What is bankruptcy and will it wipe out all of my debts?

Bankruptcy is the legal process in which a judge and court trustee examine a person or business’ assets and liabilities who are insolvent and decide whether to discharge their debts, which makes them no longer legally required to pay them. There are certain debts that might not be discharged in bankruptcy, such as tax liens, student loans, back child support, and debts obtained through fraud.

What are the main differences between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy discharges debts while Chapter 13 reorganizes them, meaning that with Chapter 13, people make ongoing payments for several years according to a plan. Chapter 7 bankruptcy filers do not make ongoing debt payments. Businesses cannot file under Chapter 13. Chapter 7 bankruptcy is for people with limited incomes and people who do not pass the means test cannot file this type of bankruptcy.

Which bankruptcy option will allow me to keep my property?

Chapter 13 does not liquidate assets like Chapter 7 does so you can keep all your property with a Chapter 13 filing. If you file for Chapter 7, some of your property may be exempt and will not be taken. Exempt property may include a portion of equity in your home, pensions, motor vehicles (up to a certain value), tools for your profession, reasonably necessary clothing, furnishings and household goods, household appliances and jewelry.

Can I choose which type of bankruptcy to file? How do I choose the right one?

You may be eligible for more than one type of bankruptcy. In this case, you can select the form that is best suited to your situation. Which type of bankruptcy you should file will depend on a variety of factors, including what type of debt you have, what type of relief you need, if you are interested in keeping certain property and what exemptions you qualify for. An experienced bankruptcy lawyer like Sam Calvert can discuss your options and make a recommendation based on your particular situation.

What happens if I do not disclose all of my assets when I file for bankruptcy?

It is important that you disclose all of your assets to your bankruptcy lawyer and in your bankruptcy petition. Failing to disclose assets can result in serious consequences, including a dismissal of your case, a refusal to discharge debt, liquidation of the asset and charges of bankruptcy fraud.

A Beginner’s Guide To Filing For Bankruptcy

By Sam Calvert, Attorney At Law | Aug 02, 2021

A Beginner’s Guide to Filing for Bankruptcy - Blog by Sam Calvert, Attorney at Law

If you find your debt becoming overwhelming and don’t believe you can pay them, filing for bankruptcy will give you debt relief and a second chance for a fresh new start. However, if you do not know the process, it might be difficult to file for bankruptcy.

When Bankruptcy Is the Best Option

By External Author | Jul 28, 2021

Original Article Source Credits: NerdWallet , https://www.nerdwallet.com/

Article Written By: Liz Weston

Original Article Posted on: Oct 21, 2020

Link to Original Article: https://www.nerdwallet.com/article/finance/bankruptcy-best-option

Basics of the Bankruptcy Schedules

By External Author | Jul 21, 2021

Original Article Source Credits: The Balance , https://www.thebalance.com/

Article Written By: David Haynes

Original Article Posted on: April 18, 2021

Link to Original Article: https://www.thebalance.com/basics-of-the-bankruptcy-schedules-316222

Can Personal Loans Be Included in Bankruptcy?

By External Author | Jul 07, 2021

Original Article Source Credits: Investopedia , https://www.investopedia.com/

Article Written By: Barclay Palmer

Original Article Posted on: Jun 28, 2021

Link to Original Article: https://www.investopedia.com/ask/answers/112615/can-personal-loans-be-included-bankruptcy.asp

Busted! Don’t Believe These Bankruptcy Myths!

By Sam Calvert, Attorney At Law | Jul 02, 2021

Busted Don’t Believe These Bankruptcy Myths - Blog by Sam Calvert, Attorney at Law

If you cannot afford to pay back creditors, it might be wise to declare bankruptcy sooner rather than later, as it will offer debt relief and peace of mind. However, many misconceptions mislead clients into believing that filing for bankruptcy is not a good idea.

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Blog By Sam Calvert. Attorney At Law

A Beginner’s Guide To Filing For Bankruptcy

When Bankruptcy Is the Best Option

Basics of the Bankruptcy Schedules

Can Personal Loans Be Included in Bankruptcy?

Busted! Don’t Believe These Bankruptcy Myths!