It’s a common to hear that student loans can’t be wiped out by bankruptcy. In some cases, they can be – but it’s a difficult thing to accomplish. Simply filing for Chapter 7 or Chapter 13 bankruptcy won’t discharge student loans. Loans made for an educational purpose can only be discharged by filing a special … Read More
When you opt for Chapter 13 bankruptcy, you force creditors to take what the law says you are required to pay and then receive a discharge at the end of the plan. Chapter 13 bankruptcy is also called a bankruptcy reorganization plan because it establishes a plan for alleviating debt that will leave you in … Read More
After you file for bankruptcy, you’ll quickly discover that your creditors are eager to make claims. Creditor claims are official statements of your debts. At this point, your creditors are essentially lining up to ask the bankruptcy court to be paid as much as possible for what you owe them. A new bankruptcy case triggers … Read More
According to the National Bankruptcy Forum, 60% of insured Americans would have to use all of their savings to pay off a huge medical bill. For those who don’t have much savings or another way of paying, 7% will declare bankruptcy in the face of medical debt. Bankruptcy is an option to consider when you … Read More
If you’ve been convicted of embezzlement fraud or a court has awarded money to someone as compensation, bankruptcy might not accomplish what you’re hoping for: getting out of debt. It depends on your specific situation and what happens immediately after you file. Bankruptcy does not wipe out all debts, although it still may be helpful … Read More
Bankruptcy is a fix for your financial woes but, its success depends on you. Bankruptcy will stop creditor harassment and collection efforts while you get your financial life back in order. Chapter 7 is the quickest option, which liquidates eon-exempt assets to pay down debt. A Chapter 13 debt reorganization forces creditors to take what … Read More
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