A person who files for Chapter 7 bankruptcy will have to turn some assets over to the court, so they can be liquidated to pay off as much of the debt as possible. There are two classifications of assets that are used for bankruptcy – exempt and nonexempt. An exempt...
Roanoke Virginia Bankruptcy Law Blog
Is Fear Holding You Back From Considering Bankruptcy?
Filing for bankruptcy is a major decision that will have significant consequences (for better and worse). Therefore, the decision should not be made lightly. On the other hand, too many Americans who could truly benefit from bankruptcy choose not to file due to fear...
Your personal company does not have to close due to bankruptcy
You started your own business a few years ago. Maybe you’re the only employee; maybe you’ve hired a small team. No matter what the structure looks like, your business has run into financial troubles that are largely out of your control. Maybe you have more competition...
Does declaring bankruptcy put the family home at risk?
Some people file for bankruptcy, hoping that it will eliminate their debt and solve their financial problems. Though states support bankruptcy laws to help citizens recover from a fiscal crisis, the process comes with a cost. Financial counselors will identify assets...
Discharging Debt With Chapter 7 Bankruptcy
For those who qualify, filing for Chapter 7 bankruptcy can be a very quick and effective way to get rid of debt and gain a fresh financial start. Chapter 7 works by discharging debt in exchange for the liquidation of certain assets (on a case-by-case basis). But even...
Do not file for bankruptcy without exploring options
In times of financial distress, many Americans may consider filing for bankruptcy. Despite its negative connotations, bankruptcy offers citizens a path to recovery after an unfortunate event. Many people need bankruptcy after suffering a medical emergency, losing...
Do you have to pay for bankruptcy if you qualify?
Bankruptcy is an interesting process. When you file for it, you can protect your assets against collections and even stop things like wage garnishments or foreclosures. You may go through credit counseling and get help eliminating your unsecured debts. Sometimes,...
Bankruptcy can help resolve credit card debt
If you were to rate your finances at this time would you be happy about the results or worried that your debt situation is getting out of hand? It's not uncommon for finances to fluctuate with some years being better than others.Any number of issues may arise that...
What are 3 ways to come out of bankruptcy stronger?
You didn't want to have to go into bankruptcy, but after looking over your finances and budget, you saw no other way to get your debt under control. Now, you're looking into the different options you have and have decided that Chapter 13 bankruptcy is right for you.If...
Who can get a Chapter 7 bankruptcy?
You've worked hard your entire life, but now you need help. You've lost your job, and you had only a small amount of savings to fall back on. The economy isn't doing well, so finding a new job has been impossible. You're several years away from retirement, and you are...