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There are many misconceptions about bankruptcy. It’s a big and scary thing and many myths are attached to it. It is considered as a very hard thing to do but technically you don’t even need a lawyer. Although it is recommended to have an attorney to take you through all the legal procedures.

Most people believe that once they file bankruptcy, it will become public knowledge. That’s not really true unless you’re a prominent personality or a major company. Mainly, the people who know about it are your creditors, even though bankruptcy is a public legal proceeding.

Some types of debts cannot be wiped clean if you file a bankruptcy! Surprised? Yes. This is true with child support, alimony, government-issued or government-guaranteed student loans, and debts incurred as the result of fraud.

Good… Continue reading

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If you have had financial problems recently, you may be considering bankruptcy as a way to resolve the situation. In terms of personal bankruptcy there are two options open to you. These are chapter 7 and chapter 13 bankruptcy. This article will discuss the merits of each and contrast chapter 13 vs chapter 7 bankruptcy.

Chapter 7 bankruptcy is also known as a liquidation bankruptcy. Most people seek this option. When a person files for bankruptcy under Chapter 7, certain assets are liquidated and the money obtained is paid to the various creditors. The courts decide on an equitable agreement in… Continue reading

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Upon first arriving for their 341 meetings of creditors, debtors usually are looking for some guidance. Depending on the location a debtor will either be required to check in (such is the case in Lake County) or simply take a seat in the designated waiting area (such is the case in Cook County). In both instances, there is at least one sheet of paper a debtor must review before entering the meeting with their respective Trustee. Additionally, a debtor shall not enter the Trustee’s room until their name is called.

Most debtors are hesitant to ask questions that… Continue reading

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Chapter 7 bankruptcy is one type of bankruptcy that is available for people to file under the Bankruptcy Code. This form of bankruptcy is not available to everyone. Only certain people can file this type of bankruptcy and only people in certain situations should someone file this type of bankruptcy.

Who Can File Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is available to individuals and some businesses. In order to file Chapter 7 assets should be limited to those that can be claimed as exempt.

In some cases, though, Chapter 7 may be best even if someone has more assets… Continue reading

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Petitioning a court for a judicial declaration of bankruptcy is always an option for people who simply cannot fulfill their debts because of some financial woes.

There are 2 kinds of bankruptcy: voluntary bankruptcy where the debtor himself initiates the proceedings; and involuntary bankruptcy where the creditors are the ones who initiate the proceedings to protect their interests and enforce their rights.

There are 2 kinds of voluntary bankruptcy: one which is filed under Chapter 7 of the Bankruptcy Code, and another which is filed under Chapter 13 of the same law.

Chapter 7 bankruptcy, once granted, will ask the debtor to surrender… Continue reading

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