Certain types of debt cannot be wiped out during the course of bankruptcy. If you wish to continue to live in your house, you must continue to make house payments. If you want to keep your vehicle, you must continue to make...
Chapter 7 personal bankruptcy is also known as the liquidation bankruptcy. This type of bankruptcy liquidates all of your unsecured debts without a repayment plan. You must forfeit all of your nonexempt property to the...
If you get behind in your debt, some creditors can seize the property that is used as collateral and sell it to recover some of the debt. Unsecured debt, however, such as credit cards, loans, and medical bills are harder for...
The presumption of abuse guidelines were established when Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. One of the reasons for the act was to prevent people who make too much money to...
Being unemployed or having a drastic reduction in income is a common cause for people filing bankruptcy. Nearly two-thirds of Americans listed “job-related financial stress” as the major factor in filing bankruptcy. The...
