Bankruptcy

What to Do If You Can’t Pay Bills Due to the Coronavirus

Conserve funds and prioritize debts using a COVID-19 financial action plan.

Should I File for Bankruptcy or Use Debt Settlement?

If the thought of filing bankruptcy makes you uncomfortable, you might want to try negotiating with your creditors.

What Happens to Mortgages in Bankruptcy

A major concern for most homeowners who are contemplating bankruptcy is how bankruptcy will affect their mortgage. The good news is that your mortgage company cannot raise your interest rate or change other terms of your loan to punish you for filing bankruptcy. But there are several other things you should know about how fi

Student Loans in Bankruptcy: The Brunner Test

Getting student loans discharged in a Chapter 7 bankruptcy case is very difficult. For the most part, you must show that repayment would cause you "undue hardship."

Debts That Cannot Be Discharged in Bankruptcy

The point of filing for bankruptcy is to give yourself a clean slate by getting out from under your debts. Whether you file for Chapter 7 or Chapter 13 bankruptcy, many types of debt will be discharged (wiped out) at the end of your case. This isn't true of all debts, however.

Will Filing For Chapter 7 Bankruptcy Remove A Tax Lien?

Although you can get rid of some tax debts in Chapter 7 bankruptcy, if a tax lien has been recorded against your property, you are unlikely to be able to remove it in Chapter 7 bankruptcy. There are a few exceptions, however. Read on for details.

How Medical Bills Are Treated in Chapter 13 Bankruptcy

High medical debt is cited by many as the primary reason for filing for Chapter 13 bankruptcy. Although you must repay some of your medical debts in Chapter 13 bankruptcy, you do this through the protection of your Chapter 13 repayment plan. Most people with large medical debts who file for Chapter 13

Will I Lose My Checking or Savings Account if I File Bankruptcy?

If you file for Chapter 7 bankruptcy, will you be able to keep your savings, checking, or other bank accounts? The answer depends on what you mean by "keeping."

Can You Keep Your Retirement Accounts in Bankruptcy?

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.

Will Chapter 7 Bankruptcy Prevent a Car Repossession?

If you are not making timely car loan payments, Chapter 7 bankruptcy cannot permanently prevent a car repossession. However, Chapter 7 can temporarily delay the lender from repossessing your car and allow you more time to negotiate or cure your default.

Overview of Bankruptcy Options for Your Struggling Business During the Coronavirus

Each bankruptcy chapter offers unique benefits that will differ depending on whether you or your company files for bankruptcy. Understanding these dynamics will help you choose the best solution for your small business needs during the coronavirus pandemic.

Small Business Owners: Chapter 13 vs. Chapter 7 Bankruptcy

For most small business owners, Chapter 7 bankruptcy is a better option. But in some situations, Chapter 13 bankruptcy is the way to go.

What Is a Plan of Reorganization in Chapter 11 Bankruptcy?

Chapter 11 bankruptcy can be a good option for debtors who want to reorganize their debt in order to keep their assets. A key part of any Chapter 11 case is the debtor’s plan of reorganization. The plan of reorganization outlines how the debtor will pay back creditors over time. In order to move forward

The Bankruptcy Process: Chapter 7

A typical Chapter 7 bankruptcy case is relatively straightforward. You will spend most of your time completing the bankruptcy petition, schedules, and other forms, which will require you to list your debts, assets, financial transactions, and so on. Once you've filed your paperwork, the bankruptcy trustee takes over your case.

Typical Attorney Fees in Chapter 7 Bankruptcy

While the average bankruptcy lawyer charges between $1,200 and $1,500 for Chapter 7 bankruptcy services, attorney fees can vary significantly. The actual cost you pay an attorney to prepare your bankruptcy depends on three primary factors: the area you live in, the complexity of your case, and the experience

The Bankruptcy Means Test

If you want to file for Chapter 7 bankruptcy, you must pass the means test. The means test looks at your income, and perhaps your expenses and debts, to determine whether could afford to pay back at least some of your debts. If so, you won't be allowed to use Chapter 7; instead, you will have to use Chapter 13 if you want to file for bankruptcy.

Debts You Can Wipe Out in Chapter 13 Bankruptcy

Many debtors file for Chapter 13 bankruptcy to reorganize their debts and catch up on their missed mortgage or car loan payments through an affordable repayment plan. If you successfully complete your repayment plan, you will receive a bankruptcy discharge that wipes out your personal liability for

How to Calculate a Chapter 13 Monthly Payment

If you file for Chapter 13 bankruptcy, you'll have to propose a repayment plan. Through the repayment plan, which lasts either three or five years, you pay a set amount to the bankruptcy trustee each month.

The Bankruptcy Means Test

If you want to file for Chapter 7 bankruptcy, you must pass the means test. The means test looks at your income, and perhaps your expenses and debts, to determine whether could afford to pay back at least some of your debts. If so, you won't be allowed to use Chapter 7; instead, you will have to use Chapter 13 if you want to file for bankruptcy.

The Bankruptcy Process: Chapter 7

A typical Chapter 7 bankruptcy case is relatively straightforward. You will spend most of your time completing the bankruptcy petition, schedules, and other forms, which will require you to list your debts, assets, financial transactions, and so on. Once you've filed your paperwork, the bankruptcy trustee takes over your case.

Overview of Bankruptcy Options for Your Struggling Business During the Coronavirus

Each bankruptcy chapter offers unique benefits that will differ depending on whether you or your company files for bankruptcy. Understanding these dynamics will help you choose the best solution for your small business needs during the coronavirus pandemic.

What Is a Judgment Lien?

A judgment lien is a type of security interest that a judgment creditor can obtain against your property. Below you can learn how a creditor gets a judgment lien, what property the lien can affect, and more.

When Is My Bankruptcy Case Over?

Most debtors file for bankruptcy relief to discharge (wipe out) their debts. But your bankruptcy doesn’t end when you receive your discharge. Your case is not officially over until the court closes it by entering a final decree or order. Until your case is closed, you have a continuing duty to cooperate

California Bankruptcy Exemptions

California is unique among the states in that it has two different sets of exemptions that you may use when filing for Chapter 7 or Chapter 13 bankruptcy. Exemptions determine what property (such as a home, car, instrument, retirement account, etc.) you may keep in a Chapter 7 bankruptcy, and how much you must pay to certain creditors in Chapter 13 bankruptcy.

New York Bankruptcy Exemptions

Like all states, New York has its own set of exemptions that you may use when filing for Chapter 7 or Chapter 13 bankruptcy. Exemptions determine what property (such as a home, car, instrument, retirement account, etc.) you may keep in a Chapter 7 bankruptcy, and how much you must pay to certain creditors in Chapter 13 bankruptcy.

Florida Bankruptcy Exemptions

Florida has its own set of exemptions that you may use when filing for Chapter 7 or Chapter 13 bankruptcy. Exemptions determine what property (such as a home, car, instrument, retirement account, etc.) you may keep in a Chapter 7 bankruptcy, and how much you must pay to certain creditors in Chapter 13 bankruptcy.