When consumers have more debt than they can repay, bankruptcy is a good way to eliminate that debt and get back on track. There are two types of bankruptcy available to a consumer, a Chapter 7 or a Chapter 13. A Chapter 7 is a liquidation of debt, where all
When you file for bankruptcy, you have to list out all the debts you have, and give all of your lenders notice that you have filed a case. Once your lenders are made aware of the filing, they are entitled to ask what you intend to do regarding their particular
Most legal proceedings are filled with technical jargon and legal definitions that are unknown to people without a law degree or people without a background in the law. If you don’t know what the terms being used mean, it can be hard to get a firm handle on what certain
When you file bankruptcy your creditors are allowed to file claims, indicating the amount of debt you owe. This typically happens in a Chapter 13 case, where the Trustee is preparing to pay at least a portion of your unsecured debt and all of the secured debt you have that
