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In What Order are the Creditors Paid in a Bankruptcy Case?
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In What Order are the Creditors Paid in a Bankruptcy Case?
Credit and Bankruptcy

In What Order are the Creditors Paid in a Bankruptcy Case?

While bankruptcy is a great way to get your debts discharged and get out of a bad financial situation, it simultaneously allows many creditors to get paid too. Creditors are allowed to collect some portion of the debt that is owed to them in both Chapter 7 (liquidation bankruptcy) and Chapter 13 (repayment plan) bankruptcies. The court appoints a bankruptcy trustee and they both are responsible to ensure that fair distribution of payment takes place. The payment process depends on the nature of the debt as well as the Chapter bankruptcy is filed under. What is The Order [...]

admin2023-03-13T09:23:06+00:00

Being Prepared For Your Meeting of Creditors
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Being Prepared For Your Meeting of Creditors
Bankruptcy, Credit and Bankruptcy, Credit Tips

Being Prepared For Your Meeting of Creditors

The meeting of creditors or a 341 hearing is a mandatory process conducted by the bankruptcy trustee when there is a filing of bankruptcy. During a filing of bankruptcy, the petitioner provides several documentations related to the situation including the petition and schedules. In the hearing process, the trustee gets the opportunity to ask the petitioner questions regarding the furnished information. The answers to these questions have to be answered under oath. If you are an individual who has filed bankruptcy, it is imperative that you have to be part of this meeting of creditors. Needless to say, [...]

admin2023-03-07T10:40:47+00:00

Bankruptcy’s Impact on Credit Worthiness
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Bankruptcy’s Impact on Credit Worthiness
Credit and Bankruptcy

Bankruptcy’s Impact on Credit Worthiness

Credit scores reflect on the financial history of an individual or a business and are meticulously built over time. When there are moments of financial crisis and debts pile up, the individuals ultimately opt to file for bankruptcy. The biggest fear when the individual's file for bankruptcy is how it impacts their credit scores. There are many reasons why credit scores will not be impacted in cases of bankruptcy as every individual commences their financial status afresh and they have time to rebuild their credit history Checking with a bankruptcy attorney or a law firm such as Recovery [...]

admin2023-03-07T11:00:26+00:00

What Happens to Credit Card Debt in Bankruptcy?
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What Happens to Credit Card Debt in Bankruptcy?
Credit and Bankruptcy

What Happens to Credit Card Debt in Bankruptcy?

Spending beyond the budget is a common occurrence, thanks to the ever-prevailing credit cards. Since you do not have to pay immediately, people often go overboard with their spending, not realizing that eventually the money is to be paid and that too with additional charges. It is no wonder that a large number of population incurs heavy debt thanks to this habit, resulting in many of the individuals filing for bankruptcy. The excessive debt may also be due to exhaustive medical bills or vehicle repairs etc. Many times, credit card debts are discharged (with some exceptions) when a [...]

admin2019-05-06T12:44:08+00:00

Should I Stop Using Credit Cards if I Aim to File For Bankruptcy?
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Should I Stop Using Credit Cards if I Aim to File For Bankruptcy?
Credit and Bankruptcy

Should I Stop Using Credit Cards if I Aim to File For Bankruptcy?

Many people who are struggling with financial issues often consider bankruptcy as the means of getting out of a tough financial spot. However, if you wish to file for bankruptcy, it is important that you keep certain important things in mind as certain actions will be under scrutiny when you file for bankruptcy. Using credit cards, for example, is one such activity which might put you in a bad light when you file for bankruptcy (in either chapter). In fact, it may even have criminal consequences and may cause the judge to refute your claims for bankruptcy. [...]

admin2023-03-31T08:53:25+00:00

Rebuilding Credit is Easy with These Steps
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Rebuilding Credit is Easy with These Steps
Credit and Bankruptcy, Credit Counseling, Credit Tips

Rebuilding Credit is Easy with These Steps

Though traumatic, filing for bankruptcy is an essential decision taken by people to get rid of dues which they don’t have means to pay off. Bankruptcy is of great assistance to people who have had continuous bad luck, which resulted in financial losses. Once the bankruptcy proceedings are over, bankruptcy filers get a fresh start with a clean financial slate. With some easy to follow steps, they can rebuild their credit score to live life comfortably. Here are some tips by lawyers of Los Angeles based law firm Recovery Law Group to help rebuild your credit: […]

admin2023-03-21T07:41:10+00:00

The Best Way to Rebuild Your Credit Score after bankruptcy
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The Best Way to Rebuild Your Credit Score after bankruptcy
Credit and Bankruptcy, Credit Card Negotiation, Credit Counseling, Credit Tips

The Best Way to Rebuild Your Credit Score after bankruptcy

Sometimes, one bad decision can be just the start of many such similar ones. Before you know it, you have amassed a bad credit score and huge loans which you have no means to pay off. This invariably leads to filing for bankruptcy which may seem like the end of the world. However, things couldn’t be farther from the truth as bankruptcy offers you a chance to wipe your slate clean. You could get rid of old debts which kept your credit score down and get a fresh financial start to rebuild your credit score. Bankruptcy and its [...]

admin2019-05-06T13:36:42+00:00

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In What Order are the Creditors Paid in a Bankruptcy Case?

In What Order are the Creditors Paid in a Bankruptcy Case?

Being Prepared For Your Meeting of Creditors

Being Prepared For Your Meeting of Creditors

Bankruptcy’s Impact on Credit Worthiness

Bankruptcy’s Impact on Credit Worthiness

What Happens to Credit Card Debt in Bankruptcy?

What Happens to Credit Card Debt in Bankruptcy?

Should I Stop Using Credit Cards if I Aim to File For Bankruptcy?

Should I Stop Using Credit Cards if I Aim to File For Bankruptcy?

Rebuilding Credit is Easy with These Steps

Rebuilding Credit is Easy with These Steps

The Best Way to Rebuild Your Credit Score after bankruptcy

The Best Way to Rebuild Your Credit Score after bankruptcy

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