In the United States alone over a million people file for bankruptcy each year. If you’re finding it impossible to pay the bills these days bankruptcy could be an option for you as well. There are two different types of bankruptcy: Chapter 7 and Chapter 13. One allows you to erase all debt in a ...
With the new bankruptcy law in effect, many people are wondering what the changes are. While there are plenty of new things to take into consideration, most of the people affected will be those who wish to apply for Chapter 7 or Chapter 13 bankruptcy. Here are some of the basic changes that are most ...
Personal bankruptcy in New York is a big deal. In the New York bankruptcy statistics released in 2002, just less than 70,000 people filed for personal bankruptcy in one year. Since personal bankruptcy so common, it’s important to have a good understanding of how it all works. Here’s a brief guide to the New York ...
Chapter 7 is often referred to as ‘fresh start’ bankruptcy because outstanding debts are discharged through liquidation of non-exempt assets. This bankruptcy option is available to individuals and businesses that meet specific criteria set forth by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Filing Chapter 7 requires assistance from a qualified bankruptcy ...
Petitioners filing for bankruptcy have to indicate under which chapter of the bankruptcy law they’re filing. It’s usually under either Chapter 7, Chapter 11, or Chapter 13. Before considering the differences between the three, let’s take a minute to review the reasons why an individual, a partnership, or a corporation would find itself having to ...
