This is actually a trick question. Can anyone file for bankruptcy? Now legally, yes, any American citizen can apply for bankruptcy relief. In practice, whilst you can apply, there is no guarantee you will make it past the first phase. In fact, those going through the filing process without legal assistance rarely make it through [...]
Planning for bankruptcy has two connotations – one, you are planning a fraudulent means of obtaining goods by overspending then filing for bankruptcy; and two, finding yourself overburdened by debt and considering bankruptcy. In the first instance, don’t bother. The trustee together with the creditors will soon dig out fraudulent bankruptcy cases. In the second [...]
Some people seem to be under the impression that once you file for bankruptcy, it’s simply a matter of waiting a set period of time and your debts are cleared. In many cases, that’s the process for a Chapter 7 filing. However, a Chapter 13 bankruptcy petition is a little more involved than that. The [...]
Most people go through the process of filing for bankruptcy because they reach a point where they cannot cope with the mountain of debt before them. The problem is often caused by unemployment of either one or both breadwinners in a family and the prospects of future employment in the short term are remote. For [...]
The bankruptcy process for businesses in general is through a Chapter 11 filing. We covered this topic in an early post, Bankruptcy Provisions For Business, where we looked at how the Chapter 11 process worked for all businesses. Small businesses can be dealt with in slightly different ways. Bankruptcy is a serious issue so for [...]
A meeting of creditors is not as simple as it may sound. In most Chapter 7 and 13 bankruptcy petitions, a debtor is required to attend a meeting of creditors where they are questioned about their financial situation. This can be a rather intimidating experience – however, it needn’t be if you have an understanding [...]
It’s an interesting expression – cram down, yet it is actually used in relation to a Chapter 13 Bankruptcy petition and a secured car loan. A Chapter 13 petition allows the debtor to propose a payment scheme that would pay off their debts over 3-5 years, particularly if some debts where discharged. Car loans are [...]
There is a mistaken belief by some that the bankruptcy process will clear away all debts. This is not the case. In fact, there is a long list of debts that are not discharged through bankruptcy and must still be paid on time. Any debts you have from this list will be taken into account [...]
If you are in difficulties for any reason, rather than seeking bankruptcy as a way out, consider discussing your situation with your creditors. You will be surprised at how many will listen. Of course, some have a reputation for not listening at all – but you still have to try. When communicating with your creditors, [...]
Bankruptcy is one of those terms that most people have heard and probably feel they know a lot about. The law can be complicated so making assumptions can be dangerous. Knowing the facts can help prevent problems and may even save you money, time and stress. In simple terms, bankruptcy is a situation where a [...]
Welcome to the Online Bankruptcy Blog. This blog will focus on financial topics of importance to anyone. We are here to help you avoid bankruptcy as well as to provide you with necessary information and resources regarding bankruptcy should you need it. If you are experiencing credit problems or financial difficulties and it looks like [...]
