Personal Bankruptcy
Those who file for personal bankruptcy usually choose either Chapter 7 or Chapter 13. Chapter 11 is also available for personal bankruptcy filings but it requires a minimum debt level be met. Therefore, Chapter 11 is usually only used by businesses.
Chapter 7 provides for a complete liquidation of your assets while Chapters 11 and 13 provide for the creation of a 3 to 5 year payment plan for your debts.
For assistance with your case, click here to find Personal Bankruptcy Attorneys near you or find an attorney in a different state.
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Frequently Asked Questions
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What are the chances of renting a house during bankruptcy?
It is entirely possible to rent a house during your bankruptcy proceedings, but there are certain steps that you can take to maximize your chances of doing so. For instance, you might … more -
What should be included in a letter of explanation of bankruptcy?
If you apply for credit or a loan following a bankruptcy discharge, the lender may request that you provide a letter of explanation of bankruptcy, which is simply your written statement … more -
How do I make a motion for judgment to be marked as satisfied in bankruptcy court?
The only way to remove a judgment against you in court records is to either pay off, or satisfy, the judgment, or to have the judgment discharged through bankruptcy proceedings. Even once … more
Legal Articles
- Is There Anything I Can Do About My Debts to Avoid Filing Bankruptcy?
There are a number of steps that you can take in order to avoid bankruptcy proceedings. If you find yourself falling behind on your credit card, car loan, and/or mortgage payments, you may want to take some immediate steps so as to avoid filing bankruptcy on these debts. First, many people are overwhelmed by credit card debts. Never mind how you got yourself in over your … more - How to File Bankruptcy
Sometimes bankruptcy is inevitable. You understand the consequences of filing bankruptcy and have decided that bankruptcy makes the most sense for your future. So, how do you go about taking the next step and filing for bankruptcy? Consider Hiring an Attorney Many people decide to hire a bankruptcy attorney prior to formally filing for bankruptcy. In most cases, this is … more
How-To's
- How To File for Bankruptcy Under Chapter 7
Various federal bankruptcy laws allows persons in extreme amounts of debt to get a "fresh financial start" by either reducing the amount of debt required to be repaid or extending the time period in which it must be paid. Chapter 7 is the chapter of the bankruptcy governing liquidation of assets and discharge of debts. Below is a summary of the basic process for … more
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