Under most circumstances, you can keep your retirement accounts, such as 401ks and IRAs, if you file for Chapter 7 bankruptcy. However, for some accounts, the protected amount may be capped.
Filing for business bankruptcy means someone else steps in to liquidate your business’s assets and settle its debts (in this case, the bankruptcy trustee).
When you're on someone else's deed, proving you don't own the home could be challenging, which could put it at risk in Chapter 7. The ownership issue could also prevent you from confirming a Chapter 13 plan. Learn more.
What happens to your car lease in Chapter 7 bankruptcy depends on whether you are behind on your payments and on what the bankruptcy trustee decides to do with the lease.
During your bankruptcy case, you will attend a meeting with your creditors and the bankruptcy trustee in charge of your case. Find out what questions the bankruptcy trustee must ask you and more.
When you file for bankruptcy, you might be able to protect the value of a life insurance policy or funds received as a beneficiary under another person’s policy. However, it will depend on whether a bankruptcy exemption covers the value.
Debtors can eliminate or “discharge” many debt types in Chapters 7 and 13, including credit card balances, personal loans, and utility bills. However, bankruptcy doesn’t discharge obligations known as "nondischargeable" debts.