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Chapter 7 Archives

Bankruptcy exemptions: What's exempt and what's not?

Most bankruptcy filers are aware that much of their property will be exempt from liquidation in Chapter 7 proceedings. In fact, it will be your bankruptcy lawyer's job to prevent as much of your property from being liquidated as possible. Your lawyer will also strive to determine, before you file, what property is potentially exempt from liquidation in your case before you choose to file.

What's pre-bankruptcy credit counseling?

If you want to complete your bankruptcy process, you'll need to complete pre-bankruptcy credit counseling and pre-discharge debtor education. The pre-bankruptcy counseling must be completed before you can file your bankruptcy and the pre-discharge education must be completed before you receive your discharge approval.

The status of student loan debts in the United States

If you've been reading the news lately, it appears that out-of-control student loan debt is the dirge of American society. In fact, many are worried that unpaid student loans in default could bring down the American economy in a way that's much worse than the real estate market collapse of 2008.

What's the most predominant reason for bankruptcy filings?

If you're facing the threat of bankruptcy, you might be curious how you got into your current debt circumstances, or you might know exactly the reason why. Interestingly, the predominant reason why Americans end up filing for bankruptcy is due to medical debt. The fact is, when faced with a life-threatening medical condition, the decision to go into debt is easy to make when it's a question of life and death.

Are you being harassed by creditors about unpaid debts?

You would think they'd go away eventually, but when your credit card company sells your debt to a debt collection agency, they can be relentless. They'll call your family members, and even embarrass you at your work. You might try to change your phone number and other details, but they'll still find you.

What kinds of Chapter 7 bankruptcy exemptions are available?

Although many King County residents may believe so, Chapter 7 bankruptcy proceedings do not involve the liquidation of all your property. You'll be able to retain much of your personal property -- if not the vast majority of it -- due to the fact that a lot of your property will be exempt.

Under what conditions could your debt discharge be denied

Just because you file for Chapter 7 bankruptcy doesn't mean that your bankruptcy process will be a success. In fact, although they're rare -- and only happen about 1 percent of the time -- there are some circumstances in which a bankruptcy discharge could be denied. This article will review some of those circumstances so you can be sure to avoid them in your own Chapter 7 process.

Bankruptcy in history: What is the origin of bankruptcy?

The ability to file for Chapter 7 bankruptcy and have one's financial slate -- for all intents and purposes -- wiped clean could feel like a miracle to those who benefit from the process. This certainly begs the question: What is the origin of bankruptcy and how did this legal option come to exist in our current system of laws?

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