One of the biggest obstacles to filing for personal bankruptcy are the legal costs. The fees charged by the court are under $500 in total, but bankruptcy lawyers will charge you an additional $2,000 or more for services to file for bankruptcy. If you’re too broke to pay your credit cards and loan payments, how [...] Read more »
Chapter 7 Bankruptcy Information: What You Need To Know
This is the chapter that most people would probably like to file under, since it will wipe your slate clean so to speak of all debt. Chapter 7 is also called "Liquidation" because your assets will be liquidated, or sold, to pay your debt. Read more »
Can Bankruptcy Stop Foreclosure?
So many Americans today are facing financial trouble, and that means they are in danger of losing the one thing they worked so hard for – their home. Many times, when facing foreclosure, a homeowner may consider bankruptcy, as there is question whether bankruptcy can stop a foreclosure. Here are some points to think about. [...] Read more »
How to Rebuild Your Credit After Bankruptcy
Bankruptcies are on the rise. Bankruptcy clients typically focus on getting the bankruptcy over with, and the relief it provides. However, it is important to remember that when all is said and done, a bankruptcy filer will be helping his future financial position immensely by beginning to work on rebuilding his credit. Read more »
Who Is Eligible to File Chapter 7 Bankruptcy?
Chapter 7 bankruptcy can provide for a financial fresh start to those who use its power to rid themselves of creditors harassment and headaches - but not everyone is eligible to file for Chapter 7 bankruptcy protection. The following requirements must be met in order to file a Chapter 7 bankruptcy: Read more »
A Quick Guide To Bankruptcy Procedures
There are two different bankruptcy procedures for individuals. These proceedings are known as Chapter 7 and Chapter 13. While you may be familiar with the term Chapter 11 from the news, that chapter applies to business owners only. Read more »
Filing a Bankruptcy in Arizona? Know Which of Your Assets Are Protected
Even if you are faced with a bankruptcy, it may be comforting to know that some of your assets may be protected by bankruptcy "exemption" laws. If some of your assets fall into these exempted categories, then you as the debtor will be allowed to keep these assets after filing for bankruptcy. The asset, however, can only be protected if the court determines that the asset is within the allowable values as per state regulation. Some states follow the federal government's list of bankruptcy exemptions. Arizona is a state that has its own exemptions, and the list of exemptions and maximum value limits is much friendlier to debtors in Arizona that in states that follow federal guidelines. Arizona allows more assets with a greater allowable value than many other states. Read more »