bankruptcy terms
Complete Bankruptcy Guide: Debt Discharge Fundamentals Debt discharge represents the ultimate goal of bankruptcy filing—the legal release from your obligation to repay qualifying debts that have become financially overwhelming. For millions of Americans struggling with unmanageable credit card balances, crushing medical bills, and mounting personal loans, understanding debt discharge is the first step toward reclaiming […]
Understanding Bankruptcy Options: Is It Better to File Chapter 7 or Chapter 13? When overwhelming debt makes daily life unmanageable, understanding your bankruptcy options becomes crucial for financial survival. Many people facing creditor pressure, wage garnishment, or potential foreclosure ask themselves: is it better to file Chapter 7 or Chapter 13 bankruptcy? The answer depends […]
Asset Protection: What Assets Do You Lose in Chapter 13 What assets do you lose in Chapter 13? Unlike Chapter 7 liquidation, Chapter 13 bankruptcy allows you to keep virtually all your assets while reorganizing debts through a repayment plan. The U.S. Courts system confirms that Chapter 13 filers retain their property, including homes, vehicles, […]
Eligibility Limits: What Disqualifies You From Filing Chapter 7 What disqualifies you from filing Chapter 7 bankruptcy primarily involves failing the means test due to excess income, having previous bankruptcy discharges within specific timeframes, committing bankruptcy fraud, or dismissals from prior cases. According to the United States Courts, approximately 65% of consumer bankruptcy cases are […]
Understanding Bankruptcy: What’s the Difference between Chapter 7 and Chapter 13 If you’re drowning in debt and searching for relief, understanding what’s the difference between Chapter 7 and 13 bankruptcy is your first step toward financial freedom. These two bankruptcy chapters serve different purposes, and choosing the right one can mean the difference between keeping […]
Bankruptcy Guide: Chapter 7 vs Chapter 13 Bankruptcy Relief Options Understanding Chapter 7 vs Chapter 13 bankruptcy is the critical first step toward reclaiming your financial freedom from overwhelming debt. If you’re struggling with unmanageable debt, facing creditor harassment, or worried about losing everything you’ve worked for, you’re not alone. More than 400,000 Americans file […]
Understanding Bankruptcy Types: What Are the Two Major Types of Bankruptcy What are the two major types of bankruptcy for individuals? Chapter 7 and Chapter 13 are the two primary bankruptcy options available to consumers seeking debt relief. Chapter 7 eliminates most unsecured debts within 3-4 months, while Chapter 13 creates a 3-5 year repayment […]
Bankruptcy System Overview: How Many Types of Bankruptcy Are There If you’re drowning in debt and searching for a financial lifeline, understanding how many types of bankruptcy are there is your first step toward reclaiming control. The federal bankruptcy system offers multiple pathways to debt relief, each designed for different financial situations and goals. This […]
Bankruptcy Options Explained: What Are Two Common Types of Bankruptcy What are two common types of bankruptcy available to individuals drowning in debt? If you’re struggling with overwhelming financial obligations, understanding your legal options can feel confusing and stressful. Chapter 7 bankruptcy and Chapter 13 bankruptcy are the two primary debt relief solutions designed to […]
What Are the Types of Personal Bankruptcy and Which One Fits Your Financial Situation? What are the types of personal bankruptcy? The three main types of personal bankruptcy are Chapter 7 (liquidation bankruptcy), Chapter 13 (repayment plan bankruptcy), and Chapter 11 (reorganization, typically for high-income individuals). According to the U.S. Courts, over 95% of individual […]