When you file for Chapter 13 bankruptcy, your debts will be restructured into a three to five-year repayment plan that fits your income and financial situation. For those with incomes too high to pass the Means Test or who wish to hold on to most of their nonexempt properties, Chapter 13 is a highly effective
Today, Chapter 7 is the most common form of bankruptcy for both individuals and businesses. Because the Chapter 7 process is only available to those with income-to-debt ratios lower than the Minnesota median, bankruptcy is often associated with unemployment or even financial ruin. However, bankruptcy is an option to people and businesses with a wide
Financial recovery through the federal process of bankruptcy is a public option for all businesses and individuals, but there are eligibility standards for any bankruptcy case. If you want to file for liquidation bankruptcy, for example, you must pass the Means Test to qualify for a Chapter 7 petition. If you’re ineligible for Chapter 7,
When you file for bankruptcy, the people or organizations you owe money to are broken down into several different types of creditors. Generally, these creditors are considered as priority, secured, and unsecured. Within these categories, there is a simple hierarchy: priority creditors are repaid in full, secured creditors are paid the value of their collateral
Financial difficulties can occur for any number of reasons at any time in one’s life, but with the accumulation of debt into retirement and a decrease in income, retirees are increasingly becoming more likely to file for bankruptcy. Several studies have shown that in the past twenty years, the percentage of 65 or older bankruptcy
In today’s world, we face a huge amount of daily stress. From taking care of family and friends to work responsibilities and more, we all have many roles to fill. With all the pressures of the average American adult, it can seem almost impossible to cram another burden on top of all the others. However,
The purpose of the U.S. bankruptcy system is to relieve individuals and businesses from debts and protect creditors from severe losses. In a nutshell, this process is built to be balanced and fair for all parties involved. This also means that the nature of the bankruptcy system prevents filers or creditors from abusing the benefits
Chapter 7 bankruptcy is the most common type of bankruptcy that both individuals and businesses file for. The process of debt discharge in Chapter 7 can become complicated even in cases that seem straightforward. Having an experienced professional at your side during the bankruptcy preparation process is a critical part of filing a successful case.
For many people, the prospect of facing legal issues in any type of court is a daunting one. Because most legal actions can affect your life for the long-term, it’s natural to be apprehensive about going through any court proceeding. The process of bankruptcy is no exception, but with the help of a reliable legal
Individual consumers and businesses that are unable to meet monthly payments on loans and other debts for several months have few options for relief and recovery from these financial struggles. For many, debt relief outside of legal action doesn’t solve financial problems or reverse unwise decisions long-term. If you’re finding it impossible to make payments
