Learn to Understand a Bankruptcy Means Test

When filing for bankruptcy under the Chapter 7 or Chapter 13, the first and foremost step is to find out whether you are eligible for that particular Chapter. Means Test is designed to evaluate your income and compare it with your expenses and the total amount of debt you are currently unable to repay. MeansContinue reading

Must-do things before filing for bankruptcy

The decision to file for bankruptcy never arrives just out of the blue. Good and thorough preparation is everything in terms of chances for success in this process. Not only filing for bankruptcy takes times and your psychological resources, but also it requires you to spend money either for counseling or for the bankruptcy lawyer,Continue reading

Frequently Asked Questions about Bankruptcy

What is the difference between Chapter 7 and Chapter 13 bankruptcy? Chapter 7 bankruptcy is called a Liquidation bankruptcy and one can only file under it if his income is low enough (according to the Means Test). Chapter 7 bankruptcy writes off all debts instantly and at once, leaving the debtor “clean”. His bank cardsContinue reading

Can bankruptcy deal with alimonies and Student’s debt?

According to the Bankruptcy Code, not all types of debts can be discharged. Even if one is filing under Chapter 7 which implies instant debt liquidation, some debts will stay as his financial obligations till the end of life. What are these non-dischargeable debts? These are alimonies, child support, taxes and Student’s debts. Still, manyContinue 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

Avoid these bankruptcy frauds by all means

If you are about to take an important step to solve your financial hardship and get rid of the debt burden, here is the great piece of advice what you should not do when filing for bankruptcy. Unfortunately, many people are tempted to soften a bitter taste of bankruptcy status by trying to fool U.S.Continue reading

The positive and negative consequence of personal bankruptcy

A personal bankruptcy is a very common thing nowadays and still it is surrounded by myths and fears that many cannot overcome. Surely, debt relief inevitably brings consequences that are both negative and positive. Contrary to common belief bankruptcy is not “the end of life”; in fact – it’s sooner a beginning of life freeContinue reading

“Pro se” bankruptcy vs. bankruptcy lawyer – what’s the difference?

Bankruptcy is often the last hope for those who found themselves buried under the pressure of debts. For many successful bankruptcy means the start of a new life where one can finally live fearlessly, without everyday stress caused by collectors. When made wisely, bankruptcy process writes off the debts while allows a person keep aContinue reading

15 key things to know before filing for bankruptcy

It doesn’t matter whether you file for bankruptcy “pro se” (on your own, without a lawyer) or you get a guidance from a professional bankruptcy attorney, it’s always better to know all the facts, rules and potential threats to avoid unexpected and unwanted consequences. Here are the TOP-15 facts everyone who file for bankruptcy shouldContinue reading