Are insurance policies exempted in bankruptcy?
People often regard bankruptcy as the last option to get out of debt. Bankruptcy has positive effects too. One of the main benefits of filing for bankruptcy is that your insurance premium gets lowered to a considerable extent. Often, insurance companies regard filing for bankruptcy as an act of financial responsibility. Insurance premium gets lowered [...]
Can you save your car in bankruptcy?
Bankruptcy exemptions are applicable depending on the equity you have in the property. In case of an automobile, if it has enough equity, you can retain the car. If the equity in your car is more than the exemption, it can be sold so that you can repay your debts. It is also important that [...]
Role of Attorney in Bankruptcy
Your battle against debt is half won if you have an efficient lawyer by your side. The last couple of months have been tough for you financially. You have been trying hard to wrestle out of debt. Your current financial status demands you to file for bankruptcy. Can you handle it alone? It is better [...]
Effect of Bankruptcy on Personal Finance
Filing for bankruptcy is always considered the last resort; nevertheless, it indicates that you are ready to take the onus and get out of the financial mess. However, if you file for bankruptcy, the same gets recorded in your credit report for a period of 7 to 10 years. Your credit report is an indicator [...]
How Can Home Equity Help You in Bankruptcy?
Filing for bankruptcy makes your credit score nosedive. It is not the end of the road though. You can make use of various benefits home equity offers when you are bankrupt or intending to file for bankruptcy. Majority of the lenders will not be willing to give credit. And it takes a lot of time [...]
Chapter 13 Bankruptcy
When you file Chapter 13 bankruptcy, you try to pay off as many debts as you can. You are not required to lose your assets but you have to make payments from your income. The Fed has designed the bankruptcy laws in such a manner that the lending business is made more streamline. The Congress [...]
Chapter 7 bankruptcy
Introduction
If you are planning to file Chapter 7 bankruptcy, a lot of things need to be considered. In Chapter 7 bankruptcy, if you have any non-exempt assets with you, these assets will be sold by the trustee. The trustee is usually appointed for carrying out Chapter 7 bankruptcy procedures and pay off debts to your [...]
