By Jeff Field | Published May 30, 2022 | Posted in Bankruptcy | Tagged Tags: chapter 7, exemptions, IRAs | Leave a comment
In a Chapter 7 bankruptcy (also known as “liquidation”), a court-appointed trustee is tasked with collecting and selling the debtor’s assets and using the proceeds to pay the creditors. However, the trustee cannot take everything. The debtor can legally retain ownership of certain assets, in whole or in part. These bankruptcy exemptions include various forms Read More
Read MoreIndividual debtors who want to take advantage of bankruptcy law to reduce or wipe out their debt burden have two options. One is Chapter 13 bankruptcy, which is designed for debtors who don’t want to sell off their property to pay off their creditors but instead want to make repayment of their debts more manageable. Read More
Read MoreIf a family member or close acquaintance has agreed to cosign on a loan or credit account for you, they are liable for the full amount due. That means the creditor can seek repayment from your cosigner even if you seek bankruptcy protection. In deciding how to proceed, you need to consider the effect of Read More
Read MoreUnmanageable debt due to medical expenses is a major reason why Americans fall into financial hardship. If you’re in this situation, you might not even be able to afford health insurance, with the result that your medical bills continue to mount. Filing for bankruptcy can alleviate your economic burdens and offer you a fresh start. Read More
Read MoreIf you’ve had a serious illness or injury requiring extensive treatment, bills can quickly add up. In addition, you may be unable to work during the course of your recovery, which can compound your financial woes. If you cannot make the minimum payments on your medical bills and they continue to accumulate, you might consider Read More
Read MoreChapter 7 bankruptcy can offer you a fresh start by relieving you of the financial obligations you had to your creditors. Although most of your non-exempt property is liquidated during the process to pay off your debt, there may be some property you want to keep, such as real estate or a vehicle. Consequently, there Read More
Read MoreAs a result of stay-at-home orders, job losses and business closures, the coronavirus pandemic has caused many families to suffer significant economic hardship. While filing for bankruptcy may be an option, there are also a number of financial strategies you should consider that can help you tackle your debt and protect your finances during these Read More
Read MoreIn order to file for bankruptcy protection under Chapter 7, you must be able to show that your average monthly income for the six months prior to your bankruptcy filing is below the median income for a household of your size in your state. This is because Chapter 7 bankruptcy is meant for people with Read More
Read MoreThe experienced Georgia bankruptcy lawyers at Jeff Field & Associates help married couples understand the possible positive and negative outcomes of filing for Chapter 13 or Chapter 7 bankruptcy.
Read MoreGeorgia sees more bankruptcy filings than almost any other state, significantly exceeding the national average. This has been attributed to a combination of factors, among them state laws that protect creditors and leave consumers vulnerable and other laws that make it easy for people to seek debt relief in court. In such an economic environment, Read More
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