Most credit card debt is eliminated or "discharged" in bankruptcy, but sometimes a creditor asks the court to declare credit card balance nondischargeable. Learn what can happen to credit card obligations in bankruptcy.
Although you can file Chapter 7 or Chapter 13 bankruptcy on your own, it often makes sense to hire a lawyer. Learn when it's important to file for bankruptcy with an attorney, as well as how to find a good bankruptcy lawyer.
Chapter 7 is rarely used to wind down a struggling small business's operations. Learn why it's more common for a small business owner to file for personal Chapter 7 after a business closure to get out from under business debt.
Filing for bankruptcy can be a powerful option, but it can’t solve every financial problem. Learn about the benefits and limitations of Chapters 7 and 13, the two types of bankruptcy individuals often file.
At the Chapter 7 or 13 "meeting of creditors" or "341 hearing," the appointed trustee verifies the debtor's identity, asks questions about the debtor's bankruptcy petition and financial documents, and lets creditors examine the debtor.
Chapter 7 "discharges" or erases qualifying debt without you directly repaying creditors. Instead, the bankruptcy trustee sells unneeded luxury property and uses the funds to repay creditors. Learn more about the process.
Deciding whether to file for Chapter 7 before or after foreclosure can be confusing. Learning the pros and cons of each approach, and consulting a bankruptcy lawyer, can help you select the strategy right for you.