When a consumer is overwhelmed with debt and can’t find a way to pay their creditors, they often file for bankruptcy. Filing for bankruptcy can give you some relief from debts and stop collection activities such as repossession and lawsuits. However, bankruptcy can...
Chapter 13
5 Biggest Reasons Why so Many Chapter 13 Cases Fail
According to available data, only 33% of Chapter 13 bankruptcy cases result in a discharge. For comparison, nearly 96% of Chapter 7 cases succeed. There are many factors involved that result in such a striking failure rate for chapter 13 cases. We list down the 5...
6 Mistakes to Avoid Before Filing for Bankruptcy
1. Not Choosing the Right Chapter The most common consumer bankruptcies are Chapter 7 and Chapter 13. However, there is a considerable level of difference between the two. Chapter 7 liquidates your assets as a means to pay off your outstanding debt, while Chapter 13...
What Should You Expect at a 341 Meeting?
A 341 Meeting, also known as a Meeting of Creditors, may sound unnerving for first-timers. However, the process itself is fairly routine and quick. In the meeting, an appointed trustee will oversee your case, confirm your identity, and proceed to ask a series of...
5 Things You Should Know Before Declaring Bankruptcy on Student Loans
Declaring Bankruptcy on Student Loans Student loan debt is on the rise across the country as students take in more and more loans to finance their rising tuition fees. In fact, Americans collectively own more than $1.5 trillion in student debt, and the figure is still...
Bankruptcy Simplified: Chapter 7 vs. Chapter 13
In this article we discuss the main features and differences between the two and whether you should avail Chapter 7 or Chapter 13 for discharging your debt. If you are ever unlucky enough to get yourself in a situation of unplayable debt then filing for a Chapter 7 or...