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 [...]
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 [...]
Running a business can be a rewarding career for many people – for many others, it can be nothing but a nightmare with bankruptcy their only escape. With over 70% of new businesses failing within the first two years, the chances of success for most new businesses is limited from day one. If you’re in [...]
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 Abuse Prevention and Consumer Protection Act provides a set of guidelines that must be followed in order to seek protection under a Chapter 7 or Chapter 13 bankruptcy petition. This is especially true for Chapter 7 applications. Part of the process involves a means test to determine whether or not you are eligible [...]
When seeking bankruptcy relief there are different regulations that apply depending on whether it is an individual or a business that is seeking relief (note there are regulations that go beyond just individuals or businesses). In today’s post, we will concentrate on those regulations that affect individuals. The regulations are enshrined in legislation that the [...]
