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Category: Bankruptcy

Coronavirus, Mounting Debt, and Bankruptcy

Bankruptcy is federal law that was designed to give debtors a fresh start.  Sometimes good people suffer catastrophic events, loss of jobs, loss of spouse, etc.… that lead to financial hardship and the need for a fresh start.  Sometimes it is more simply stated that one is not able to manage their money and rely on credit cards to supplement their income.  And apparently, sometimes there is a global pandemic that imposes a financial hardship upon you and your family that no one anticipated to

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Which Type Of Bankruptcy Is Appropriate For You

There are two main types of personal bankruptcy and each has their own set of rules and stipulations. It is important for anyone considering filing for bankruptcy to understand the difference between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 Bankruptcy. This type of bankruptcy filing is known as straight bankruptcy. What it involves is a liquidation of your assets that are not considered exempt. Exempt property can be tools for work, automobiles and some household furnishings. You can file for Chapter 7 bankruptcy once

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