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Posts tagged "Chapter 7 bankruptcy"

Bankruptcy conversion could mean returned wage garnishments

In most legal cases, the courts tend to rely on precedents established by previous cases with similar issues, but when a case comes along with unique, complex or extenuating circumstances, judges with higher authority are often required. Some of these cases make it all the way to the Supreme Court of the state or country, at which point a decision is made which establishes the precedents for other such cases in the future.

Debtors and creditors rights in bankruptcy discharge

Coming to the decision to file for bankruptcy is never easy. You may feel like you are admitting defeat or that you are beginning a process from which your financial credibility will never recover, but the truth is that a personal bankruptcy is simply a legal way for Texas residents to find relief from crushing debt. So you have finally decided to file for bankruptcy, but you are still concerned about the process, and you're worried about your rights as a debtor. Don't worry; we have you covered.

Chapter 7 bankruptcy can discharge your debts

Many people do not realize that there are several types of bankruptcy depending on the circumstances of the person filing. When most people think of bankruptcy, they imagine courts seizing all of their assets in order to escape their debts, leaving them without a home or a car and no money to their names. This type of bankruptcy is most similar to a Chapter 7 bankruptcy filing, but it should be noted that your circumstances play a large part in how your bankruptcy filing plays out.

Can I file for Chapter 7 bankruptcy?

People have many different reasons for not filing for bankruptcy. Perhaps they fear what their friends and family will think, or they are worried that it will affect their credit score for years to come. Some people do not even consider bankruptcy an option because they believe that they cannot file. While it's true that there are some people who do not qualify for bankruptcy, most people do.

Personal bankruptcy filings are decreasing

According to Fitch Ratings, the number of personal bankruptcy filings across the United States has been dropping for the last four years, and it will likely continue to drop. It is expected that the figures will level off as lending guidelines become less strict, but Fitch projections expect there to be another 8-10 percent dip in total bankruptcy filings in 2015. According to the Managing Director, a number of factors are contributing to this decrease, including cheaper gas prices and an increase in consumer credit.

Minnesota Republican senator files for bankruptcy

Oftentimes you hear about small businesses or large corporations filing for bankruptcy to help them manage massive debt, but you should know that individuals can file for bankruptcy as well. Like corporations, an individual can have many reasons to file for personal bankruptcy. Sudden loss of job or unexpected medical bills can put a strain on an individual’s finances and cause the pressure to become almost unbearable. Individuals who find themselves in such situations can consider bankruptcy for relief from their debt.

Chapter 7 bankruptcy can give you a fresh financial start

Bankruptcy has a reputation for being tantamount to financial ruin, and while filing for bankruptcy may not be most people’s first choice, it’s preferable to struggling with debt for years and years. Some people may not know that they’re eligible for bankruptcy, but there are different types of bankruptcy for different situations and circumstances. If you have debt, there’s almost certainly an option for you. One of the most common types of bankruptcy is Chapter 7 bankruptcy, which can be used by small businesses or individuals who are struggling to pay off their debt.

Pharmaceutical company files for Chapter 7 bankruptcy

Bankruptcy is a debt relief option which the law affords to people, but many in Waco may not know that there are different types of bankruptcy, each offering different protections or plans to handle serious debt. By far the most common type of bankruptcy is a Chapter 7 filing. It is available to almost everybody, including people who are current on their debt or have a substantial income. Still, most Chapter 7 bankruptcy filings are from individuals or small businesses who have accrued a substantial amount of debt that they are unable to pay.

Bankruptcy can help Texans without health insurance

People can find themselves struggling financially for any number of reasons. Sudden employment termination or unexpected damage to your home or car could instantly alter your financial future and leave you wondering how you’re going to make it through the coming months. As unforeseen financial obligations take their toll, you may find yourself facing insurmountable debt with no end in sight, which is surely the last thing you need.

Limited partnership files for Chapter 7 bankruptcy in Texas

Bankruptcy is much more complex than many people realize. Many people don’t realize there are different bankruptcy types. In all cases, bankruptcy is a form of debt relief afforded to individuals and corporations unable to cope with vast amounts of debt. Depending on your individual circumstances, you may decide to file for Chapter 7, Chapter 11 or Chapter 13 bankruptcy. Chapter 7 is perhaps the most common type of bankruptcy, and thus often considered first.

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