6 Tips on a Second Bankruptcy Filing

Over 1 million people filed bankruptcy in 2009. Unfortunately, statistics are coming out showing an incredible increase in bankruptcy filings between 2009 and 2010.

Under bankruptcy law, you are only allowed to file bankruptcy under certain conditions. Beyond how much you make or how much you owe, if you’ve filed only a short period ago, you have to wait to file bankruptcy. In Georgia and all other 50 states, if you filed Chapter 7 bankruptcy less than 8 years ago or Chapter 13 less than 6 years ago, you cannot file again until that time has passed.

Where does that leave you? Do you really need to file a second time? This blog post guides you through the most important points when considering filing for bankruptcy a second time.

Making the Decision
Should you really file a second time? By law, you can be eligible. 6-8 years is a long time between filings. Sometimes filers have jobs or ways of life which lead to filing bankruptcy multiple times through a lifetime. Maybe you’re in a job where you get laid off often, or maybe you just have some bad spending habits. The choice should be made with some guidance, but bankruptcy is an option and is on the table.

If You’re Not Eligible
Bankruptcy is an option if you’re eligible. Even if you waited long enough to file a second time, you have to understand the new bankruptcy code. Along with changing how often consumers can file, it also changed how common Chapter 7 bankruptcies are and what debts you can successfully discharge. You may have made too much money in the past year to file Chapter 13. On the other hand, you may  have used money to invest in a home or property; if you want to keep it, protecting it with a Chapter 13 bankruptcy may in fact be better. You have options.

Financial Help
If you have been having money troubles all your life, if you spend too much when you have little, if you tend to spend all your paycheck days before you’re next one, you may want some financial counsel. There are some organizations willing to help you. Just like a gambler playing blackjack, spending money itself can be an addiction, and you may consider going beyond the financial problem and considering someone you can talk to like a therapist, even if only for a few sessions.

What Debts You Have
If you are filing a second time, compare the debts you have to the debts you had before. Have you run into the same problems? Maybe you are overspending on a home, or buying the brand new truck and maxing out your credit cards? Also consider what of this you can afford to keep. You don’t lose everything in bankruptcy, especially if you have some funds.

Hire a Good Georgia Lawyer
If you had a good relationship with your previous Georgia bankruptcy lawyer, you may consider them again if possible. If you want to hire a new one, remember to consult with several lawyers, be plain on the fees you can afford, see what their availability is, and also ensure they have relevant experience.

Stop Spending
If you file a second time, with the new bankruptcy laws you have to wait a long time before you can file again. It’s time to consider how spending may be your problem. In some situations, it’s not your fault. A hospital bill came or you lost your job. In others, you fell in love with your credit card and couldn’t stop. It will be very hard to file a third time, so make this filing the last.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , — jmalewitz @ 1:21 pm

The First Steps After Georgia Bankruptcy

You successfully filed a Chapter 7 bankruptcy and you’re ready to save, save, save, avoiding the mistakes which led up to the bankruptcy. Some are ready to spend, spend, spend, learning nothing from bankruptcy. It’s better to be the saver, of course, and good to learn from the experience.

We often get asked, “What do I do after a successful bankruptcy?” Thousands in Georgia are discharged of millions in debt every single year. If you’re one of them, it’s time to start taking steps to avoid filing ever again. This blog guide can help.

Pay Bills Early, Always Pay On-Time
Paying bills early may seem obvious. But many go right back into the old mode of paying bills by credit card the day it’s due, if not forgetting about the bills entirely until problems result. This is quite common, nothing to be ashamed of, but certainly something you want to avoid. Bankruptcy experts always say you should pay bills early after filing. Pay them early as much as possible. If you are running behind one month, it’s okay to pay on-time. However, don’t get in the habit of just paying on-time; pay early to save yourself the headache and start rebuilding your credit.

Going to The Wrong Money Lenders
There are some horror stories of people getting into debt after losing a job. They had been getting advances from loan companies just to pay the bills on time. Then they got fired, couldn’t pay the advance financially company, and got stuck in a debt with a horrible interest rate. Avoid money lending companies for check cashing and advances. They are the worst way to get money.

Avoid Co-Signers
You may think you can easily get a loan or new account by having a co-signer. A mother helping her son, a father for his daughter, a sister for her brother. However, it’s best to protect your friends and family. You do not want to have them owing thousands because you can’t make a payment. It may sound odd, but you want to be the only one affected. Therefore, co-signers after a bankruptcy is a bad idea.

