chapter 7

Navigating Chapter 7 Bankruptcy if You do Not Have Any Money

If you have considered filing for bankruptcy, you are likely short on money and tired of being harassed by creditors. Unfortunately, it is not free to file for bankruptcy even though the process is designed for individuals who are facing a large amount of debt. This article will examine how much you can expect the bankruptcy process to cost and list some reasons why this process is still often a wise idea if you are facing financial difficulties. The Assistance of a Bankruptcy Lawyer Some people try to save money during the bankruptcy process by avoiding paying for a bankruptcy lawyer. While it is possible to navigate the bankruptcy process on your own, there is a much lower success rate for individuals who try to file for bankruptcy without the help of a lawyer. While an attorney is not required to navigate the bankruptcy process, it is almost always a good idea to obtain the assistance of one. Other Costs Associated with the Bankruptcy Process Even after hiring an attorney, there are other costs associated with the bankruptcy process. The average filing fee for a Chapter 7 bankruptcy is reported to be $335. There are also additional fees that a [...]

2019-01-24T14:59:34+00:00Tags: , |

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: , , |

Deciding Between Bankruptcy and Debt Consolidation

It can be challenging to decide whether bankruptcy or debt consolidation is the best decision. While it might seem strange, some people decide to take out a loan at a lower interest rate to repay another amount of money. Other people decide to declare bankruptcy, which has its own attractions and challenges. These options frequently involve a person either discharging debt through Chapter 7 bankruptcy or creating a payment plan through Chapter 13 bankruptcy. In deciding which option is best, it is a wise idea to speak with an experienced attorney. Debt Consolidation as an Option Debt consolidation allows a person some significant advantages. One of the advantages of debt consolidation is that a person makes one payment to one lender rather than juggles the demands of various lenders. Some people are even able to obtain debt consolidation with low interest rates below 10%, which makes it much easier to manage debt. Another debt consolidation perk is that a person is often able to establish an end date at which he or she will be finished repaying a debt. Despite these advantages, there are some recognized setbacks to the option of debt consolidation. For one, a person needs a good [...]

2018-08-09T15:18:47+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: , , |