When you file bankruptcy, the court can wipe out all qualifying debts. However, if you have the court erase a secured debt, such as a car loan, the lender can repossess the item. To avoid losing your car, for example, you can reaffirm the loan. According to Findlaw,...
chapter 7 bankruptcy
Looking at data on Chapter 7 bankruptcy filings
If you are thinking about filing for Chapter 7 bankruptcy, you probably have many different questions. Aside from legal issues related to bankruptcy, you could feel hesitant because you think that people will look down on you for filing a bankruptcy petition, or you...
Your trustee’s role during a chapter 7 bankruptcy
When you file for a chapter 7 bankruptcy, you will be working with a bankruptcy trustee. This person will have a great deal of leverage in your case, so it helps to understand what his or her role is. Your trustee will monitor your case, recover property from your...
When may bankruptcy discharge my unpaid medical debts?
Chapter 7 bankruptcy may discharge most consumer debts including your outstanding medical bills. According to the U.S. Census data, about one out of every five U.S. households has unpaid medical debts. As reported by Credit.com, health care expenses contributed to...
5 mistakes you must avoid when filing for bankruptcy protection
No doubt it is with a feeling of relief that you have decided to file for bankruptcy protection. However, if you want the bankruptcy process to go smoothly, you must be alert to potential problems. Here are five mistakes you must avoid. 1. Failing to list all...
What should you know about debt collectors?
Debt collectors must abide by the Fair Debt Collection Practices Act (FDCPA), an act enforced by the Federal Trade Commission. This act classifies certain practices, behaviors and actions as illegal and harmful to the person these collectors have targeted. In order to...
Will I lose my home to Chapter 7?
It is well known that there are two kinds of personal bankruptcy in the United States: Chapter 7 and Chapter 13. However, it is not necessarily a choice which one that you will file. It is your income that determines whether you file a Chapter 7 or a Chapter 13. In...
Understanding the Chapter 7 means test
Choosing to file for personal bankruptcy in Maryland is never an easy decision. Yet almost as difficult of a choice is what chapter of bankruptcy you should file under. You can opt for a Chapter 7 (which allows for the discharge of certain debts) or a Chapter 13...
Qualifying for a mortgage following a Chapter 7 bankruptcy
A Chapter 7 case remains a popular option among those seeking personal bankruptcy protection due to the benefit it offers of having certain debts discharged. Indeed, according to information shared by the American Bankruptcy Institute, a vast majority of bankruptcies...
What is the 341 meeting and why is it important to attend?
If you are planning to file for Chapter 7 or 13 bankruptcy protection, you must attend the 341 meeting. This is an important stop on your way to a brighter financial future. Each person you meet here will have an interest in the outcome of your bankruptcy....