Getting Credit and Loans
After filing bankruptcy, it may be difficult to find a good lender. You will be told no on many applications and in meetings. However, these men and women are just doing their jobs. You can always get new credit lines and loans. How? Simple, ask the lender who might take you on. Don’t just take the refusal and go to the next company on the list. One financial expert points out you should ask open ended questions. You ask the lender, “what would you do?” Or, “who might finance me?” They often enough have some ideas. There are always options.

Rebuilding Your Credit
A checking and saving account are the first steps in rebuilding your credit. You should also consider getting a secured credit card. You pay upfront on these, and the more you pay the more your limit is. You might pay $1,000 and get a balance of $1,000, though you pay that balance outside the initial payment. You do not lose this money; you can get it back easily. You should also consider opening up some store credit cards, though remember to only buy needs, not wants.

There are many other ways to rebuild your credit, get loans, and protect your finances after a bankruptcy. Keep reading Georgia Debt Law for tips before, during, and after bankruptcy.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , — jmalewitz @ 2:36 pm

What Can You Keep in Georgia Chapter 7 Personal Bankruptcy?

Perhaps the biggest concern for those contemplating bankruptcy is exactly what they can keep. In Georgia, though bankruptcy laws are based on federal laws, certain state codes and laws are different. If you are unsure if you’ll be able to keep your home, car, high value assets, any disability benefits, even personal injury compensation, this blog guide can help.

Georgia Foreclosure and Debt
In Chapter 7 bankruptcy, technically your home can be used to pay off your debts, via a liquidation. However, quite often what happens is there is no equity in the home. Equity is the current value of your home minus the price you paid minus the payoff balances on all liens and mortgages. A bankruptcy will not discharge the lien a lender has on the property. The good news is lenders are not out to take your home; if they foreclose, they lose money. If you can somehow afford to make payments on the mortgage, you can keep the home. If you have less than $5,000 in equity on the home, you qualify for the homestead exemption, allowing you to keep the home and pay on it.

In some cases, Chapter 13 bankruptcy can be better in protecting your home and being able to afford the mortgage. This is a debt repayment plan with a goal for you to lose little if any assets.

Keeping Your Car
If you have no equity in your car, much like your home you can likely keep it.  You get the equity for your car by subtracting car loans and the car’s current value. In this example, the trustee will not take your car. Even if you have equity in your car, you can still likely keep it. The number you need to know is $3,500 under current state law; if you have more than $3,500 in equity, you can pay based on how much you owe minus the $3,500 number. So if you had $5,000 in equity, you would pay $1,500 to your trustee to keep the car. You still have more options, so consulting with an experienced Georgia bankruptcy lawyer can help.

Other Assets
You likely have more assets beyond your home and car. This is where the laws become difficult to master, as there is a long list of items you can keep and guidelines for how you keep them. Technically, if you have other properties, these can be taken and sold to pay off your debts (making Chapter 13 a better option). You can keep certain amounts of personal property value, up to $10,000 for you as an individual or $20,000 for you and your spouse if you file jointly. You can also keep most of the assets you have in your home, up to $300 per item for a total value of $5,000 or less.

Benefits
Social security, unemployment compensation, local public assistance, veteran’s benefits, disability, illness, or unemployment benefits are all exempt from being taken. This makes sense, really, because sometimes this is your entire income, whether retired, disabled, or recently unemployed.

Getting Legal Help
If you are unsure of the many complexities above, that’s understandable. These change from year to year, and almost always require a lawyer’s assistance to help you with. For local Georgia bankruptcy help, go with an experienced lawyer you can communicate well with, who has the time to spend helping your case and answering your questions, and who offers his or her expertise for a fair price.

Filed under: Bankruptcy Information — Tags: , , , , , , , — jmalewitz @ 4:09 pm

Georgia Bankruptcy Exemptions

Georgia bankruptcy is quite common, with thousands filing every year. All too often filers go into bankruptcy not knowing all the laws. Will you lose all your assets if you file Georgia bankruptcy? This is not an obvious question. Until the past few years Georgia bankruptcy code was very strict, one of the worst in the country for filers hoping to keep property, cars, and other assets. It has gotten better. This guide will define the exemptions for you, note other rules, and help you search for legal help.

