bankruptcy terms
Understanding Property Protection: Will I Lose My Car and House in Chapter 7 Most people filing Chapter 7 bankruptcy keep both their car and house through bankruptcy exemptions that protect essential property. Federal and state exemption laws allow you to shield equity in your home and vehicle up to specific dollar amounts, meaning the bankruptcy […]
Complete Bankruptcy Guide: Bankruptcy Assets Protection Fundamentals Bankruptcy assets represent every piece of property, account, and future earnings you own at filing, but concerns about property loss often prevent individuals from seeking debt relief. If you’re drowning in credit card balances, medical bills, or personal loans while worried that bankruptcy means surrendering your home, car, […]
Which Debts Are Not Cleared by Bankruptcy: Essential Information When facing overwhelming debt, bankruptcy can provide a legal process for addressing certain financial obligations. However, not all financial obligations disappear through Chapter 7 or Chapter 13 proceedings. Federal bankruptcy law protects specific debt categories from discharge to ensure critical obligations remain enforceable. Knowing which debts […]
Understanding Non-Dischargeable Debts: Which Debts Cannot Be Erased by Bankruptcy Which debts cannot be erased by bankruptcy often surprise people seeking financial relief. When you’re drowning in bills and facing creditor calls, bankruptcy offers a fresh start—but not every debt qualifies for elimination. Understanding these limitations before filing prevents disappointment and helps you create a […]
What Debts Are Not Dischargeable: Everything You Need to Know Facing overwhelming debt can feel suffocating, especially when you’re counting on bankruptcy to provide a fresh financial start. However, not all debts qualify for elimination through bankruptcy discharge. What debts are not dischargeable becomes a critical question when evaluating whether Chapter 7 or Chapter 13 […]
Understanding Debt Discharge: What Types of Debt Does Bankruptcy Eliminate What types of debt does bankruptcy eliminate? Bankruptcy discharges most unsecured debts, including credit card balances, medical bills, personal loans, and collection accounts. Chapter 7 eliminates qualifying debts through a relatively short court process, while Chapter 13 discharges remaining balances after completion of a court-approved […]
Understanding Bankruptcy Options: What Type of Bankruptcy Clears All Debt What type of bankruptcy clears all debt depends on your financial situation, but Chapter 7 bankruptcy provides the most comprehensive debt elimination for qualifying individuals. If you’re drowning in credit card bills, medical expenses, or personal loans, understanding which bankruptcy chapter offers debt discharge can […]
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 an important step in evaluating […]
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 generally allows filers to retain most assets while reorganizing debts through a repayment plan. This structure is often considered by individuals with valuable assets who are addressing significant debt obligations. […]