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chapter 13

Bankruptcy Options for Senior Citizens

Many senior citizens, especially those who do not have an adequate amount saved for retirement, frequently face financial difficulties. Statistics also suggest that senior citizens are filing for bankruptcy at a greater frequency than they did 13 years ago. In reality, filing for bankruptcy in some situations is the best way to obtain financial relief. This article will discuss why more senior citizens should consider bankruptcy. The Types of Bankruptcy It is critical that anyone who files for bankruptcy understands that the process is irreversible and cannot be undone once a person has entered it. Senior citizens have two types of bankruptcy from which to choose, which include the following:   Chapter 7 bankruptcy. In this process, you begin by providing the court with information about all existing debts. Chapter 7 bankruptcy is available to senior citizens whose income is below the state’s median level. During this process, most of a person’s debts are relieved and any non exempt assets are sold to pay off creditors. If a person has enough disposable income to finance a Chapter 7 repayment plan, they will not be eligible for Chapter 13 bankruptcy. The primary advantage of Chapter 7 bankruptcy is that a person [...]

2018-08-23T12:56:00+00:00Tags: , , |

How Long Will Bankruptcy Take?

While bankruptcy allows individuals a chance to rebuild their credit and start on new ground financially, this action is not for everyone. There are many distinct factors that can affect a bankruptcy and influence how long the process ultimately takes. This article will list some of the various factors that can influence how long a person’s bankruptcy process will take. Factor #1: The Number and Value of Assets a Person has In some cases, a person might have a great number of assets that the person wishes to save, while in other cases, a person might declare bankruptcy because the individual has fallen into debt. Generally, the greater and more valuable the assets that a person has, the longer that person’s bankruptcy process will take. Factor #2: Chapter 7 Bankruptcy Resolves Faster Than Other Types of Bankruptcy In many cases, Chapter 7 bankruptcy lasts between three to four months. Frequently this process will involving obtaining an experienced bankruptcy attorney, filing an issue with the court, and liquidating a person’s nonexempt assets. While Chapter 7 bankruptcy is good for many individuals, a person is at risk of losing many of his or her assets in the process. The advantage of Chapter [...]

2017-09-20T21:45:15+00:00Tags: , , |