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 ...
Personal bankruptcy is a very serious decision. One has to carefully weigh his options and the consequences of his decisions before taking this step. Bear in mind that a record of bankruptcy will stay on your personal credit report for at least seven years. A record of bankruptcy will impose certain limits and restrictions on ...
Obtaining a home equity loan after your bankruptcy may be more difficult than you think. Lenders require both the lapse of time and good credit history after discharge from bankruptcy. Many lenders are hesitant about approving loans for people with a tarnished credit history. Some require at least 5 to 7 years. Many people feel ...
