Is Chapter 13 Bankruptcy a Good Option for Self-Employed Folks?

Filing Chapter 13 bankruptcy is a financially safe and effective way to consolidate your bills and pay them off without racking up tons of interest or risk having important assets repossessed. However, as a self-employed person, here are two things you need to factor into your decision to file this type of bankruptcy to ensure it’s right for you. Do You Have the Paperwork to Prove Your Income? You do not have to pass a means test to file Chapter 13 bankruptcy.…

How A Chapter 13 Repayment Plan Works

If you owe money to numerous creditors and feel overwhelmed with your debt load, you might want to consider filing for Chapter 13 bankruptcy. Chapter 13 provides a way to lump your debts into one, and you complete the case in three to five years. When using Chapter 13, you will have a repayment plan to follow, and here is an explanation of how this works. Your Attorney Analyzes Your Debts and Income…

What Happens To Debt In A Chapter 7 Bankruptcy Case?

The purpose of using bankruptcy is to receive relief from your debt, but bankruptcy does not merely erase every debt you have. If you are eligible to use Chapter 7, you will receive some debt forgiveness through your case, but it will not eliminate every debt. Here is an explanation of what happens to your debt if you use Chapter 7. Your Lawyer Analyzes Your Debts Before You File The first step in a Chapter 7 case is determining if this branch would offer the relief you need.…