Most people believe that once they meet the eligibility requirements and file the paperwork, nothing can interfere with a chapter 7 bankruptcy. Unfortunately, nothing guarantees that all bankruptcies proceed as planned. It serves your interests to learn about the...
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Chapter 7 Bankruptcy
2 reasons Chapter 7 bankruptcy is better than a balance transfer
Filing for Chapter 7 bankruptcy is a powerful and immediate solution to debt problems. The same day that you file, you have the protection of an automatic stay. Creditors will no longer be able to call you, and you won't have to worry about a pending lawsuit brought...
The emotional roller coaster of bankruptcy
The dread of getting the mail, answering the phone or checking your inbox is often overwhelming when you have creditors coming after you. For many people who are in this situation, filing for bankruptcy is one of the options that could help them to find relief from...
3 common myths about bankruptcy
Filing for bankruptcy is a viable way to eliminate extensive debt and restore your secure financial footing. Unfortunately, some people try to avoid this filing at all costs due to all the misconceptions around it. Knowing the truth about these common myths and...
How long will a Chapter 7 bankruptcy stay on your credit report?
Chapter 7 bankruptcy is a good solution for those who can pass the means test. If someone has an average or below-average income and moderate levels of personal assets, Chapter 7 is a viable option. It offers a quick path to the discharge of the balances owed on their...
Are Alabama or federal bankruptcy exemptions better?
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...
Will you lose your wardrobe because of a Chapter 7 bankruptcy?
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...
Just how big of a problem is medical debt?
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...
Can you pass the means test for a Chapter 7 bankruptcy?
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...
How does Chapter 7 bankruptcy affect your income taxes?
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...