Chapter 7 Bankruptcy Exemptions Explained

Exemptions can be one of those bankruptcy issues that seem confusing to many filers. One reason for the complexity is that no standard guidelines exist across the states. Your state has its own way of dealing with exemptions even though bankruptcy is a federal affair. To help lessen the confusion, read below for a simple guide to bankruptcy exemptions. Why Filers May Need Exemptions Chapter 7 has both good and not-so-good sides to it.…

Mistakes To Avoid When Filing Chapter 13 Bankruptcy

Chapter 13 bankruptcy allows you to make payments within a period of three to five years, and these payments are distributed to creditors. If there are assets you want to keep and you earn a significant income, Chapter 13 is suited for you. Here are some mistakes you should avoid when filing Chapter 13 bankruptcy. Violating Bankruptcy Disclosure Requirements Under Chapter 13 bankruptcy law, you’re required to disclose your financial situation in the bankruptcy paperwork before you can get any benefits of bankruptcy.…

Active Duty Military and Facing Bankruptcy? SCRA Can Help

It’s fairly common knowledge that members of the United States Armed Forces aren’t making a whole lot of money. Most of the active-duty service members worry about their finances. In fact, according to a study done in 2019, 9 out of 10 of them have financial worries and about 10% of them have debt in collections. However, active-duty military members are afforded protection by the federal government under the Servicemembers’ Civil Relief Act.…