When you file for bankruptcy the courts appoint an impartial third party, known as a trustee, to manage your bankruptcy filing, including all assets and documentation related to the case itself. The actual responsibilities of the trustee will depend on whether or not you’re filing for Chapter 7 or Chapter 13 bankruptcy. The purpose of […]
Role of the Trustee in Chapter 13 and Chapter 7 Bankruptcy Cases Read More »
It\’s a sad fact of life but your car will devalue more quickly than any other asset in your possession. There\’s a commonly held belief that you lose 10% of your car\’s value the split second you leave the showroom, which puts forward a strong case for only ever investing in a high-quality, used automobile.
Cramdown of Car Loans in Bankruptcy Read More »
When you file for Chapter 7 bankruptcy all of your non-exempt assets become property of the “bankruptcy estate”. A trustee is then hired to administer this estate, ensuring that all of your assets are managed and liquidated in such a way that creditors would obtain the maximum compensation. There are two basic types of Chapter
What is an Asset Chapter 7 Case Read More »
When you file for bankruptcy there is an automatic stay put on any pending lawsuits or judgments against you thanks to the protection offered by bankruptcy laws in the United States. This means that any debts or judgments against you which are filed while you\’re going through bankruptcy stop immediately, preventing you from having
Judgment Lien After Chapter 7 Discharge Read More »
When you file for bankruptcy there is an automatic stay put on any pending lawsuits or judgments against you thanks to the protection offered by bankruptcy laws in the United States. This means that any debts or judgments against you which are filed while you\’re going into bankruptcy (Chapter 7) stop immediately, preventing you
Judgment Lien After Chapter 7 Discharge Read More »
Although the bankruptcy laws of the United States exist to offer you protection when you can no longer afford to repay your personal or business debt, this still doesn\’t mean that you\’re automatically entitled to this same protection regardless of the way you incurred those debts in the first place. Why Are Bankruptcy Filings
Having Your Bankruptcy Filing Dismissed On The Grounds Of Abuse Read More »
Bankruptcy laws vary from state to state so always do your due diligence and find out what the bankruptcy laws in your own state are, and how they apply to you as a resident of that state. You\’d be amazed at just how often certain assumptions about bankruptcy can bring a filing to a
Your Bankruptcy Filing – Reasons A Court Might Deny It Read More »
What most people don\’t realize is that gambling is one of the most serious addictions in existence. Why do we say this? Unlike other addictions there\’s no risk of you ever overdosing while gambling – the only limitation on your gambling addiction is how much money you can find to place your
Gambling Debts: Are They Dischargeable In A Bankruptcy Filing? Read More »
Your ability to discharge your debts through bankruptcy depends on the types of debt you carry. Even though bankruptcy knocks out your personal liabilities to repay a secured debt, the lien that the creditor places on your property survives your Chapter 7 bankruptcy case, unless it’s returned to the creditor. Bankruptcy only provides relief from
Ousting liens off your property – Is bankruptcy the ultimate panacea? Read More »