What Are Exempt & Nonexempt Assets in Chapter 7 Bankruptcy?

The ultimate purpose of filing for bankruptcy is to pay off your creditors and absolve your debts. For many people, bankruptcy provides a clean slate and a second chance at financial stability. However, before you make any decisions about filing for bankruptcy, it’s important to discuss your personal financial situation with an attorney. The first step in filing for bankruptcy is deciding if ...

How to Stop a Home Foreclosure

When you’re already facing financial hardship, the last thing you want to receive is a foreclosure notice. A lender initiates the foreclosure process when a debtor consistently fails to make their mortgage payments. During the foreclosure process, the lender regains ownership of the property and sells it in order to settle the debt. Depending on your circumstances, there may be ways to stop a home ...

How to Improve Your Credit After Chapter 7 Bankruptcy

Chapter 7 is an excellent bankruptcy option for debtors with terrible credit. Once you complete Chapter 7 , your financial slate is wiped clean and you can start restoring your credit immediately! While your bankruptcy will be listed on your credit report for 10 years, you can still improve your credit score by making positive financial choices. Track Your Credit Score There are several free ...

Am I Eligible for Chapter 13 Bankruptcy?

Chapter 13 is an excellent bankruptcy option if you have a regular source of income. By following a 3-5-year repayment plan, you can catch up on overdue payments and partially or completely pay off your debts. Chapter 13 also allows you to retain secured assets, including your home and business. You are eligible for Chapter 13 bankruptcy if: -You are not a business entity -You have created a debt ...