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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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Can You Convert a Chapter 13 to a Chapter 7 Bankruptcy?

Individual debtors who want to take advantage of bankruptcy law to reduce or wipe out their debt burden have two options. One is Chapter 13 bankruptcy, which is designed for debtors who don’t want to sell off their property to pay off their creditors but instead want to make repayment of their debts more manageable. Read More

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How Does Filing for Bankruptcy Affect Your Cosigner on a Loan?

If a family member or close acquaintance has agreed to cosign on a loan or credit account for you, they are liable for the full amount due. That means the creditor can seek repayment from your cosigner even if you seek bankruptcy protection. In deciding how to proceed, you need to consider the effect of Read More

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How Filing for Medical Bankruptcy Can Help With Health Insurance

Unmanageable debt due to medical expenses is a major reason why Americans fall into financial hardship. If you’re in this situation, you might not even be able to afford health insurance, with the result that your medical bills continue to mount. Filing for bankruptcy can alleviate your economic burdens and offer you a fresh start. Read More

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