The mere idea of filing bankruptcy can make anyone anxious. However, in certain situations it can be the most beneficial option for your personal financial needs. Although it remains an negative mark on your credit file for a period of up to 10 years, bankruptcy can help ease the burden of huge amount of debt. There are three...
Depending on the circumstances, filing for bankruptcy might be the best solution to resolve your financial issues. Chapter 7 and Chapter 13 bankruptcies both come with significant consequences. But, they won’t hinder your ability to obtain credit for the rest of your life. These types of items stay on your credit report for a period of...
Who is eligible to file for Chapter 13 bankruptcy? Chapter 13 bankruptcy is reserved for couples and individuals rather than partnerships and corporations. It’s the 13th Chapter of the U.S. Bankruptcy Code (11 U.S. Code Title 11) which is why it’s the title Chapter 13 bankruptcy. You’re probably eligible, provided you’ve had credit counseling and a...
What is Chapter 7 bankruptcy? The filing of a Chapter 7 bankruptcy releases or “discharges” individual debtors from being required to pay off certain outstanding debts and allows them to keep their exempt assets so that they can continue living their lives. The rules for eligibility are strict and only certain debts are eligible to...
