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How Chapter 13 Can Help You Modify Your Home Mortgage

Chapter 13 is a form of bankruptcy in which unsecured debts are partially paid off over a period of years, with the remainder discharged once the case is complete. However, most Chapter 13 cases involve one or more secured debts, which remain in force. For example, a home mortgage loan is secured by a lien Read More

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Using Chapter 7 to Protect Your Personal and Business Assets

While Chapter 7 is commonly thought of as consumer bankruptcy, debtors often have business debt as well. Many people operate small businesses full-time or have “side hustle” businesses they run on a part-time basis. When entrepreneurs face overwhelming debt associated with the business, they may look to bankruptcy as a remedy. A common question is Read More

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Can You Keep Your Car if You File for Bankruptcy in Georgia?

Your ability to keep your vehicle while filing for Chapter 7 bankruptcy in Georgia depends on whether you are covered under the state’s motor vehicle exemption. Equally important is whether you are making payments on the car and can continue to make those payments. You can keep your car when you file for Chapter 7 Read More

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Are IRAs Exempt From Creditors During Chapter 7 Bankruptcy?

In a Chapter 7 bankruptcy (also known as “liquidation”), a court-appointed trustee is tasked with collecting and selling the debtor’s assets and using the proceeds to pay the creditors. However, the trustee cannot take everything. The debtor can legally retain ownership of certain assets, in whole or in part. These bankruptcy exemptions include various forms Read More

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Proving “Undue Hardship” to Discharge Student Loan Debt

Americans are now burdened by $1.75 trillion in student loan debt. That’s twice as much as the $856 billion Americans owe on credit cards. Not surprisingly, a large number of people who file for bankruptcy have student loan debt. Unfortunately, only about 1 percent of them even try to get that debt discharged. Part of Read More

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How Bankruptcy Can Be Used to Fight Eviction

One of the principal benefits of bankruptcy is that it imposes an automatic stay on debt collection. If you are a residential tenant, the automatic stay puts an immediate halt to certain actions against you, including efforts to collect overdue rent. If you are at the point where you are facing eviction, filing bankruptcy may Read More

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Taking Advantage of Small Business Bankruptcy Protection

Until just two years ago, small businesses that ran into financial trouble couldn’t find much protection in the bankruptcy system. Reorganization under Chapter 11 was too expensive and filing for Chapter 7 would mean going out of business. Fortunately, today there is another, more useful bankruptcy option known as Subchapter V — a slimmed-down version Read More

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5 Bankruptcy Myths That Keep People from Seeking Debt Relief

Far too many people continue struggling with debt because they are afraid of how bankruptcy might affect them in the future. There are all kinds of myths out there about how bankruptcy means you lose everything and leaves you with terrible credit that can never be repaired. In reality, bankruptcy’s bad reputation is based on kernels Read More

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Why Bankruptcy is Often a Better Remedy Than Debt Consolidation

Some people facing uncomfortable financial burdens might look to debt consolidation as an alternative to filing for bankruptcy, perhaps out of fear that bankruptcy will ruin their credit rating. However, debt consolidation has its own disadvantages that might make it a poor choice in many situations. Bankruptcy can be a better option if, for instance, Read More

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What Happens at the Creditors’ Meeting After You File for Chapter 7?

A Chapter 7 bankruptcy is a powerful legal remedy that, if successful, discharges most or all of your debts. However, your creditors have the right to object. Soon after you file for Chapter 7 bankruptcy, you will be required to attend a creditors’ meeting, the purpose of which is to verify the accuracy of the Read More

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