There are creditors who on some occasions insist on being heard, and there is a Bankruptcy Trustee who is appointed by the United States Trustee’s office to administer the case and review assets and income.
So much of our region has been physically and materially devastated over the last months. Added to the already existing weak and fragile economic situation, the overall effects of this storm may be beyond repair for many.
Chapter 7 personal bankruptcy laws allow Americans who are overburdened by bills to have many types of debt wiped away. One way to understand this debt relief is to talk about the kinds of debts that do not disappear.
Declaring bankruptcy is a decision that affects not only your finances but also your credit score. While your score may decrease after financial hardship, there are practical and real ways to improve it and get back on a better financial path.
Like most big, bad scary things, bankruptcy has a reputation based on a few tidbits of truth and a lot of embellishment. And like most creepy crawlies, it's not nearly as frightening once you know the truth.
If your debts have started spiraling out of control, you may have thought about whether to file for bankruptcy. Massive debt can be crippling, but filing for bankruptcy can also be life altering. Here's a quick guide to help you decide.