Bankruptcy laws are intended to give a fresh start to people who cannot pay their creditors. The concept of bankruptcy as a fresh start is fairly modern. Bankruptcy was originally viewed as a criminal act, a concept that is familiar to the readers of Charles Dickens, whose novels often emphasized…
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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…
What does it cost to file for bankruptcy?
The total cost of a bankruptcy depends upon several factors, including the kind of bankruptcy you file. You generally need to pay filing fees, attorney fees, and credit counseling fees. Filing Fees The Bankruptcy Court charges a filing fee that is set by Congress. The most recent revision of the…
What property can I keep after I file bankruptcy?
Many people worry that they will lose everything they own after they file bankruptcy. In reality, most people can keep most of their property and many people keep all of their property. The property you keep depends upon the kind of bankruptcy you file and the state in which you live. Chapter 13:…
Avoiding Bankruptcy
Bankruptcy isn’t right for everyone. Some debts, like student loans and most delinquent taxes, can’t be discharged in bankruptcy. Some people own valuable nonexempt assets that they would lose if they filed a chapter 7 bankruptcy. Some people have cash flow problems but are not yet…
Bankruptcy Information Privacy Policy
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First Meeting of Creditors (341 Meeting)
Whether you file bankruptcy under chapter 7 or chapter 13, the court will schedule a first meeting of creditors. This is sometimes called a “341 meeting” because it is required by section 341 of the Bankruptcy Code. You will be required to attend the First Meeting of Creditors. When is the First…
Difference between a Chapter 7 and Chapter 13 Discharge?
Some types of debts that are not dischargeable in Chapter 7 case may be dischargeable in a Chapter 13 bankruptcy filing. In addition, a Chapter 13 provides you with more options to deal with debts that are not dischargeable including paying them off during the course of your 3 to 5 year plan. This…
What is a Chapter 13 bankruptcy?
Individuals who are considering bankruptcy to obtain relief from overwhelming debt must generally choose between chapter 7 and chapter 13 of the Bankruptcy Code. Chapter 7, known as debt “liquidation,” wipes out all or most of your debt. Chapter 13, known as “debt…
Will filing bankruptcy affect my credit?
Many debtors worry that filing bankruptcy will affect their credit. It might, but the impact might not be as drastic as you think. Your Credit Score If you have a good credit score, filing bankruptcy will probably cause it to fall significantly. If you don’t really need a bankruptcy —…