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Bankruptcy Trustee: What are Their Roles under Chapter 7?

People who are in debt and are unable to pay their bills are sometimes confronted with anxieties and stress about how they will pay their loans or debts. They simply desired a reset button or a fresh start. If you are one of these persons, it is critical that you get the assistance of a bankruptcy attorney who will advise you on the bankruptcy processes, such as which Chapter you should file your bankruptcy case. When someone declares bankruptcy, they frequently liquidate their assets in order to reimburse their creditors for outstanding loans. A bankruptcy trustee Chapter 7 is assigned…

Uncovering Non-exempt Property in Bankruptcy

In most states in the United States, bankruptcy filers are allowed to exempt a certain amount of their assets from being distributed to creditors and debtors. In some cases, if the filer has no property that he or she is allowed to exempt, the Bankruptcy Code allows for him or her to select non-exempt property instead.  Understanding what non-exempt property is can help you determine how beneficial it would be for you to transform your non-exempt assets to exempt property. This article explains how non-exempt property works in a personal bankruptcy such as Chapter 7 or Chapter 13. Our reliable…

What Type of Bankruptcy Is Chapter 7?

Bankruptcy can knock you flat while you’re trying to move forward. For example, you take out a student loan or other credit that you can’t pay, and suddenly you are forced to declare bankruptcy. Well, for starters, what is bankruptcy? Bankruptcy is a state of insolvency in which an individual or organization cannot repay their debts.  The term “bankruptcy” is also used to refer to the legal status of an insolvent entity. This article explores the main types of bankruptcies, starting from personal (Chapter 7) to corporate bankruptcy (Chapter 11) and many variations in between. Depending on the specific type…

Choosing Between Chapter 7 and 13

  Looking into Bankruptcy Chapters 7 and 13 In general, a bankruptcy filing can open doors to a fresh start in life and opportunities to rebuild your financial future. It can help debtors repay their debts to creditors, albeit through different ways. Due to the continuous effects of the pandemic to the economy, many families and companies are struggling with debt and financial problems. Filing bankruptcy remains to be an open option, although not a lot are really informed of what such a filing entails. If you need preliminary bankruptcy information or would like to know how to file for…

Remember these points about a short sale

Homeowners who are behind on their mortgage might be willing to consider just about any legal way to get out of that debt. This is especially true if they know that they won’t be able to catch up on the mortgage but they don’t want a foreclosure to plague them.  One option that some people will explore is a short sale. There are a few points that you should remember about this if you’re considering this option.  What exactly is a short sale? A short sale occurs when you sell a home for less than what you owe on the…

Does filing for bankruptcy eliminate your obligation to pay child support or alimony?

In theory, annual child support payments in the United States are supposed to total more than $33 billion. However, in reality, fewer than half of custodial parents receive full child support payments based upon a court order or informal agreement. The consequences for not paying child support can be severe. You may have to pay interest on back support. You could have your driver’s license suspended. The court may enter in an order garnishing your wages or have you locked up. The combination of these factors may hamper your ability to secure future employment. While it’s unlikely that your failure…

Does filing Chapter 7 mean you will lose everything you own?

One reason people are sometimes slow to file for Chapter 7 bankruptcy is that they know it means they have to liquidate their assets. They believe this means they’ll lose everything they own, which sounds worse than having debt they can’t afford to pay off.  But is this what will happen? Do you really have to sell everything if you file? There are many bankruptcy exemptions You will not lose everything. If you did, bankruptcy wouldn’t work and wouldn’t provide a fresh start at all. The goal is to sell off the unnecessary assets that you own and to give…

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