Chapter 7 bankruptcy offers debtors the fresh start that they need when they are struggling under a mountain of debt. If you successfully file for Chapter 7 bankruptcy, you could end up with many of your debts discharged. Not everyone qualifies for Chapter 7 bankruptcy. You must have an income below a certain amount to pass the means test….
Like consumers, business owners have two primary options when filing for bankruptcy. They can opt for a Chapter 7 bankruptcy, which is a liquidation of the business assets. Alternatively, they can choose a Chapter 11 bankruptcy, which is a restructuring that allows them time to pay their debts. In a Chapter 7 bankruptcy, it would mean the end of…
If you are filing for bankruptcy, you have two different options, depending on your income level. In a Chapter 13 bankruptcy, you will be able to restructure your debt. In a Chapter 7 bankruptcy, you will be able to get a complete discharge of some of your debts. A discharge means that certain debts (for example, student loan debts…
When you go through a Chapter 13 bankruptcy plan, you must make payments toward your debts, albeit under a more forgiving timeframe than you had before, with debts being reduced. You are getting a restructuring as opposed to wiping the slate clean. What you are really getting is breathing room and protection that can allow you to work your…
Bankruptcy gets a bad reputation in the United States, as many people assume bankruptcy filers are irresponsible or gaming the system to get free money. In reality, neither of these are the driving reasons for most bankruptcy cases. Instead, the bankruptcy process usually provides relief for people who face financial struggles due to unforeseen circumstances. One of the top…
The United States Bankruptcy Code lists six types of bankruptcy: Chapters 7, 9, 11, 12, 13, and 15, but you will want to speak to a Lynnwood bankruptcy lawyer for help determining the chapter that will work best for you. The two most common chapters people file under are Chapter 7 and Chapter 13. There are significant differences between…
