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Important facts about Chapter 7 bankruptcy

There are a lot of misconceptions and false information floating around about Chapter 7 bankruptcy. Because some of this false information is so common, it's understandable that many people seeking bankruptcy will initially believe it. If you're really serious about using bankruptcy as a process to get back on track, keep reading. You might need to educate yourself about common myths.

What's the No. 1 reason to file for bankruptcy?

When you think about bankruptcy filings, you probably assume that most people file because they got behind on their credit card payments. Maybe they put too much money on their credit card in order to buy a flight overseas, or they put too much money on their credit card to buy Christmas presents and they got in over their heads. Although many people do file for bankruptcy because of these kinds of financial mistakes, many people end up filing for bankruptcy for an entirely different kind of reason: medical debt.

Is it true that bankruptcies have dropped by 50 percent?

Personal bankruptcies have fallen by a whopping 50 percent. Less and less Americans are filing for bankruptcy, with half as many people filing for bankruptcy in 2017 compared to 2010. What's the reason? Many experts are pointing to the Affordable Care Act (ACA), which has helped numerous Americans obtain health insurance who didn't have insurance before.

Chapter 7 bankruptcy: Should it be your first choice?

Most people look at Chapter 7 bankruptcy as an embarrassing process that they should avoid at all costs. In fact, most bankruptcy filers wait until the last possible moment before filing for bankruptcy because they feel it's a "last resort" option that indicates failure and "giving up." This perspective couldn't be any further from the truth. In fact, if you can qualify for Chapter 7 bankruptcy, the sooner you start the process, the better off you'll be.

Bankruptcy exemptions: Where is your domicile?

Every Washington resident should know that there are both federal bankruptcy laws and state bankruptcy laws. These laws will determine the exemption rules that apply to your situation. Depending on the state you reside in, you might have the right to select whether you will use state or federal bankruptcy exemptions.

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.

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