What is Bankruptcy? Bankruptcy is a constitutional device used to assist citizen debtors with unmanageable debt. There are different chapters of the U.S. Bankruptcy Code providing different forms of relief to overburdened debtors. Chapter 7 will provide you with one of the most common means of bankruptcy when you can no longer pay your creditors. [...]
PA & NJ Consumers Learn about Your Bankruptcy Solutions
PA & NJ consumers with unmanageable debt can learn how bankruptcy can provide sensible options to deal with crushing debt.
What is Bankruptcy? Filing a bankruptcy petition is the declaration of one’s inability to pay back loans or debts. It’s also a plea to the bankruptcy court for legal assistance and protection. Bankruptcy is found right in our Constitution, and after dealing with Great Britain’s oppression and debtor’s prisons, bankruptcy still exists today to provide [...]
Repayment Plans in Chapter 13 Bankruptcies Chapter 13 is a specific type of bankruptcy that allows debtors to propose a plan for paying off their debts. This type of bankruptcy is best for those who have enough income to create a debt Repayment Plan. If a bankruptcy petitioner does not make enough income, or if [...]
What is a Means Test? In 2005 Congress enacted changes to the bankruptcy code. These changes were intended to make bankruptcy harder. To make it harder, and more helpful to creditors, Congress developed a Means Test to determine whether a debtor can file for Chapter 7 bankruptcy protection. Debtors deemed ineligible for Chapter 7 are [...]
Chapter 13 bankruptcy can let you reorganize your personal finances, but you should be concerned with how your car loans or leases will be affected if you decide to file. Because a Chapter 13 bankruptcy permits you to propose an affordable repayment plan to the court, it’s important to understand the impact of Chapter 13 [...]
The 341 Meeting is often regarded as mysterious. But, before we demystify the 341 Meeting, you should first be sure to know that bankruptcy is one option if you seriously cannot meet your financial obligations. Chapter 7 bankruptcy allows you to wipe out most, but not all forms, of your unsecured debts. Chapter 13 bankruptcy [...]
What is Bankruptcy? There are two main consumer bankruptcy Chapters which you can use to obtain a “fresh start.” Chapter 7 Bankruptcy is the most common example of consumer bankruptcy and is utilized when you can no longer pay your creditors. Under Chapter 7 Bankruptcy, your possessions are liquidated in order to pay off your [...]
Tough economic times have caused millions of American consumers to experience extreme financial problems and out-of-control debt. Consumer bankruptcy may be a viable solution for those consumers who just need a financial fresh start. Consumer bankruptcy was designed to provide consumers who are overwhelmed with debt a way to reduce, eliminate, or reasonably pay back [...]