In Chapter 7 bankruptcy, the Chapter 7 bankruptcy trustee and United States Trustee have more control and authority over the process. In Chapter 13 bankruptcy, however, the journey can be much more complex and requires more time and effort from you. Because you play such a significant part in determining the results of your Chapter
Working through a debt reorganization is a complicated process. All aspects of your financial situation, including the details of your income, property, debts, and expenses must be taken into account. Most individuals who choose debt reorganization file for Chapter 13 bankruptcy. The long process of building a repayment plan with Chapter 13 bankruptcy in New
If you choose to file for bankruptcy, you will have a trustee appointed by the Executive Office of the United States Trustee to administer and supervise your case. In Chapter 7 bankruptcy, your case will be concluded quickly, usually within ninety to one hundred and twenty days, but in Chapter 13 bankruptcy, your 3-5 year
In most cases, individuals and small businesses fight against filing for bankruptcy until it becomes clear that it is the most sensible option. In many cases, before the decision to file for bankruptcy is made, the filer attempts to meet or repair debts in many ways. Payments or money transfers are common occurrences before bankruptcy
As with all departments of US legislation, bankruptcy is an ever-changing legal process. Because the status of finances and the economy are rapidly transforming with the development of new technology, new energy, and new ways to spend, save, and make money, the laws that govern how debt is handled must change accordingly. Since 2005 the
Understanding government and legal positions is a complicated business. The role of an employee and how they are compensated varies widely from position to position and department to department. Bankruptcy trustees are not employed by the United States Department of Justice. However, they are private attorney’s appointed by the United States Department of Justice and
A common misconception about bankruptcy is that it’s a financial endgame, halting aspects of your economic and personal life. With Chapter 7, however, your finances are given a fresh start, free from most debts you faced before filing. With Chapter 13 your options are even broader to keep your life as unaffected as possible throughout
If you’re considering filing for bankruptcy and your financial obligations outweigh your income, it’s likely you’ll qualify for Chapter 7 bankruptcy. This form of bankruptcy allows you to liquidate your assets to repay creditors and discharge certain crippling debts. The benefits of Chapter 7 bankruptcy can be significant. Some who need to file for bankruptcy
If your debts and financial obligations put you in a position where you may qualify for Chapter 7 bankruptcy, it’s important to consider that option before one or more of your creditors place a judgment against you in court. If you stall in meeting debts payments but refuse to use bankruptcy options to recover from
Bankruptcy in the U.S. has a number of seasonal patterns that have existed for years. These patterns show an increase or decrease in the rates of bankruptcy for consumer households and businesses depending on the status of the economy and certain other events—for example, tax season sees an annual increase in bankruptcy cases during April.
