By Jeff Field | Published June 10, 2024 | Posted in Bankruptcy, Chapter 7 | Tagged Tags: debt problems, retirement assets, retirement savings | Leave a comment
Protecting Your Retirement Assets in Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy can be a daunting prospect, particularly when it comes to protecting your hard-earned retirement savings. While bankruptcy offers relief from overwhelming debt, the fear of losing retirement assets looms large for many individuals. Fortunately, the applicable laws give people struggling with debt the ability to safeguard their retirement nest egg Read More
Read MorePros and Cons of Reaffirming a Debt in a Chapter 7 Bankruptcy
A Chapter 7 bankruptcy offers a fresh start by relieving a debtor of most or all financial obligations to creditors. Although non-exempt property can be liquidated during the process, there may be some property the debtor wants to keep, such as real estate or a vehicle. Reaffirming a debt on such property can be a Read More
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Limits on Discharging Credit Card Debt in Bankruptcy
When you file for bankruptcy, the outstanding balances on your credit cards are treated as unsecured debts. That means they are usually discharged completely in a Chapter 7 and only partially repaid in a Chapter 13. However, there are circumstances in which credit card debt is ineligible for discharge, depending on the amount and why Read More
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Misconceptions that Deter People from Seeking Bankruptcy Relief
Bankruptcy is a remedy designed to give people in financial trouble a path to a fresh start. It carries no penalties as long as a debtor pursues it honestly and in good faith. However, many people are still reluctant to file for bankruptcy, often out of fear that it carries a stigma that will affect Read More
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Is it Better to Take on a Three-Year or a Five-Year Chapter 13 Plan?
Chapter 13 is a form of bankruptcy meant for people who, despite being in financial straits, have the resources to repay at least a portion of their outstanding debts over time. Those debts are discharged only after the debtor completes a court-approved repayment plan that lasts three or five years. Which time period applies depends Read More
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Can Filing for Bankruptcy Stop Utility Companies From Shutting Off Services?
Facing an impending utility shut-off due to unpaid bills can be a daunting prospect. Electricity, gas, water and telephone are essential services, and loss of them can affect your health and security. Utility debts usually reach this state of emergency as part of a larger financial crisis. Fortunately, bankruptcy can provide a temporary reprieve and Read More
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7 Common Pitfalls in Meeting the Chapter 7 Means Test
When individuals struggling with overwhelming debt decide to file for Chapter 7 bankruptcy, they must usually pass the means test. This is the government’s method of determining whether the debtor actually has sufficient income to repay creditors, at least partially. The means test can be a formidable hurdle to establishing eligibility for bankruptcy relief. The Read More
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How Fast Can You Get a Chapter 7 Bankruptcy Discharge?
Chapter 7 is the simplest type of consumer bankruptcy, since it usually results in a discharge of most or all debt. It’s also the quickest. Cases are typically completed in four to six months, compared with a Chapter 13 loan, which takes years. That said, there are scenarios and circumstances that might result in your Read More
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Is it Possible to Keep Some of Your Nonexempt Property in Chapter 7?
In a Chapter 7 bankruptcy, the appointed trustee collects and sells part of the debtor’s assets and then distributes the proceeds to creditors. However, Chapter 7 debtors are not left entirely destitute. Assets that the debtor is allowed to keep are called exempt property. In addition, a Chapter 7 debtor may be allowed to keep Read More
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How Long Must You Wait Before Filing a Second Bankruptcy in Georgia?
Bankruptcy is designed to give debtors a fresh start with their finances. Most people who file for bankruptcy do so only once. However, some debtors find it necessary to file bankruptcy petitions twice or more. While technically there are no limits on the number of times you can seek bankruptcy protection, there are prohibitions and Read More
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