Consumer Bankruptcy

“Chapter 20” Bankruptcy

June 16, 2014

You won’t find Chapter 20 described in the law books. However, it is a sometimes used strategy to assist people who face difficult financial challenges. A Chapter 20 is called such because it is essentially a Chapter 7 followed by a Chapter 13 (7 + 13 = 20). A “Chapter 20” bankruptcy might be proposed by a competent bankruptcy attorney in the following situation. A married couple unfortunately is burdened by massive debt – perhaps…

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Chapter 13 Bankruptcy

June 9, 2014

Chapter 13 is subtitled “Adjustment of Debts of an Individual with Regular Income”. Chapter 13 is often advised in connection with a person’s financial difficulties, especially when foreclosure of a home place is imminent. A Chapter 13 Bankruptcy allows a person who is behind on house payments to “catch up” the house payments which are in arrears, usually over a period of three to five years, while at the same time continuing to make the…

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Chapter 7 Bankruptcy – The Basics

June 2, 2014

Chapter 7 Bankruptcy – The Basics Chapter 7 Bankruptcy is by far the most common bankruptcy filed in our country. It is popular because it is relatively quick (usually 3 ½ months from filing to conclusion), and serves to eliminate most, if not all, indebtedness (credit cards, medical bills, etc.). In a Chapter 7, debtors are typically allowed to retain vehicles and homes, although debtors would be required to continue making payments on such obligations.…

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Is My Life Insurance Protected If I File Bankruptcy?

May 15, 2014

The two most common types of life insurance are term life insurance and whole life insurance. Term life insurance provides for payment of death benefits if the insured dies during the term of coverage, but it does not accumulate any cash value. Whole life insurance also provides for a death benefit, but it also generally may accumulate cash value which can be used as collateral for a loan. A term life insurance policy has no…

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Factors to consider when under financial stress

April 15, 2014

If you are struggling to pay your bills and have accumulated excessive debt, then you have probably considered filing bankruptcy. Financial difficulties can be especially stressful. Along with the barrage of telephone calls and threatening letters from debt collectors, many people are also faced with foreclosure or eviction from their home. Perhaps the greatest benefit of filing bankruptcy is that it can help relieve some of this financial stress. Financial problems can lead to marital…

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