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Tag Archives: personal bankruptcy

What Kind of Unusual Assets Are Exempt in a Chapter 7 Bankruptcy?

A Chapter 7 bankruptcy essentially eliminates debt for the filer but requires liquidation of assets. In other words, federal law dictates that most of what the filer owns must be sold off to pay creditors some fraction of what is owed. Even though the net value of these assets may not meet all debts, the… Read More »

How Much Does the Chapter 13 Homestead Exemption Vary?

The nature of a Chapter 13 bankruptcy is that it does not necessarily require filers to liquidate their assets to pay off debt. Instead, filers need to show the court they will be able to pay off those debts over approximately three to five years. This type of bankruptcy arranges for better terms for repaying… Read More »

How Do Homestead Exemptions in Chapter 7 Bankruptcy Work?

Chapter 7 bankruptcy is advised when debts so overwhelm the individual’s ability to repay that assets have to be liquidated. This means that items of value – car, home, furniture, art, jewelry and sometimes even clothing – will be sold by the trustee in the bankruptcy. The proceeds from the sale of those items are… Read More »

Why a Shopping Spree Just Before Bankruptcy Won’t Work

The thinking goes, “what have I got to lose?” Or so one imagines the words people say to themselves who max out their still-working credit cards right before filing for bankruptcy. That approach is wrong on several levels. If you’ve got an itch to spend the remaining balances of your credit cards before you file,… Read More »

The Myth of Irresponsibility: Why Most Individuals File for Bankruptcy

The good news on bankruptcy is that the number of filings in the United States went down in 2012. About 1.25 million people are expected to file this year for one of the versions of bankruptcy (Chapters 7, 11 or 13). This is down from 1.38 million in 2011. The Great Recession that began in… Read More »

The Impact of Social Media on Bankruptcy

You may enjoy posting holiday pictures online or sending out the good word about a new job. But friends may not be the only one reading your news. Facebook, Twitter and other social media networks provide fruitful hunting grounds for disgruntled spouses and divorce attorneys. But increasingly, social media is also sifted by creditors, collectors… Read More »

Is a Trust Fund Exempt in a Bankruptcy Filing?

Even the well-to-do fall on hard times. This happens with spectacularly-compensated athletes, Hollywood celebrities and the progeny of bluebloods – many of whom file for bankruptcy. It’s a little less surprising when overspending or injudicious investments happen to second and third generations of those who earned the money, the so-called “trust fund kids.” The fallen… Read More »

What Debts Can’t be Discharged?

Bankruptcy is a powerful tool for debtors who want to get a fresh start on their lives or businesses. But it still does have limits. Not all debts are subject to discharge in bankruptcy and it is important for those considering the process to understand what debts may remain before moving forward. The scope of… Read More »

What Kind of Assets Can You Keep after Liquidation?

Filing for bankruptcy is a big decision and people frequently have concerns about how it will affect their assets and credit, especially in the case of Chapter 7 liquidation bankruptcy. Many people believe that when they file for Chapter 7, they must give up everything they own in order to receive a discharge. But that… Read More »

Bankruptcy Statistics Nationwide

Bankruptcy is more common than you may think. According to the Administrative Office of the United States Courts, in 2011 there were over 1.4 million bankruptcy filings nationwide. The vast majority of these — over 70 percent — were for liquidation under Chapter 7. Also surprisingly, individuals and other nonbusiness entities accounted for over 96… Read More »