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Chapter 7 bankruptcy has a number of requirements and standards that must be met in order for someone to be able to file. Income limits are an obvious restriction—if you make a lot of money, it’s assumed that you should be able to handle repaying your debts. On the other hand, those who don’t make…
A recent bankruptcy case indicates there is hope for individuals filing for bankruptcy with student loan debts. A 9th U.S. Circuit Court of Appeals partially discharged the student loans of Michael Hedlund after a 10 year battle in court. Ordinarily, debt from student loans cannot be discharged through the normal bankruptcy process. For student loans,…
Bankruptcy law prevents collection calls and all other forms of debt-collection attempts once a case has been filed. The injunction, called the automatic stay, prohibits further actions from debt collectors including phone calls, lawsuits, letters and all other forms of communication. All contact is strictly prohibited, and most creditors oblige, resulting in immediate relief from…
Chapter 7 is the simplest form of bankruptcy in which a debtor asks the court to cancel their debts because of their inability to pay. Under this type of bankruptcy, the debtor may have to surrender some property, but does not have to surrender all property. In most cases, the defendant can keep property that…
Bankruptcy is your last resort when it becomes increasingly difficult to pay for even the basic amenities such as medical expenses and credit card bills. Your credit rating might go for a toss but you are not alone in this turmoil. Numerous people have filed for bankruptcy in the past few years. It will definitely…
In today’s world where finances are not easy to handle, and the economies go through recession after recession, it is no wonder that creditors are hard to pay. Expenses rise for the common man as inflation occurs, and there are always medical bills, job losses, divorces, lawsuits and other unforeseeable expenses. A lot of people…
When the Americans are overburdened with a huge amount of debt, they wonder about the ways in which they can get out of it and live a stress-free life. While there are options like debt settlement, debt consolidation and bankruptcy that they can resort to, they often get confused about the options that best suit…