In Chapter 7 and Chapter 13 bankruptcy, the costs of filing typically fall into two categories: up-front costs and costs that are incurred after filing. Both types of bankruptcy filing requires a court filing fee. The filing fee for Chapter… Continue Reading
Chapter 13 bankruptcy is a great way to reorganize debt and to catch up on missed payments to secured lenders. Chapter 13 debtors file a plan to reorganize their debt with the court. These plans state that the debtor will… Continue Reading
Bankruptcy is a very powerful tool for reorganizing and eliminating debt. However, there are some important limitations to be aware of when considering filing bankruptcy. First, bankruptcy does not discharge co-debtors liability for debt listed in the bankruptcy case. Debtors… Continue Reading
Chapter 7 bankruptcy is for debtors who cannot afford to repay their debt. Cases are initiated by filing a bankruptcy petition. Debtors file a set of schedules that provide a snapshot of the debtor’s current financial situation. Debtors also file… Continue Reading
There are primarily two benefits to bankruptcy: the automatic stay and the discharge order. The automatic stay protects the debtor from collection of debt. This includes telephone calls from creditors, collection letters, filing or continuing a lawsuit, garnishment of wages… Continue Reading