Bankruptcy can be a daunting endeavor for many people. However, the honest but unfortunate debtor has nothing to fear as long as you follow the “Do’s and Don’ts”
DO: Be honest about all of your assets. Even if you think there is a chance that you might lose it, there are probably other ways in which your attorney can prevent that or you may need to come to terms with that possibility.
The Federal Bankruptcy Code provides several different types of bankruptcies that can be filed. The most common type of Bankruptcy is located in Chapter 7 of the Bankruptcy Code.
A Chapter 7 bankruptcy comes from the 7th chapter of the bankruptcy code. It is also known as the “liquidation” bankruptcy because the Trustee has to liquidate, or sell, all nonexempt property in order to repay your creditors.
Chapter 13 bankruptcy consists of paying back part or all of your debts in manageable monthly fees without the harassing phone calls from creditors.
If your debts are getting out of your control but your income is still more than the median of the state and you have been living in the same state for the past two years, you can still file for bankruptcy.
Filing for Bankruptcy is a necessary process for many American people and businesses.
From a young age people are persuaded by means of seductive language and/or highly skilled advertising techniques to purchase products and services deemed essential for their lives, even if those products or services are out of their financial reach. Many of our leaders have told us that it is our patriotic duty to spend, and you need look no further than former President George W.