Will you lose everything?
No, rarely will you lose much in a Chapter 7 or Chapter 13 bankruptcy; usually you lose nothing. That does not mean if you have a lot of assets you will avoid losing specific valuable properties and assets. Also, it does not mean you are necessarily eligible for certain forms of bankruptcy. But Georgia bankruptcy law, which is enforced in federal courts but is in fact unique to Georgia, allows for you to keep some if not all of your assets. As no two bankruptcies are alike, you should consult with experienced legal counsel.

Will you lose your home?
This depends on the equity in your home.  Equity is the value of the home minus what you’ve paid. The more you owe, the less equity you have. Under Georgia bankruptcy code, $10,000 of your equity is exempt for your home, while if you are married and filing jointly, it can be $20,000 of exempt equity. If you have a lot of equity in the home, filing Chapter 13 bankruptcy may be better, or you can negotiate with your trustee to keep the home.

Will you lose your car?
Georgia bankruptcy code allows for $3,500 in vehicle equity. So, as noted before, you can keep a car you owe a lot of money on. If you’ve paid $5,000 toward the car, and owe $20,000, $3,500 of that $5,000 is exempt and the rest can be negotiated. You can always negotiate with your Chapter 7 trustee to keep assets like homes and cars.

What other assets might you lose?
You have many other assets and money which can be exempt. This depends on the nature of the case. For example, your 401K plan may be exempt, even if the value is over $50,000. You also get $5,000 in exempt home assets, such as your TV or furniture.  The law says no single item can be valued over $300, so if you recently bought a $1,200 TV, you may have to negotiate to keep it.

Who can help?
You have a lot of negotiation options in Chapter 7 bankruptcy, and all your assets are protected under a Chapter 13 repayment plan. For example, sometimes you can use extra home equity on other assets. Or, in the case of Chapter 13, you pay on all these debts over a manageable period. These laws change from year to year and can be difficult to understand. If you are unsure of where to start, consulting with a professional Georgia bankruptcy attorney can help you make the decision on filing bankruptcy, help you protect your assets, and also discharge as much debt as possible.

Filed under: Bankruptcy Information — Tags: , , , , , , , — jmalewitz @ 1:28 pm

Credit History, Budgets, And Rebuilding After Bankruptcy

You filed a Chapter 7 bankruptcy and discharged debts. Or you filed Chapter 13 bankruptcy with the intention of saving your home and assets from foreclosure. Of course, there are many ways to look at these steps, both positive and negative. Your credit history will suffer. You will have trouble getting loans. However, you can rebuild your credit report, get a secured credit card to do so, budget so you can later get loans, and quite often start fresh. This blog guide shows you how.

Reasons to File Chapter 7
The most common reasons to file Chapter 7 bankruptcy are because of credit card and medical debt. Filing can discharge thousands if not tens of thousands of monies owed which you simply cannot afford. Chapter 7 helps give you a fresh start in a matter of months.

Reasons to File Chapter 13
Chapter 13 bankruptcy is very different than Chapter 7, and less common. However, by filing you can maintain your major assets, such as home and car. If you have debts which cannot be discharged in Chapter 7, you can pay on them in manageable amounts with Chapter 13.

Rebuilding Credit History
One of the best ways to rebuild your credit after bankruptcy is by getting a secured credit card. This can prove to creditors that you can maintain credit. It will also improve your credit just like paying on a regular credit card. How do secured credit cards work? You can choose the amount you want the credit to be, and pay it directly to the bank in order to get it. If you paid $1,000, you’d get a $1,000 credit line. This may sound pointless, but you get to keep the money, and then use the card and pay on it as you would a normal credit card.

Budget After Bankruptcy
If you want to avoid filing bankruptcy again, it’s time to start budgeting. This means looking over both income and expenses. If you’ve been spending more than you’re making, for example, you can see clearly where you need to tighten up. You may opt to buy the lower priced car, less items you really don’t need, eat out less, and only charge with a secured credit card with the goal of buying once your credit is better.

Save Money
You should also look for other ways to save money. A penny saved is a penny earned, and though that’s a cliché it’s true. The best way to stop a future bankruptcy is to keep money in your account, not spending it all your paycheck. Many file Chapter 7 bankruptcy because of a loss of job. If you prepare for losing a job by keeping several months to half a year in income saved, you can avoid future trouble. Yes, saving six months of salary may seem impossible, but it’s the best safety net you have. And it’s a goal worth having.

