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For many people dealing with debt, filing for bankruptcy is often the only option. This process helps consumers or businesses re-organize their debts under the protection of the bankruptcy court. Chapter 7 bankruptcy is one of the two types of bankruptcy you can file for. This falls under the liquidation category. Under this arrangement, a…

In Chapter 7, you as the debtor will be able to get rid of debts through a process of liquidation process. Some of your assets will then be sold to settle your debts. State bankruptcy laws normally require people to pass a means test to disqualify debtors who may be able to pay back some…

It’s no secret that filing for bankruptcy is no easy feat. What makes it more difficult, however, is being misinformed about the whole process. Surprisingly, this isn’t exactly impossible: everyone can have easy access to information about bankruptcy, though some of it is just plain wrong.

Most cases of bankruptcy are initiated by the debtor, but did you know that creditors could also file a bankruptcy case against a consumer? This is known as an involuntary bankruptcy case, and these are extremely rare, though this doesn’t mean it won’t happen to you.