Chapter 7 Bankruptcy

If you pass the means test and qualify for Chapter 7 bankruptcy, deciding to file will not be the last major choice in the process. You will also have to make an important decision about what bankruptcy exemptions you will use. The proper use of bankruptcy exemptions...

A Chapter 7 bankruptcy is a type of bankruptcy that requires liquidation. Any assets that are not exempted or necessary in your life may be liquidated (sold) to pay back the debts you owe. You could lose all kinds of assets in a Chapter 7 bankruptcy, but most people...

Most people understand that the healthcare system in the United States is incredibly expensive. For a lot of people, the cost is so high that it's prohibitive. They can't get the care that they need because they simply can't afford it, even when they have insurance on...

There are several different kinds of personal bankruptcy. Of all of those options, Chapter 7 bankruptcy is the most restrictive. Only individuals who meet very strict financial requirements can file for Chapter 7 bankruptcy. You have to pass a means test before you...

Income taxes stop for no one. Even after you die, someone will need to file a final income tax return for you.  If you recently filed for Chapter 7 bankruptcy, you may wonder how it will affect your income tax filing this year. First, it’s crucial to understand that...

Bankruptcy can help those struggling financially relatively quickly. It can be a powerful debt solution that stops aggressive collection activity and even discharges the amounts you owe on unsecured debts. Despite these benefits, many people enduring financial...

Some people’s debts reach such a high level that they can't envision paying them off within a reasonable amount of time, if ever. Those who find themselves in that situation often have to endure non-stop calls from creditors. Foreclosure proceedings, repossessions and...

One of the most irritating things when you owe money to a business is getting the calls or letters saying that you need to pay them. Your nonpayment probably isn’t because you don’t want to pay them, but rather because you can’t. When you realize that you just can’t...

When you’ve got more bills than money, those persistent calls from debt collectors can weigh on your mind. You don’t know whether to send them straight to voicemail or answer them. Both seem equally distressing. How should you handle these calls? You don’t want to...

Chapter 7 bankruptcy is also referred to as liquidation bankruptcy. As the name implies, it can require that you sell or liquidate some of your property. It's faster and more aggressive than Chapter 13 bankruptcy. Thankfully, the equity in your home, your vehicles and...