Filing for bankruptcy under Chapter 13

In times of serious financial hardship, many start thinking of giving up on their debts through filing for bankruptcy. The easiest and the fastest way to get your debts written off is filing under Chapter 7 which means instant debt liquidation. Seemingly the most attractive, Chapter 7 brings a pool of consequences many are notContinue reading

Explaining the best and worst sides of each bankruptcy Chapter

Chapter 7 Best aspects It brings instant debt relief, means the debtor receives a full discharge on all debts. The bankruptcy under Chapter 7 allows keeping some property (a cheap car, clothing, and other personal stuff), so the debtor is not left with nothing in his hands. Chapter 7 is the easiest to apply andContinue reading

Chapter 12 bankruptcy explained

One of the least used bankruptcy Chapter in the USA is Chapter 12. It has a very narrow range of types of debtors who is eligible for this Chapter and we will describe it in details in our review. Chapter 12 was invented by the Congress after many farms and fisheries faced severe hardship inContinue reading

Chapter 11 bankruptcy: an overview

Chapter 11 is one of the most popular among business entities, as it was designed especially for financially drowning business corporations. Chapter 11 is named after the Bankruptcy Code 11 and it allows businesses reorganize their debts, obligations, business processes, and assets in order to keep the business afloat. Chapter 11 for business basically playsContinue reading

All about Chapter 9 bankruptcy

Chapter 9 bankruptcy stands out of a crowd as it is designed only for municipalities. If the certain municipality faces financial hardship and is unable to meet its obligations, such municipality may file for bankruptcy under the Chapter 9. The reason for filing for bankruptcy is to become protected from the municipality’s creditors and theirContinue reading

Bankruptcy Chapters and their main features

Bankruptcy is a legal process of debt relief that allows individuals or business entities cancel or reorganize their financial obligations. Many see bankruptcy as a non-acceptable or even dreadful solution due to social and financial complications it leads to. However, for the majority of desperate debtors, bankruptcy may become the only reasonable way of gettingContinue reading