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...
Chapter 7
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...
Are Retirement Accounts Exempt in Bankruptcy Cases?
Many people fear filing for bankruptcy, thinking that their retirement accounts might be compromised in the bankruptcy process. However, in the overwhelming majority of cases, your retirement accounts are legally protected from creditors during a bankruptcy case....
Why It’s Better to File for Chapter 7 Bankruptcy Before Foreclosure
Imagine this scenario, you missed out on many months of your mortgage payments and now, you are at the risk of losing your property as the lender may move towards foreclosure. Should you file for bankruptcy before or after the foreclosure? Provided that the risk of...
Filing For Chapter 7 Bankruptcy in Texas? Here are 3 Things You Should Know
Chapter 7 is the most common form of bankruptcy that people apply for in Texas. If you are struggling with repayments on your mounting debt, chapter 7 bankruptcy is often a viable solution to the problem, and can grant you a fresh financial start. However, before you...
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...