Tag: file bankruptcy

With the recent recession period in America and other countries, there are many people who have gotten into huge amounts of debt and have no means of repaying their creditors. Chapter 7 bankruptcy is one of the options which have been put in place to help people get out of debt. This solution requires that one surrenders all their non-exempt assets to the courts of law so that a trustee is appointed and he liquidates them in order to pay the creditors. Read more [...]

Chapter 13 bankruptcy takes care of debtors who are unable to repay their debts so that they are able to pay part of the debt from their income. The debt can be repaid for a period spanning from three up to five years although this is something that is done upon the determination of the court in relation to the debtor's current financial situation and eligibility. Read more [...]