Bankruptcy is the legal provision that allows individuals and corporations to alleviate their debts. While the technicalities of each bankruptcy ‘chapter’ are beyond the scope of this article, we will go over the basics of Chapter 7 bankruptcy and see how it differs from Chapter 13. Chapter 7 Bankruptcy This is the most common […]
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Bankruptcy is a right dating back to the writing of the US constitution, where the founding fathers of the country provided the ability for people to be able to relieve themselves of debts that they can simply never hope to pay off in their lifetime. Unfortunately like many of the rights provided for in
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Loan modification can adjust the conditions of a person’s loan so as to make it more affordable for the borrower. These mortgage modifications can adjust one’s interest rate, duration of the loan or a combination of both so as to make the monthly payments more affordable. If you are being considered by the
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So, who can file for Bankruptcy? Anyone who is an individual or an organization and is insolvent can file for bankruptcy. An individual is able to file for bankruptcy if he has obtained credit counseling within 180 days before filing the case. To be able to file for Chapter 7, your income should
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If you filed for bankruptcy and have an open personal injury claim bankruptcy can have an impact on disbursement of your personal injury claims. Chapter 7 bankruptcy any and all unexempt property is liquidated by the trustee and your debts are discharged. So, the disbursement from your injury claim may be subjected to
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If you find it difficult to repay your debt, you may file for a chapter 7 bankruptcy to protect yourself from being legally accountable to pay your creditors. This can be a preventive measure that individuals take to avoid legal hassles from their creditors. The requirements for a Chapter 7 vary from state to
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A credit score is the credit history that an individual has built up over the years. Credit scores are important when applying for a loan. To check an individual’s ability to pay back a loan, have agencies thoroughly examine the applicant’s credit report. If the credit scores are reasonable, that individual will be able
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If you are filing chapter 13 bankruptcy, under very specific circumstances, you can strip off the security interest held by the second mortgage. First the second line of credit has to be wholly unsecured. That means if the valuations of the house has to be less than the principal amount held by the first
Is there anything that can be done with my second line of credit? Read More »
The means test is used to determine whether or not a debtor is eligible for Chapter 7 or Chapter 13 Bankruptcy protection. Until 2005, the judges decided whether a person could file for Chapter 7 but since 2005, there have been specific requirements for filing a Chapter 7 bankruptcy protection. About means test
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Before October 17th 2005, the judge would decide whether a debtor met with the requirements of Chapter 7. It was largely up to the discretion of the judges to assess the financial status of the debtor and this resulted in many cases in which extended Bankruptcy protection under Chapter 7 even if he or
Who can and cannot file for a Chapter 7 bankruptcy? Read More »