loans dismissed when filing for this extension.

You can, however, contact the attorney or court appointed trustee to work out an arrangement on how your debt is handled in the bankruptcy Brown, 2013).

White breaks down the two main types of personal bankruptcy; White says both types first require credit collectors all actions to get the debtor to repay their debts. She then goes on to explain which debts are wiped clear from being paid back and the main difference between the two types of bankruptcy. Chapter 7 only makes debtors repay back from their own current money and Chapter 13 lets debtors repay by taking money out of their future earnings.

Chapter 7 Bankruptcy Basics: Known as the fresh start bankruptcy, the Chapter 7 bankruptcy can

The loss of your job, a change in your income, an unexpected emergency or any other number of factors may cause your, or others in Tennessee, to struggle with debt. If you are dealing with financial challenges, then you may have considered filing bankruptcy. Sometimes, however, it can be difficult to know if Chapter 7 bankruptcy is the right option for you.

Depending on your financial situation, you may be able to be placed in an uncollectable status. When a business has a drop in revenue or financial problems, the Internal Revenue Service is willing to be lenient. Although your tax bill will still garner interest costs and penalties, the IRS will not levy your assets or suspend benefits for the set amount of time that you have an uncollectable status. You are not allowed to keep this status forever, but utilizing this option temporarily may help you to get your finances under control so that you can start paying your taxes later on.

After filing for Chapter 7 bankruptcy, some of your debts may be paid using the proceeds from your liquidated non-exempt assets. Other debts may be discharged. According to the U.S. Courts, you are released from your personal liability for such debts through a bankruptcy discharge. This means that you are no longer responsible for paying these

Chapter 7 bankruptcy is sometimes called a “fresh start” or “clean slate” filing. This simply means that the federal court will look at an individual’s debt, assets and income and will determine whether or not that person’s debt can be discharged or wiped out entirely. As soon

Over the years, the process of declaring bankruptcy has become incredibly simple. Because of this change, the number of people declaring bankruptcy is at an all time high. Today, bankruptcy is a common thing among companies and individuals alike. The American bankruptcy law allows people to avoid paying their debts by offering the debtors a discharge without a harsh consequence. By not having repercussions for their actions, bankruptcy filers often plan future bankruptcies, allowing them to steal even more money from creditors with no punishment. There are 13 different chapters in the bankruptcy system with the principal chapters being 7,11, and 13. You can only file for bankruptcy under these three chapters, the others are there to