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Call: 888-297-6203 Chapter 13 is indeed a Blessing in disguise for all those who are planning to file for bankruptcy. This creates an opportunity for the debtors to pay back their debts without having to repossess their car or any other asset. Under chapter 13, you get to create your own repayment plan which can spread over a period of 3-5 years. Here, you can divide your debts to be able to pay back monthly. When you file for bankruptcy under chapter 13, you also get automatically protected from all collection actions from the creditors. Also, once the [...]

Call: 888-297-6203 Most people who are burdened with debts are always looking for options to help get rid of them at the earliest. If given a chance and a best alternative to pay back the creditors, they would love to make a settlement to get rid of the burden that they face. The best feasible alternative - chapter 13 Yes Indeed, chapter 13 is the solution to your creditors problem. When you file for bankruptcy under chis chapter, you will no longer need to negotiate the payment terms with the creditors directly, instead they will have to follow [...]

Call: 888-297-6203 Every person who files for bankruptcy is allowed to maintain the minimal possessions thought to be required for the defendant's post-bankruptcy "new start." The schedules submitted to start the case list the debtor's property as exempt. They become legally binding 30 days after the creditors' meeting if no challenges are made to those claims. The bankruptcy estate no longer owns the exempt property. When everything is exempt For the following reasons, the majority of Chapter 7 cases are no-asset cases, meaning that the debtors do not transfer any assets to the trustee: First, the exclusion regimes [...]

Call: 888-297-6203 If the debtor possesses assets under Chapter 7 that are not exempt, a court-appointed trustee may liquidate those assets and distribute the net profits to creditors in accordance with the Code's priority order. In return, the debtor is released from personal responsibility for the majority of the obligations. In nearly all personal bankruptcy cases, the trustee settles the case without selling any of the debtor's property. Who can file Chapter 7 The means test implemented with the bankruptcy code revisions of 2005 determines whether a person is eligible to seek Chapter 7 bankruptcy. If their obligations [...]

Call: 888-297-6203 The most frequent justification given for filing for bankruptcy is the financial difficulties brought on by unforeseen occurrences like job loss and health problems. According to the website of the credit scoring model FICO, "a bankruptcy will always be regarded an extremely unfavourable occurrence by your FICO Score." The basic conclusion is that as long as a bankruptcy filing is posted on your credit report, it will harm your credit rating for generations to follow. "Bankruptcies can harm your credit score and prevent you from obtaining more loans since creditors are hesitant of giving to someone [...]

Call: 888-297-6203 In the event of bankruptcy, you won't lose everything, and you'll be able to reconstruct your financial future later on. The hurdles you must pass through to qualify for this debt relief option might be confusing. Here are five bankruptcy facts to help you better grasp how the bankruptcy process works.   Fact 1: You won't lose everything You might believe that declaring bankruptcy entails forfeiting your home, vehicle, and any other assets you may possess. In actuality, you'll probably keep the majority of your stuff. No-asset cases, in which the debtor does not relinquish any [...]