During any time within the bankruptcy process, any of the parties involved may choose to file for an adversary proceeding. This article will seek to explain what an adversary proceeding is, how it works, and what are its main types. What is an Adversary Proceeding? An...
Adversary Proceeding
What Happens to a Timeshare in a Bankruptcy Case?
A timeshare is a property in which multiple parties hold ownership. Because of its unique nature as an asset, many may wish to know what happens to a timeshare in a bankruptcy case. This article will aim to provide you with that info as well as other important details...
Secured Claims vs. Unsecured Claim – The Difference Explained
A claim is a term used to describe the outstanding debt a person owes to a specific creditor. In bankruptcy, a creditor must file their claim first in order to receive payment. There are two types of claims that a creditor can file – secured and unsecured. The main...
6 Revealing Stats about Bankruptcy in America
There is a terrible misconception that bankruptcies are a result of careless spending or financial irresponsibility. However, having dealt with numerous bankruptcy cases throughout my career, the overwhelming majority tend to stem from people falling into unfortunate...
Bankruptcy Means Test – Find Out if You Qualify for Chapter 7 Bankruptcy
Many Americans see filing for Chapter 7 bankruptcy as a means to get rid of their high debt burden and restart their financial life on a fresh new slate. However, in order to be eligible for it, individuals have to first pass a bankruptcy means test. In simple terms,...
Bankruptcy for Military Personnel – Things You Need to Know
As a member of the United States Armed Forces, you enjoy certain benefits while filing for bankruptcy that is not available to civilians. However, there also includes a certain drawback. Here is all the essential information you need to be aware of regarding...
Chapter 7 Bankruptcy and Inheritance
Chapter 7 Bankruptcy involves the trustee taking charge of all of your non-exempt assets in order to repay your creditors. A question may, therefore, arise regarding the status of any inheritance you receive before or after you have filed for bankruptcy. This article...
Senior Citizens Here’s What You Need to Know Regarding Bankruptcy
Due to inflation and rising medical cost, it is no surprise that bankruptcy among seniors is on the rise. However, compared to other debtors, there are some advantages that senior citizens enjoy in regards to bankruptcy. If you are elderly seeking debt relief, here’s...
How to Recover After Bankruptcy
Most of us hope that we never experience bankruptcy; however, there is no telling when we could become its victim. Bankruptcy might be a taboo word for most people, but it isn’t new – it is a fact of life. Despite what people might say, it is possible to recover from...
Should You File for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?
Chapter 7 bankruptcy and Chapter 13 bankruptcy are two common legal options with different consequences, but both are helpful for borrowers who have accumulated too much debt. Chapter 7 ba Chapter 7 bankruptcy and Chapter 13 bankruptcy are two common legal options...