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Posts tagged "Bankruptcy for Individuals"

Bankruptcy could be the right choice for your situation

Bankruptcy is something that many people don't even want to consider, but the reality is that it's a good way to get out of debt under certain circumstances. Take, for example, a person who no longer works and who cannot make payments on their debts.

Do you lose your assets in bankruptcy?

If you've lost your job, it can be hard to imagine how you're going to make ends meet. You know that there are ways to eliminate debt. However, without an income, you can't figure out how you'll make it work. Your mortgage, car payment and immediate needs come first. So what will you do about the other expenses you have?

What can you do if you're in over your head with debt?

If you are struggling with your finances, one of the things that you may want to consider is bankruptcy. Bankruptcy isn't always the best answer, but for many people who have struggled with debt and tried to get out of debt with negotiating tactics and by taking on more work, it is the final solution to their problems.

Why consider Chapter 13 bankruptcy instead of Chapter 7?

Bankruptcy is usually discussed as if there is only a single option: Chapter 7 liquidation. If you've ever seen someone go through Chapter 7, you might be put off by the idea of needing it yourself. You don't always lose a lot in this form of bankruptcy, but there is a potential that you will have to give up some of your assets.

What's the timeline for Chapter 7 bankruptcy?

Bankruptcy is sometimes the right choice, especially when a person's income has no chance of catching up to their debts. Bankruptcy can help eliminate debt and get you back on your feet. In fact, it is relatively quick and painless once you start the process.

Do you have to give up assets in a Chapter 7 bankruptcy?

Chapter 7 bankruptcy, also called liquidation bankruptcy, is a kind of bankruptcy that allows you to get out of debt by eliminating your debts through legal action. To do this, you must be willing to give up certain items that are not exempt from liquidation. They are then sold, and the proceeds are used to repay creditors. Once the proceeds are used up, the remaining debts are forgiven.

ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
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