Bankruptcy Blog Archives

Chapter 7 Bankruptcy is the most common, cheapest and quickest type of bankruptcy. Chapter 7 Bankruptcy begins by filing a bankruptcy petition. The petition, along with a “statement of you financial affairs” will be filed in the appropriate Alabama Bankruptcy Court. These bankruptcy forms will list the type of debt you owe, creditor names, amount [...]

The Alabama economy has deteriorated over the last few years. The unemployment rate is the lowest it has been in the last five years and house price appreciation has been below inflation. If you live in the state of Alabama, you may have been a victim of the economic slow down. You may have lost [...]

If you do not qualify for Chapter 7 Bankruptcy, you may be eligible to file Chapter 13 Bankruptcy. Chapter 13 Bankruptcy will not automatically discharge your debt, but will instead require you to pay all or a percentage of your unsecured debt back to your creditors under a three to five year bankruptcy payment schedule. [...]

Chapter 7 Bankruptcy is a “liquidation” of your personal assets to pay your debt. Chapter 7 Bankruptcy is the most popular, quickest and least expensive type of bankruptcy. Chapter 7 Bankruptcy is available to individuals, corporations, married couples and partnerships. Under Chapter 7 Bankruptcy, a trustee is appointed by the bankruptcy court and this trustee [...]

If you in financial crises and you live in the state of New Mexico, you may be eligible to file personal bankruptcy. The federal government has established bankruptcy laws to allow individuals to file Chapter 7 Bankruptcy and discharge all of their unsecured debt (with a few limitations) or Chapter 13 Bankruptcy and repay a [...]

The State of Alabama does not have federal bankruptcy exemptions like some states. It does, however, allow for certain possessions to be exempt or protected from creditors when filing for bankruptcy in Alabama. There are some limits on the amount of equity that you may have in a home or vehicle that is exempted in [...]

If you do not qualify for Chapter 7 Bankruptcy because your income is too high or if you have assets and property you would like to keep, filing Chapter 13 Bankruptcy may be another option. Unlike Chapter 7 Bankruptcy, it does not discharge your debts immediately, but you will require you to repay most or [...]

Chapter 7 Bankruptcy is the most popular type of bankruptcy. Chapter 7 Bankruptcy is considered a liquidation bankruptcy because your non-exempt assets are sold and the proceeds are distributed to your creditors. Creditors will be given a priority rating and paid according to the order established under federal bankruptcy law. If you do not have [...]

The federal government has created bankruptcy as a legal means for individuals who are unable to pay their creditors to legally discharge most of their unsecured debt and start over. If you are like one million other Americans last year facing a severe financial crisis and you do not have any other options, you may [...]

After the 2005 changes in bankruptcy law, many individuals will be forced to file Chapter 13 Bankruptcy. Other individuals may not want to sell their assets. Filing Chapter 13 Bankruptcy is not as quick or simple as Chapter 7 Bankruptcy, but it will allow you to keep your property and possibly stop foreclosure, repossessions, certain [...]