Archive for August, 2008

When Not to Choose Bankruptcy

Sunday, August 10th, 2008

While an attorney can better help you evaluate whether or not you should file, here are some guidelines for when bankruptcy may not be your best option:

 

You Are “Judgment-Proof”: In the financial industry, this is a term for consumers who have little money, little property, and no joint debts. If a person who is judgment-proof were to be sued, the creditor would have little chance of ever collecting the debt. If you have nothing to lose, why bother going through bankruptcy?

 

This is a preview of When Not to Choose Bankruptcy. Read the full post (510 words, estimated 2:02 mins reading time)

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Chapter 7 and Chapter 13

Saturday, August 2nd, 2008

What Happens in a Chapter 7 Bankruptcy Proceeding?

 

First you file for bankruptcy. You fill out a petition and several other forms that ask about your income, debts, and property and file them with the court. It costs about $150 to file (single or a married couple). If you can’t afford the fee, you may be allowed to pay it in installments, or may even get it waived. Attorney’s fees will typically run anywhere from $500 to $3,000, depending on your case. Shortly after you file, you are given a court date, and your creditors are notified that you have filed.

This is a preview of Chapter 7 and Chapter 13. Read the full post (1549 words, estimated 6:12 mins reading time)

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