Recently on our bankruptcy forum a user asked, “I started a restaurant five years ago with a partner. Unfortunately, with competition and growing expenses we’re having trouble paying our bills. I need more information about filing Chapter 11 bankruptcy. I would love to keep the restaurant open, if possible.”
Recently on our legal forum a user asked, “I am about one year into my three-year Chapter 13 debt repayment plan. Unfortunately, due to unforeseen circumstances, I will not be able to complete my plan. I was wondering what options I might have? I do not want to go through all of this a second time.”
Recently on our legal forum a user asked, “I am in a bit of a bind. I got very sick and could not work. I had to stay in the hospital for several weeks without insurance. We scrapped together a bit of money but most of the charges ended up on our credit card. Now, the credit card company and hospital are threatening to file a creditor lawsuit against me. I still cannot work. What are my options?”
Recently on our bankruptcy forum a user asked, “I have lived in my house five years. I lost my job six months ago. Despite my best efforts, I have not been able to make my mortgage payments. The bank notified me that they are going to start home foreclosure proceedings. I am wondering if there are certain steps I can take to save my house?”
Recently on our bankruptcy forum a user asked, “I know that when I file Chapter 7 bankruptcy there is a good chance that some of my assets will be liquidated. A friend told me, however, that under bankruptcy laws some of my assets might be protected. He called these exempt assets. My question is what assets are nonexempt assets and what am I likely to lose if I decide to file Chapter 7 bankruptcy?”
Recently on our bankruptcy forum a user asked, “I feel really overwhelmed. I am considering filing bankruptcy but everything I read online seems so complicated. Can you just give me the basics of what I really need to know about bankruptcy and the bankruptcy process?”
Recently on our bankruptcy forum a user asked, “I am about to lose my house through a bank foreclosure. If they end up selling my house but the sale price is less than the mortgage will I have to pay the difference? I have heard something about some states having anti-deficiency laws. What do I need to know about a deficiency?”
Close to one million people file bankruptcy last year. Although this number was substantially lower than the number a few years ago, it is clear that the U.S. economy has not improved for everyone. Although filing bankruptcy still has a negative connotation for some, many people who have struggled with unemployment, high medical bills, foreclosures, lawsuits, or delinquent debt may not have another option and may be considering whether or not it is right for them.
Can I discharge my payday loans and medical bills with Chapter 7 bankruptcy?
When deciding whether or not to file Chapter 7 or Chapter 13 bankruptcies there are several considerations. The first is whether or not you will qualify for Chapter 7 bankruptcy. Unfortunately, bankruptcy law changes have made it more difficult to file Chapter 7, and many debtors will now be required to file Chapter 13 and repay a portion of their debt over a 3 or 5 year repayment plan. Recently on our bankruptcy forum a user asked, “Can I discharge my payday loans and medical bills with Chapter 7 bankruptcy?”
Filing bankruptcy can be complicated, especially if you are not familiar with bankruptcy laws. Recently on our bankruptcy forum a user asked what they needed to do to get the bankruptcy process started?