After a petition for bankruptcy is filed in the Bankruptcy Court, a trustee is appointed to oversee the case. In a chapter 7 liquidation, the trustee takes charge of the “bankruptcy estate.” The bankruptcy estate generally consists of all the property you own at the time you file…
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What is the effect of bankruptcy on cosigners?
When borrowers with limited income or poor credit have difficulty obtaining a loan, the lender will sometimes agree to make the loan if the loan is cosigned or guaranteed by another person. A person who cosigns a loan is equally responsible for making payments when they are due. In other words, if…
Can I erase my student loans by filing bankruptcy?
People who take out large student loans and then find themselves unable to earn enough income to make their loan payments often wonder whether the loans can be discharged in bankruptcy. The short answer is “almost never.” Still, bankruptcy might provide you with options for managing…
What Happens After the Discharge?
A bankruptcy is intended to give debtors a fresh start. It does that by wiping out some or all of your debt. Once you receive your discharge, you should take steps to take full advantage of your fresh start. Pay your nondischargeable debts Certain debts cannot be discharged in a bankruptcy. These…
Chapter 7 Bankruptcy
A chapter 7 bankruptcy is also known as a debt liquidation. It wipes out all of the debt that the law permits to be discharged. Chapter 7 bankruptcy is designed as an orderly, court-supervised procedure by which a trustee collects the assets of the debtor(s), reduces them to cash, and makes…
What is a chapter 7 bankruptcy?
The Bankruptcy Code provides different options for individuals and businesses struggling to pay their debt, including court-supervised payment plans. Many debtors, particularly those with limited income and few assets, are eligible to wipe out much (or all) of their debt rather than making a…
Bankruptcy Resources
Here are some other places to find information about bankruptcy and bankruptcy related subjects. Bankruptcy Law Resources – General ABI World – American Bankruptcy Institute Official Bankruptcy Forms U.S. Bankruptcy Law (Cornell) Bankruptcysales.com Chapter 13 Case Data for Selected…
Bankruptcy Information
The federal bankruptcy law is designed to provide people going through a tough financial time with an opportunity for a fresh start. To help you determine if you need a fresh start, you can use our Credit Card Debt Calculator to determine how long it will take to pay off your credit cards if you…
Bankruptcy Information Terms of Use
BANKRUPTCY INFORMATION IS INTENDED TO CONVEY GENERAL INFORMATION AND SHOULD NOT BE RELIED UPON AS A SUBSTITUTE FOR PROFESSIONAL, FINANCIAL, OR LEGAL ADVICE. THE MATERIALS IN THIS SITE ARE PROVIDED “AS IS” AND WITHOUT WARRANTIES OF ANY KIND EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT…
Credit Card Debt Calculator
Use the calculator to see how much interest you pay on your credit card balances and how long it will take to pay off your credit cards with different monthly payments. Tell us about your debt. Total Credit Card Debt: Interest Rate (Annual Percentage): Current Monthly Payment: Months It Will Take…