BANKRUPTCY
DO LEGAL Definitions
leave you CONFUSED?
Chapter 7 vs Chapter 13
Bankruptcy Overview
There are two primary bankruptcy options for consumers : Chapter 7 and 13. Chapter 7 is primarily to eliminate unsecured debt such as credit card debt, personal loans, medical debt and much more. Chapter 13 is a reorganization or repayment plan for debt used primarily to repay missed mortgage payments, car payments or other debt you cannot eliminate in Chapter 7.
BANKRUPTCY Q&A
QUESTION: I heard you can’t file bankruptcy any longer to get rid of debt. Instead, you have to pay everyone back.
ANSWER: No, this is not correct. In 2005, there were some significant changes to the bankruptcy laws. However, most of these changes only effected individuals in high income brackets. You can still eliminate your ... read more
Famous People Who Have Filed for bankruptcy
As the following list of famous people who have filed for bankruptcy confirms, anyone can find themselves unable to pay their bills. read more
LEGAL Q&A
Dear John,
I recv'd a Notice of Foreclosure yesterday. I am three months behind on my payments. The letter said ... read more
