Filing for Chapter 13 bankruptcy is often a complex process, requiring extensive review of your debts, income, and other financial resources. Submitting a petition for bankruptcy protection isn’t quick and easy, so gathering the information you need beforehand is essential. While you may need more forms and evidence, depending on the unique factors of your
If you’re having trouble meeting your financial obligations, a Chapter 13 bankruptcy can be a lifesaver, giving you the breathing room you need while allowing you to catch up on unsecured debt. Even student loans, which are quite difficult to discharge, can be effectively managed through a Chapter 13, even though in some cases they
The rising cost of post-secondary education means student loan debt can climb into the six-figure range. Fortunately, relief is available. The federal College Cost Reduction and Access Act offers options for reducing loan balances through career choices and extended payment plans. Under rare circumstances, individuals who file for bankruptcy can discharge their student loan debt.
Because they live on a fixed income, senior citizens are especially vulnerable to credit card debts, which can quickly spiral out of control. For many of these elderly borrowers, bankruptcy is a powerful tool, offering a way out of debt and providing invaluable peace of mind. Unfortunately, worried about the example they would be setting
Although bankruptcy can give you a fresh financial start, it’s important to understand what types of debt you can and cannot discharge. Filing for Chapter 7 bankruptcy can help you regain your financial footing as long as most or all of your debt is dischargeable. Some examples of dischargeable debt are: Credit Card Debt Credit card
Chapter 7 bankruptcy, also called “straight bankruptcy,” is the most common type of bankruptcy proceeding because it allows you to discharge most debts, meaning that you are no longer responsible for paying them off. Filing for Chapter 7 bankruptcy is often the fastest way to get out from under a debt you can’t to pay. However not
There is a lot of talk about filing for bankruptcy on the Internet, but not a lot about what happens afterwards. After a successful filing with the help of a bankruptcy lawyer, you can expect: Discharged Debts: For most borrowers, the most attractive result of filing for bankruptcy is the elimination of most unsecured debts.