Bankruptcy versus Foreclosure
If debts are allowed to pile up and they assume a proportion that is beyond repair, bankruptcy or foreclosure is inevitable for debtors. You will have to face foreclosure in case you have fallen behind on payments and you have several missed payments to your credit. Under such circumstances foreclosure is inevitable.
Bankruptcy can only delay [...]
What is 341 meeting in bankruptcy?
Once you have filed bankruptcy, whether it is Chapter 7 or Chapter 13 bankruptcy, you are required to attend the 341 meeting where you gather along with all your creditors at the bankruptcy court. The 341 meeting derives its name from 11 U.S.C. 341, a section in the bankruptcy code. The meeting takes place around [...]
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 [...]
