Also known as “liquidation,” Chapter 7 bankruptcies are the most common chapter of bankruptcy filed in the United States. On average, approximately 62% of all personal bankruptcy filings are Chapter 7 cases. Chapter 13 cases account for roughly 37% of...
Chapter 13 is commonly referred to as a “wage earner” or “restructuring” bankruptcy. Debtors are permitted to reorganize their financial obligations, paying some debts through a three to five-month bankruptcy plan and potentially discharging...
There are countless reasons to file for bankruptcy, including overwhelming credit card bills, unforeseen medical expenses, or a scheduled foreclosure sale. There are also some reasons why you should not file for bankruptcy, such as too much non-exempt equity in your...
One of the many questions people have when they first talk with a bankruptcy attorney is, “how long will it take for me to file?” The answer, like many other answers concerning bankruptcy, is, “it depends.” Many factors should be carefully...
Different events impact your credit score. If you default on an account or file for bankruptcy, you will see your credit score take a hit. However, that is where the similarities end. Defaulting occurs when you fall behind on a required payment, such as a car loan or...
After emerging from bankruptcy, you might want to begin putting your finances in order. One way homeowners reduce their monthly mortgage payments is by refinancing to take advantage of lower interest rates. While it is possible to refinance your mortgage after a...
