What Is Chapter 7 Bankruptcy? Chapter 7 is a liquidation bankruptcy — but don’t let that word scare you. For most people who file, it means something much simpler: your debts get wiped out, and you keep everything you own. Here’s how it works. Chapter 7 eliminates your dischargeable debts (credit cards, medical bills, personalContinue reading “What is Chapter 7”
Category Archives: Bankruptcy
How Does Chapter 13 Work?
Chapter 13 Bankruptcy: How It Works, Who Qualifies, and What to Expect What Is Chapter 13 Bankruptcy? Chapter 13 is a reorganization bankruptcy for individuals. Instead of wiping out your debts immediately, it creates a structured repayment plan that uses your disposable income over three to five years to pay some or all of whatContinue reading “How Does Chapter 13 Work?”
How Do I Pass the Chapter 7 Means Test?
The Bankruptcy Means Test: A Plain-English Guide What Is the Means Test? The means test is a financial eligibility screen added to the Bankruptcy Code in 2005. Its purpose: make sure people who can afford to repay at least some of their debts don’t get a free pass in Chapter 7. Here’s the bottom line:Continue reading “How Do I Pass the Chapter 7 Means Test?”
Who Is Eligible to File Chapter 7
The easy answer is “anyone,” but like most things, it’s a bit more complicated. Chapter 7 and Chapter 13 bankruptcies are available to most individuals (and are the most often used by individuals). These chapters are often referred to as “consumer bankruptcies”). Chapter 7 To file a chapter 7 bankruptcy, and discharge your unsecured debts,Continue reading “Who Is Eligible to File Chapter 7”
How to Rebuild Your Credit After Bankruptcy
These days, you can’t do much without a good credit score. Credit scores are important but they’re not the only thing. You’ve always needed a good credit score if you’re buying a house or car, but these days, you can’t even rent an apartment or get a credit card without one. Here are a fewContinue reading “How to Rebuild Your Credit After Bankruptcy”
Scared You’ll Outlive Your Savings?
Retirement can be scary, particularly if you’re not rich. Here are some options.
Best Reasons to File Bankruptcy
Bankruptcy gets a bad rap in the press. Always has. Always will. But there are some good reasons to file bankruptcy. Critics would have you believe that people who file bankruptcy intentionally max out their credit cards on luxury items, then file bankruptcy so they don’t have to pay anything back. While that undoubtedly occursContinue reading “Best Reasons to File Bankruptcy”