Chapter 7 bankruptcy is commonly referred to as “liquidation” bankruptcy. It cancels debt entirely in the course of approximately three months and is an attractive option for many people considering bankruptcy. The down side for many is that filing for Chapter 7 means that any non-exempt belongings will be liquidated to distribute among creditors in [...]

Like most formidable situations, bankruptcy has earned its reputation based on a few truthful facts and too many embellishments. Much of this misinformation was disseminated to the public after the new bankruptcy laws went into effect in 2005. Once you know the facts, filing for bankruptcy is not nearly as frightening as it first appears. [...]

Ok, you are getting a fresh start on your financial situation by filing for bankruptcy. One of the important players that you are going to be interacting with in the case is a bankruptcy trustee. A bankruptcy trustee is a lawyer assigned to oversee your bankruptcy case. Their role in the case differs as to [...]

The entrepreneurial spirit is one of the touchstones of American culture that has made our country so strong. The willingness of driven individuals to step out and risk their financial stability for the sake of a business they believe in has been a catalyst of our country’s growth. However, a recent study by the University [...]

Being in debt can be a stressful, confusing, and often scary situation. It can feel like you are in a deep hole and all you want to do is climb out but creditors are continually throwing dirt down to bury you. Sometimes, the best option to get out from that hole and escape the wrath [...]

On October 17, 2005, new bankruptcy law went into effect, changing the process of filing for bankruptcy throughout the United States. This new shift in law requires additional steps to be taken by the attorney and the debtor but has been geared toward benefiting the debtor. The following details explain the changes in the law [...]

The process of bankruptcy offers debtors a clean slate when they are overwhelmed by financial burdens. Once a bankruptcy case is completed, however, the debtor will still need basic possessions and assets to move their life forward. Fortunately, the Bankruptcy Code recognizes these basic needs and provides a variety of property exemptions for debtors. If [...]