Bankruptcy
Learning How To File Bankruptcy
Filing for bankruptcy is practically a personal decision. Also, there has to be kept in mind that this decision is practically being influenced by the amount of serious debt and your ability to meet the original payments or pay the full amount. Bankruptcy usually occurs from the inability of debtors to pay off their debts.
This […]
California bankruptcy exemptions
These are the bankruptcy exemption in California.Make sure you check the federal bankruptcy exemption since you can choose one or another.
Asset: Homestead
- Real or personal property you occupy including mobile home, boat, stock cooperative, community apartment, planned development or condo to $50,000 if single and not disabled; $75,000 for families if no other member has […]
Chapter 7 and 13 Bankruptcy Discharge Cases
The debtor is being released from personal liability for certain specified types of debts, by a bankruptcy discharged. Also, there has to be kept in mind that a bankruptcy discharge can help the debtor to avid paying any debts that are being discharged. Any form of collection action on discharged debts, including legal action […]
Chapter 7 vs Chapter 13 bankruptcy
Main difference
Chapter 7 is liquidation bankruptcy. All your debts that are not on exempt list will be sold by the bankruptcy trustee in order to pay your creditors.
Chapter 13 is a reorganization plan. During a 3 to 5 years period you pay the creditors according to a payment plan.
Payments
Chapter 7: in this […]
Arkansas bankruptcy exemptions
The Arkansas bankruptcy exemptions, details the belongings that any person can exempt or defend from creditors when they are applying for bankruptcy in Arkansas.
Asset: Homestead
- Rural homestead: up to 160 acres not to exceed $2500 value; and homestead is no less than 80 acres without regard to value. The law section
is 16-66-218(b)(3), (4).
- Real or […]
