by KaitlynB | Oct 7, 2021 | Bankruptcy
There are many ways someone’s credit can end up in rough shape. While the main reason is spending habits, that’s not always the case. If you lose your job, or if you’re injured in an accident, or if you have no health insurance and accumulate hefty medical bills, your...
by KaitlynB | Oct 7, 2021 | Bankruptcy
A lot of people believe that between a Chapter 7and a Chapter 13 bankruptcy, Chapter 7 is better of the two. They feel this way because with Chapter 7, often a debtor can wipe out or erase all of their qualifying debts without having to pay any money back. In...
by KaitlynB | Oct 7, 2021 | Bankruptcy
Chapter 7 bankruptcy is commonly known as the “liquidation bankruptcy” because a bankruptcy trustee can sell (liquidate) some of a debtor’s property to pay creditors. This may occur when the debtor has extra assets, such as a vacation home, an extra automobile they...
by KaitlynB | Oct 7, 2021 | Bankruptcy
For a lot of debtors, the hardest part of filing for bankruptcy is arriving at the decision to do so. When the debtor realizes that it’s going to be too difficult, if not impossible to catch up with all of their payments, penalties, and interest, they finally throw in...
by KaitlynB | Oct 7, 2021 | Bankruptcy
If you decide to file Chapter 7 or Chapter 13 bankruptcy, some of your debts will be classified as “priority debts” while others will be classified as “nonpriority debts.” Which group a debt is categorized into will affect how the debt is treated in bankruptcy. In...
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