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personal bankruptcy Archives

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

When it comes to personal bankruptcy, there are two basic forms that can be pursued: Chapter 7 and Chapter 13. When many debtors reach the point of considering a bankruptcy filing, it may not be clear to them what form of bankruptcy they should pursue. What exactly are the differences between these two forms of personal bankruptcy, and how does a debtor determine which form is appropriate.

Looking at alternatives to bankruptcy, P.2

In our last post, we spoke a bit about some of the alternatives to bankruptcy, such as debt settlement, debt management, debt consolidation and credit counseling. As we noted, these approaches to debt relief have their respective advantages, and it is important for debtors to consider them before deciding to file for bankruptcy.

Am I eligible for Chapter 7 bankruptcy?

Some of our readers may know that there are two primary forms of bankruptcy for individual debtors: Chapter 7 and Chapter 13. Both forms of bankruptcy have their advantages and disadvantages, and it is important for debtors to work with an experienced attorney, first to determine whether or not bankruptcy is a good solution for their situation, and second, which form of bankruptcy they should pursue.

High court ruling a loss for underwater homeowners

Dealing with mortgage-related debt is an important goal for many debtors who enter the bankruptcy process. In Chapter 13 bankruptcy, one of the benefits for struggling homeowners is that they are able to do something known as “lien-stripping.” This refers to the ability to eliminate debts associated with second or third mortgages, provided the amount of equity in the home doesn’t secure any of the debt connected to those mortgages. This is done by reclassifying those debts as unsecured.

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