Bankruptcy

10 questions

How to file for bankruptcy and keep your car?

Updated: July 17, 2024

Filing for bankruptcy can be a stressful and complex process, but it can also provide a fresh start for those in financial distress. One of the primary concerns for many individuals considering bankruptcy is whether they can keep their car. This guide will walk you through the steps to file for bankruptcy while keeping your vehicle, covering various types of bankruptcy, exemptions, and strategies to protect your car.


How long does bankruptcy stay on your credit report?

Updated: July 9, 2024

Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor or on behalf of creditors. All the debtor's assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt. Bankruptcy offers an individual or business a chance to start over by forgiving debts that simply cannot be paid while giving creditors a chance to obtain some measure of repayment based on the individual's or business's assets available for liquidation.


What is chapter 13 bankruptcy?

Updated: July 9, 2024

Chapter 13 bankruptcy, often referred to as a "wage earner's plan," is a legal mechanism in the United States that allows individuals with a regular income to develop a plan to repay all or part of their debts. Unlike Chapter 7 bankruptcy, which typically involves liquidating assets to pay creditors, Chapter 13 allows debtors to retain their property while making payments to creditors over three to five years.


What happens when you file bankruptcy?

Updated: July 8, 2024

Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of the bankruptcy court. When someone files for bankruptcy, it can provide a fresh start, but it also carries significant consequences that must be understood thoroughly.


How does bankruptcy work?

Updated: July 8, 2024

Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of the bankruptcy court. It provides a fresh financial start for those overwhelmed by debt, but it also comes with significant consequences, such as damage to credit scores and potential loss of property.


What is chapter 11 bankruptcy?

Updated: July 3, 2024

Chapter 11 bankruptcy is a complex legal process designed primarily for businesses, though individuals can also file under this chapter. It allows a debtor to reorganize their financial affairs under the supervision of a court. This form of bankruptcy is often referred to as "reorganization bankruptcy" because it provides a structured path for debtors to restructure their debts and business operations.


What happens when you declare bankruptcy?

Updated: July 2, 2024

Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of the bankruptcy court. Declaring bankruptcy can provide a fresh start for those overwhelmed by financial obligations, but it also comes with significant consequences. This guide aims to explore the steps, processes, and implications of declaring bankruptcy.


What is chapter 7 bankruptcy?

Updated: June 29, 2024

Chapter 7 bankruptcy, often referred to as "liquidation bankruptcy," is a legal process designed to help individuals and businesses eliminate most of their debts and start anew. Unlike other forms of bankruptcy, Chapter 7 does not involve the filing of a repayment plan. Instead, a trustee is appointed to liquidate the debtor's non-exempt assets and use the proceeds to pay off creditors. The process is governed by the U.S. Bankruptcy Code and aims to provide a fresh financial start for the debtor while ensuring fair treatment of creditors.


What happens when you file for bankruptcy?

Updated: June 27, 2024

Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of the bankruptcy court. It provides a fresh start for those overwhelmed by financial difficulties. The process, however, is complex and varies depending on the type of bankruptcy filed.


What is bankruptcy?

Updated: June 20, 2024

Bankruptcy is a legal process through which individuals or businesses unable to repay their outstanding debts can seek relief from some or all of their financial obligations. Its primary purpose is to give a fresh start to the debtor while ensuring fair treatment for creditors. The proceedings are usually initiated by the debtor but can also be started by creditors in some cases.