Life After
This may all sound like leading a money-tight life. You can’t buy items beyond your means, you only use money you have, you budget, you save months in salary, and so on. However, if you look to the reasons you had to file bankruptcy, you can make plans to avoid it ever happening again. And there’s good news: you can soon enough buy the more expensive car, the better home, the more expensive entertainment items. These are good goals to have.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , — jmalewitz @ 12:52 pm

When is Chapter 13 Bankruptcy The Best Option?

Chapter 7 bankruptcy is used about 75% for filers nationwide, with the other 25% being used on Chapter 13 bankruptcy. Why? Chapter 7 can be more effective in discharging large unsecured debts. In many cases, Chapter 7 is the better option. However, there are times when filing Chapter 13 is in your best interest. This blog guide shows you why.

Eligibility
As this guide is designed for Georgia bankruptcy filers, it’s important to note eligibility for Chapter 7 bankruptcy differs from state to state. However, Chapter 13 bankruptcy is governed by federal law and eligibility is the same nationwide. The most common reason that Georgia filers choose Chapter 13 is when they are not eligible for Chapter 7. If you make more than the Georgia median income, Chapter 13 is your only recourse.

Save Your Home
There are other times when filing Chapter 13 is much more in your best interest. The most common reason is the difference between secured and unsecured debt. Secured debt, such as your home and car, can be taken back if you fail to pay by taking the asset. Unsecured debt, on the other hand, includes medical and credit card debt. For secured debt, if you fear losing assets such as your home, Chapter 13 is very smart. For unsecured debts, debts you simply cannot afford, Chapter 7 can discharge these debts in a matter of months.

The focus here is on when Chapter 13 is better. Say you fell behind on your Georgia home mortgage payments. In this case, Chapter 7 does not help you; you can discharge the mortgage but you will only buy a few weeks to stay in the home. With Chapter 13, you can stop the foreclosure proceeding before it begins, effectively saving the home which you likely put time, money, and love into. That’s overlooked by many filers: if your home is on the line, Chapter 13 is very effective.

Other Advantages of Chapter 13 Bankruptcy
There are other times when you cannot discharge a debt. For example, you can’t discharge tax and student loan debt in Chapter 7. Instead, you can file Chapter 13 and pay these debts in more affordable installments. Also, if you have nonexempt property which will be lost in Chapter 7, you can again keep the property and pay installments.

Clearly there are reasons to consider both. However, remember that you have both options when it comes to filing. If you’re still unsure, contact a Georgia bankruptcy lawyer. An experienced lawyer will quickly be able to see the best choice for you to make.

Filed under: Bankruptcy Information — Tags: , , , , , , , — jmalewitz @ 3:27 pm

Unsecured Debt and Filing Atlanta Chapter 7 Bankruptcy

Secured debt is money you owe with assets such as your home and car. A mortgage would be a secured debt, because the home would be like collateral to be taken if you fall behind in payments. Unsecured debt, on the other hand, is actually debt with no collateral. Though creditors can still take collections against you, sometimes get rights to your property, the debt is different. Unsecured debt can be credit card debt, medical bills, and deficiencies after a foreclosure.

One of the best ways to eliminate unsecured debt is Chapter 7 bankruptcy. For Atlanta residents, Chapter 7 has many advantages. You can halt all collection efforts. You can eliminate debts you simply cannot afford. If you fear assets may be taken or other legal action will ensue, you can be protected under law. There are some disadvantages too. This will be a mark on your record for 10 years. You won’t be able to file again for 8 years (or 6 years if you filed Chapter 13 first). Some assets by law can be liquidated in order to pay back some of these debts; assets like a home and car are rarely included, but it happens.

Atlanta Chapter 7 bankruptcy isn’t always your best option. Sometimes filing Chapter 13 bankruptcy has more advantages. As long as your unsecured and unsecured debts are not too high, you are eligible to file, where you may not be eligible for Chapter 7 if you make too much money. If you have a lot of assets, if you’re home is in danger of foreclosure, you can keep these assets and pay debts in manageable installments.

