Bankruptcy Blog

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 [...]

The filing of a bankruptcy is usually used to discharge unsecured debts. Unsecured debts in most cases are credit cards and medical bills. Cars that have been reposed, homes that have been foreclosed on, Apartments that you move out early.
With these types of unsecured debts they are dischargeable.
Some of the store credit cards are [...]

A Chapter 13 Bankruptcy is a plan that can force creditors to work with you. If your home is up for a foreclosure sale, Filing the bankruptcy will force the mortgage company to allow up to five years to pay back the arrears. IT will not lower the interest rate on the loan. If you [...]

A chapter 7 bankruptcy is not a plan it is a discharge of unsecured debts. Unsecured debts are credit cards, medical bills, broken apartment leases, cars that have been reposed, damage form a car accident in which you have no insurance unless you were drinking, over drawn checking accounts, some IRS debts, and a home [...]

CCC is short for Credit Counseling Certificate and it is necessary to have this certificate in order to file your case. The purpose of this course is to make sure that you understand the process and the difference between the Chapter 7 & Chapter 13. It also wants to make sure you understand [...]

One of the main reasons Debtors file bankruptcy is to get rid of “Unsecured Debt.” If a Debtor is current on all his secured debt, but has unsecured debt that he cannot pay, he would want to file a Chapter 7 if he qualifies. A Chapter 13 will also help get rid of [...]

Debts are classified based on different categories. If a Debtor has a debt, it is important to know how it is classified so the Debtor can determine if it is better to file a Chapter 7 or a Chapter 13 and how that debt will be treated depending on which Chapter of Bankruptcy he [...]

Once your bankruptcy case has been filed with the courts many people wonder what happens now. After your bankruptcy case has been filed, you will receive a notice, called the Meeting of Creditors notice. It is very important that you pay close attention to this notice whether you are a Chapter 7 case [...]