What Happens When a Person Declares Bankruptcy?
Filing for bankruptcy can wreak havoc on your mind, will and emotions. Bankruptcy is stressful for all involved. It can also lead to a stressful financial future if you fail to educate yourself on what happens from day one when you file bankruptcy. What are the key points to educate yourself on when a person […]
What Happens to Your Bank Account When You File Chapter 7?
In chapter 7, bankruptcy, an individual’s assets are liquidated for payment to creditors. A few court-appointed trustees oversee the process and liquidate those assets. Those liquidation proceeds can then be divided among the Chapter 7 debtors and other unsecured creditors, such as credit card companies or medical bills. Any remaining funds remaining after all distributions […]
What Debts Are Covered by Bankruptcy?
If you’re considering bankruptcy as an option to eliminate your debts, you’ll want to know which debts are included in a bankruptcy filing. Unfortunately, the creditor usually has to agree to write off a debt. In addition, the person filing for bankruptcy doesn’t have to include every single debt in their bankruptcy filing. Here are […]