How does Chapter 7 liquidate assets?
You will be charged with a Georgia bankruptcy trustee who will oversee your case. This trustee has the power to sell assets. However, few will lose anything: the great majority of Chapter 7 filers lose no assets. So don’t be afraid of losing your home and car. By following the laws and hiring an Atlanta bankruptcy attorney, you can save assets and discharge debt.

Will all unsecured debt be discharged?
No, the big three debts most people have are credit card, medical, and mortgage. These debts can technically be discharged, though you may lose the home if you do not pay on it. Say you have $20,000 in credit card debt; in this case, filing Chapter 7 bankruptcy can discharge these debts in a matter of months. Or say you have $50,000 in  medical bills; once again, filing Chapter 7 can eliminate these debts.

Debts you can’t discharge include alimony, child support, and back taxes. These are unsecured debts, but by law you have to pay them.

How much does it cost?
Chapter 7 bankruptcy is very reasonable for Atlanta residents looking to eliminate debts. You pay only $299 to file with the court. You should also hire a lawyer. A lawyer will cost more, from $1,000 to $2,500 depending on the time involved for your case.

Why a Lawyer?
There are hundreds of Atlanta bankruptcy lawyers who can help you, but not all are equally experienced and have fair prices. You need a professional, experienced lawyer who will walk you through this process. A lawyer actually saves you time and money, allowing you to discharge the most debt in a timely manner.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , — jmalewitz @ 1:09 pm

Creditors and Filing Georgia Bankruptcy

By nature, creditors are nice when paid, but once you start missing payments, the relationship can go downhill. Of course, it makes sense that creditors want their money, just like you want your money from an employer. However, many creditors and debt collection agencies treat you inappropriately. It’s something you deserve to be angry about if they’re calling you night and day, being rude, and generally ruining your day.

Is this really that big of a problem? Yes, creditor harassment is a very big problem. In fact, 2009 saw creditor harassment not only continuing, but on the rise. Even in 2010 creditor harassment is still a major problem. Studies pointed out that debt collection agencies and creditors in general caused more complaints in 2009 than in 2008. This is common during tough economies, you might think, but it doesn’t make it any better. For one, creditor harassment to most extents can be illegal. There are tens of thousands of complaints to the Federal Trade Commission every year. For example, in just the first half of 2009, the Federal Trade Commission Reported 45,000 complaints about debt collection agency practices, a significant increase over the first half of 2008.

What are creditors doing to cause complaints? It may seem obvious – calling people like you night and day. Contacting your work. Contacting outside family members. Calling you into the night or very early in the morning. Some are even contacting consumers asking for payments on things they never bought. Still more are saying people owe more money than they really do.  In the worst of cases, creditors are acting like some form of government or law enforcement agency, threatening seizure of assets like homes and cars if no payment is made.

So there are a lot of reasons for complaint. What can you do? If you’ve truly fallen behind in debts, you may think paying them gets creditors off your back. In fact, you may be paying on the wrong debts or nonexistent debts. You will never be arrested for debts, unless a court orders it (which is quite rare). If they threaten to take your wages, it’s usually beyond their ability to do so unless they win in court against you. If they threaten to take your home, there is some truth in this statement. Technically, creditors can take you to court and obtain a lien on your property; that’s if they win in court; chances of that are slim.

You can stop creditor harassment in a variety of ways. If you really have a lot of debt, filing Georgia bankruptcy is one move to make. But don’t do it just because you have creditors harassing you. If that’s the case, you can write the creditor a letter asking them to stop contacting you; by law they must agree to this. Bankruptcy has many advantages, and stopping creditor harassment is one. Creditors will have no reason to call you anymore once the courts are involved; if they continue to call you, refer them to your lawyer.

Creditor harassment works because they strike fear in you. Take back control of your life. If you’re unsure of your rights, contact a lawyer.

Filed under: Bankruptcy Information, Bankruptcy News — Tags: , , , , , , , , , , — jmalewitz @ 1:57 pm

Tips on Atlanta Joint Bankruptcy

Joint bankruptcy is an important subject because of the major differences with individual bankruptcy, and that so many couples in Georgia have questions on whether joint bankruptcy is right for them and their families. If that sounds like you – if you’re on the fence about joint bankruptcy – this post can help.

What is individual bankruptcy?
Individual bankruptcy, still important to consider even if you and your spouse want joint bankruptcy, is the most common form. It’s the basic form of bankruptcy you feel as a single person, either with Chapter 7 or Chapter 13 bankruptcy. In most cases, debt and/or foreclosure are the key reasons for filing. For Atlanta residents with higher than average incomes, filing under Chapter 13 is becoming more common as Chapter 7 has new rules for eligibility based on income.

