Bankruptcy Words, Terms, And Phrases To Know

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If you are considering a bankruptcy filing, you might be entering unfamiliar territory. The below financial-related bankruptcy terms represent some important facets of a Chapter 7 filing that most filers should become familiar with before they file. Read on so you’ll gain a better understanding of the legal action you are about to undertake. Classes/Bankruptcy Education The retooling of the bankruptcy code a few years ago brought about a requirement that filers participate in two educational exercises.…

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How To Restructure Debts Under Chapter 13

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Chapter 13 bankruptcy law exists to give people an opportunity to get their financial lives back on track. Restructuring is the name of the game and that’s much different than you’ll see in a Chapter 7 liquidation where most assets get sold. A Chapter 13 bankruptcy often allows you to keep most or even all of your assets as long as you comply with an accepted payment schedule. For that reason, though, there are several things you need to know before you decide to restructure your debt obligations under the law.…

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3 Mistakes To Avoid When Filing Bankruptcy

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When you file for bankruptcy, it’s a very big deal. You are taking the debt you have and asking to have it lessened or removed completely. This is a big ask and should only be filed by those who really need it. Bankruptcy should not be treated as a get out of jail free card that you abuse every seven years. This is something that should be taken very seriously. When you file for your bankruptcy, there are mistakes you may make that could delay your bankruptcy or have your bankruptcy dismissed altogether.…

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