Bankruptcy Blog Archives

Tenancy by the Entirety Simply Defined Not to be confused with Joint Tenancy and Tenancy in Common, Tenancy by the Entirety is a relatively new legal concept in property law. Simply defined, Tenancy by the Entirety is a legal form of ownership of certain assets between a husband and wife. In a tenancy by the [...]

Bankruptcy exemptions, created by both federal and state bankruptcy laws, determine what property is exempt in the bankruptcy process.  Exempt property can vary from state to state, although some states let the debtor decide if they want to use the federal bankruptcy exemptions or their state’s exemptions. Other states require the filer to use the [...]

Are you facing a financial crisis but you are not sure if filing bankruptcy is the right decision?  Bankruptcy was established as an option to give a person the ability to start over by releasing them from certain types of existing debt.  However, there are repercussions of filing bankruptcy. The primary negative consequence of filing [...]

A hearing in a court of law is an official scheduled court proceeding that can range in purposes from simply collecting factual information all the way up to rendering summary judgments without trial but often accompanied by court orders. Sworn testimony can be used in these normally informal proceedings to expedite the process of law. [...]

The simplest way to understand the difference between a secured and a non-secured debt in a bankruptcy case is to ask yourself if there is anything a creditor can take away from you if you are not able to make payments for the item on time. Technically, the basic difference between secured and non-secured debt [...]

In the USA, bankruptcy protection is designed to keep folks productive April 12, 2011 By Mike Hinshaw When Russia embraces the concept of bankruptcy protection for people at the end of their financial rope, even the most die-hard critics of debt-relief should take notice. Yes, it’s true: even in the 21st century, there still exists [...]

Cross collateralization has become a new colloquial catch phrase used when the collateral for one loan is also used as collateral for another loan. Some commercial banks use this ploy, but credit unions are notorious for placing cross-collateral language in the fine print on a loan contract. If a person borrows money from the same [...]

Federal bankruptcy laws have been created to protect certain property from the bankruptcy process. These assets and property all called exemptions. Exempt property will be protected from your creditors if you file Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. Exemptions were made to give you enough assets and property to have a fresh start after [...]

Discharge is the term for what comes after a completion of a Bankruptcy. With that comes the satisfaction of knowing what ever was discharged you will never have to pay on again an after the 7 to 10 years it will fall off your credit. Once you have your discharge this the time creditors will [...]

A Bankruptcy is a legal means of dealing with debts that for one reason or another have now become impossible to pay. If your income is still enough to maintain the car and house, and it just credit cards or other unsecured debts that is the problem then the Chapter 7 Bankruptcy can discharge those [...]