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How is a debt classified as secured, unsecured, priority, or administrative? A secured debt is a debt that is collateralized by property. A creditor whose debt is “secured” has a right to foreclose or take property to satisfy a “secured debt.” For example, a mortgage loan is likely “secured” by a Debtor’s home. This means […]
Your decision whether to file bankruptcy and under which chapter to file depends on your particular circumstances. In general, Chapter 7 is appropriate when the Debtor has insufficient income to pay a portion of his/her debts, and the Debtor is not seeking to keep non-exempt property. Otherwise, if the Debtor has an income or property […]
Bankruptcy is a legal process which allows a person (a “Debtor”), who owes more money than he or she can currently repay, to either (1) repay a portion of the money over time under Chapter 11, 12, or 13, or (2) have the entire debt forgiven (“discharged”) under chapter 7. Under chapter 7, a Debtor […]
Are collectors calling? You can finally answer your phone after you file bankruptcy. Is the harassment driving you crazy? Filing bankruptcy will eliminate debt problems, stop creditor harassment, lawsuits, foreclosure and repossession. Are you having trouble sleeping? Financial troubles can cause all sorts of ailments, the most common of which is sleeplessness. The anxiety created […]
Chapter 7 Bankruptcy is also called “straight bankruptcy”. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose, so Chapter 7 will give that person a relatively quick “fresh start” without paying back the debt.