What is joint bankruptcy?
Joint bankruptcy is simply you and your spouse filing together. You can file either Chapter 7 or Chapter 13. In some cases you are not eligible for bankruptcy, or at least joint filing. If you or your spouse filed for individual bankruptcy a few years ago, that person will not be eligible to file again. You need to wait 7 years between bankruptcies, and you or your spouse will have to file individually. Also, the median income for Georgia residents determines Chapter 7 eligibility. If you make too much money for a family your size, even if it’s just the two of you, you won’t be eligible. If on the other hand you have hundreds of thousands in secured and unsecured debt, you may not be eligible for Chapter 13.

What differences are there?
With joint bankruptcy, the process can be much easier than filing separately. You hire one lawyer, pay one fee to him or her, pay one fee to the court instead of two, and you don’t have to worry about you or your spouse being stuck with debts if only one  files. Individual bankruptcy is not necessarily bad; it just saves time and some money if you file together. In some cases, filing together is not an option.

Why file Atlanta joint bankruptcy?
Filing together has some major pluses, as just pointed out. What we didn’t mention was the documentation. Every bankruptcy, no matter if it’s Chapter 7 or Chapter 13, takes time to file for. If you can combine your documents, putting both your bankruptcies together, you can save time. That may seem minor. You can also save $299 for filing Chapter 7 and $274 for filing Chapter 13; small, but it’s money. You will appear in Georgia bankruptcy court together. And you do not have to worry about your spouse who didn’t file being harassed to pay your debts (or the other way around).

If you’re still unsure if filing jointly is smart, contact an Atlanta bankruptcy attorney today.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , — jmalewitz @ 2:49 pm

Georgia Foreclosure Process Differences between Chapter 7 and Chapter 13

Georgia bankruptcy can be a complex process, which is quite often why some appeal for the experienced help of an attorney. There are some things you simply have to decide your own – namely, if bankruptcy is right for you. For home owners, there is this big burden on your shoulders called a mortgage, and a fear of that old enemy foreclosure. This blog post won’t say whether to choose Chapter 7 or Chapter 13 bankruptcy, but what it will do is guide you through the key differences when it comes to foreclosure. If you want to save your home, or get out while you can, this guide is for you.

The Discharge
Chapter 7 bankruptcy discharges debt. That’s the most simple way to describe it. And remember that major debts included are your mortgage. What any personal bankruptcy will do is put into place an immediate “automatic stay” on your home. It will be the same with your money, and your other assets. You can’t do much, your debtors really can’t do much either. If your home is in the foreclosure process, the automatic stay delays it. A creditor can appeal to the court to let the foreclosure continue. In this case, you have a 1-2 months to stay at your home until the foreclosure makes you leave. It may seem odd that you have some benefit here – free rent for a few weeks – but really it buys you just enough time to get in somewhere else.

On the other hand, if your home isn’t in foreclosure, you have more options. You can technically keep the home in many cases. Rarely do Chapter 7 filers lose assets. It’s up to the trustee, court appointed to liquidate your assets, and the law on what can be sold. In many cases, you can negotiate directly with your trustee to keep certain assets, such as your home or car.

The Hard Work Option
Chapter 13 bankruptcy for Georgia residents is quite different, and somewhat more effective to stop a foreclosure, but less common. Here again the judge will put an automatic stay on your home. As long as your lender has not put a foreclosure in the works, you can keep your home in most all cases. What happens is the court halts any further foreclosure, you are able to create a debt repayment plan, and with this plan you can pay an affordable rate on the home and your other debts. While you still have to pay, you have 3-5 years and you keep all assets. Chapter 7 is sometimes called the “wipe out,” Chapter 13 the “work-out”, for obvious reasons.

Bankruptcy is not for every situation. Just because you fear losing assets does not mean you should file. However, it’s a very good option to file Chapter 7 if you cannot afford to pay back debt, and Chapter 13 is smart if you want to stop a foreclosure before it begins. While not for everyone, each have immense benefits when it comes to saving money and assets.

Filed under: Bankruptcy Information — Tags: , , , , , , , — jmalewitz @ 12:21 pm


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