Navigating the Complicated World of Bankruptcy

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How To Choose The Right Type Of Bankruptcy

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When you pursue bankruptcy, you will have to decide what sort of case you will pursue. There are two options, liquidation and restructuring. Each has its strengths and weaknesses, so a bankruptcy lawyer will want you to understand both so you can exercise the right option for you. Liquidation vs. Restructuring Liquidation refers almost exclusively to the Chapter 7 process. It is available to both individuals and businesses. The idea is that the court will liquidate your non-exempt assets, meaning a court-appointed trustee will sell non-essential items and use the proceeds to pay your creditors.…

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Things Your Bankruptcy Lawyer Wants You To Avoid

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Filing for bankruptcy isn’t as easy as most people think. There are certain laws and regulations to follow, and one shouldn’t make any accidental or innocent errors that may hurt their bankruptcy case further.  One of the best solutions you can consider when filing for liquidation is getting a bankruptcy lawyer. These pros understand the ins and outs of bankruptcy law and will ensure the process is handled smoothly, regardless of the circumstances.…

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Chapter 7 Bankruptcy: The 341 Meeting and After

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Filing for Chapter 7 bankruptcy requires attending a court hearing called a 341 meeting of the creditors. You and your bankruptcy lawyer must attend this meeting since it is required for all Chapter 7 cases. Here is some information to help you learn more about this meeting and the things that happen after it. The Basics of the 341 Meeting Once you submit your bankruptcy documents, you can expect to have your 341 meeting within approximately three weeks.…

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How To Emerge From Chapter 7 With Your Home Intact

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If you have made the decision to file chapter 7 bankruptcy, you may be justifiably concerned about losing your home. Chapter 7 bankruptcy carries with it the potential for property losses. While it doesn’t happen to everyone, some filers may have to surrender their vacation home, vehicles, boat, and even their primary family residence. It doesn’t necessarily have to happen that way, though. Read on to find out how you can get through your chapter 7 bankruptcy and keep your family home.…

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Matters Of State: How Your State Of Residence Influences Bankruptcy

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Did you know that the state you reside in can totally change your bankruptcy experience? Your legal state of residence (known as your domicile) affects several issues even though you declare bankruptcy using the federal court system. Read on to find out more. State Exemptions Almost all states choose to put forth their own set of exemptions for filers to follow. If you are not familiar with exemptions, they are extremely important for filers who want to keep as much personal property as possible.…

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The 341 Meeting Of Creditors In Chapter 7 Bankruptcy

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If you are in the process of working with a bankruptcy lawyer to file for Chapter 7 bankruptcy as a way of finding relief from your debt, you should understand that you will be required to attend a court hearing. This hearing is called a 341 meeting of creditors, and it is mandatory in a Chapter 7 case. What is the purpose of this meeting? The 341 meeting of creditors is a meeting that is required for all bankruptcy cases, and its primary purpose is to give a person’s creditors a chance to object to the bankruptcy filing and discharge.…

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Bankruptcy And Your Tax Returns

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You might be startled at the interest the bankruptcy courts show in your tax filing status. Your income, the taxes you might owe, and other aspects of your tax situation play a role in your bankruptcy in several ways. Read on to learn more. Chapter 7 and Tax Return Status In most cases, the bankruptcy trustee will want to see a copy of your most recent tax return. If you have not yet filed your taxes, be ready with an explanation as to why not.…

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Payday Loans And Bankruptcy

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When you faced a tight financial situation, a payday loan seemed like a lifesaver. However, while the loan might have offered you an immediate relief, the loan likely left you in an even worse financial situation. With the excessively high interest rates and strict payment guidelines, it’s no surprise. If your payday loan concerns have spiraled out of control and you are facing financial catastrophe — bankruptcy might be an option.…

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Three Signs That You May Be Ready For A Chapter 7 Bankruptcy

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Chapter 7 bankruptcy refers to a specific type of personal bankruptcy. A type of bankruptcy where your debts are discharged, and you are given a fresh start. This bankruptcy is not for everybody, and you may not qualify for one. Your annual income will need to be below the median income for your state. But the following are a few signs that you are heading in that direction of a Chapter 7 bankruptcy.…

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Should You File For Bankruptcy?

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Whenever a person is experiencing severe financial problems, he or she might wonder whether to file for bankruptcy. Determining whether or not to file is not an easy decision for most people, as there are consequences of filing, but you might be able to find the answer to this question by analyzing the following three questions. How Much Will It Cost to File? The first thing you might want to evaluate is the costs of filing for bankruptcy.…

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