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You might have heard that before the court will approve your filing for Chapter 7 bankruptcy protection, you must pass a means test. This test's purpose is to restrict the number of American consumers who can eliminate all or most of their debts through Chapter 7...
Are you struggling with overwhelming debt? Perhaps you are also considering filing for bankruptcy? You may wonder if Chapter 7 bankruptcy is the right choice. Chapter 7 bankruptcy is a lawful process that permits individuals to discharge most of their unsecured debt,...
Chapter 7 bankruptcy is known as liquidation bankruptcy. What it means is that you risk the liquidation of your non-exempt assets if you file for Chapter 7 bankruptcy. The trustee assigned to your case will be empowered to sell them off and use the money to pay back...
Making the decision to file for bankruptcy is not one that anyone takes lightly. It’s usually considered as a last resort when debts are unaffordable and someone is evaluating all options that may allow them to better take control of their situation. As you weigh up...
When economic times are tough in America, it typically affects everyone, even senior citizens. More and more U.S. elders are having a hard time managing their debts in the 21st century. As some of the nation’s most vulnerable citizens, elders need debt relief options...
A widespread misconception about filing Chapter 7 bankruptcy is that you will lose everything. However, that’s not the case. You can exempt some of your assets and protect them from liquidation in the bankruptcy. Every state has its own bankruptcy exemption laws,...
If you are dealing with high credit card debt and are frustrated by tight finances, then now is a good time to start looking at ways to reduce your credit card debt. There are various options for reducing debt, such as negotiating with creditors, using a balance...
When you have hit rock bottom with your finances and are thinking of filing for bankruptcy, it’s not an easy decision to make. You may be constantly worried about what the future holds. It’s not uncommon for people to worry about keeping some of their most important...
Some people put off bankruptcy in the hope that they will be able to recover financially. They do this because they have heard myths about bankruptcy such as the idea that they won’t be able to own a home in the future. While there is some truth to the idea that it is...
Many times, unexpected events such as illnesses or job loss can cause a person to accrue high amounts of debt with no way to pay it off. While often a last resort, filing for Chapter 7 bankruptcy can help Florida residents eliminate overwhelming debt. However, a...