Debt Settlement vs Bankruptcy

Debt Settlement vs Bankruptcy You may have heard commercials from debt settlement companies promising to settle debts for pennies on the dollar or for low monthly payments. You should be skeptical about these claims. Many national debt settlement companies do more harm than good. In most cases, you are better off working with a local […]

What does the bankruptcy trustee do with funds in an asset case?

Some cases result in the surrender or liquidation of non-exempt assets. There are known as asset cases. In an asset case, the trustee sends notice to creditors advising them that they must file a claim by a certain deadline. In the meantime, the funds are held in a separate account known as the bankruptcy estate. […]

Bankruptcy and Credit Card Debt

Credit card debt that you are unable to pay can have a devastating impact on your financial health. High interest rates and fees can turn a meager balance into a massive debt. If you cannot pay this balance, then you may face legal action and a garnishment of your wages. Chapter 7 Bankruptcy will discharge […]

Converting from Chapter 7 to Chapter 13

Through the Bankruptcy Code, Congress established two main types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 is what most people think of when they hear the word “bankruptcy.” It is a type of liquidation. In Chapter 7, the debtor turns over most non-exempt assets to a trustee — the Chapter 7 trustee […]

What is Bankruptcy?

What is Bankruptcy? Bankruptcy is a form of debt relief provided under title 11 of the U.S. Code. There are two forms of consumer bankruptcy including chapter 7 and chapter 13. Chapter 7 is a liquidation bankruptcy. There is no payment plan. Chapter 13 reorganization is a three to five year full or partial repayment […]