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Personal Bankruptcy Archives

In Chapter 13 bankruptcy, debtors file a Plan to keep their home

The Chapter 7, or straight bankruptcy, is used by consumers in Arkansas to eliminate credit cards, medical bills, and other unsecured debts. As previously discussed, it’s possible for an individual filer, or husband-and-wife joint filers, to retain their residence in a Chapter 7. In some circumstances, the debtor can keep paying on a current house loan and reaffirm the loan, while discharging unsecured debt. The mortgage and the debtor’s ownership of the home, will pass through the Chapter 7 basically untouched. However, if the home loan is in arrears or default, or even if a foreclosure sale was pending at the time of filing, the debtors can file a Chapter 13 bankruptcy to try and bring the loan current and keep the house.

Chapter 7 debt relief quickly wipes out unsecured debts

For those in Arkansas who may be contemplating the possibility of bankruptcy as a way to quickly eliminate large amounts of unsecured debt, it’s wise to get an understanding of how the procedure works. Those who go forward well-informed will be more relaxed and positive by knowing the meaning and impact of the various steps. Generally speaking, a personal bankruptcy for those with large amounts of unsecured consumer debt, such as credit cards, unsecured personal loans, and medical bills, is the strongest, quickest and most effective debt relief remedy available.

What is a bankruptcy discharge order and when does it occur?

A discharge in a consumer bankruptcy in Arkansas and all other federal bankruptcy districts comes after the trustee has conducted a meeting, thoroughly reviewed all matters, and concluded that all laws and procedures have been followed. The Court then orders a full discharge of the debtor's unsecured debts. This goes relatively quickly in a Chapter 7 bankruptcy, which is the most common form of consumer filing.

What's the difference between Chapter 7 and Chapter 13?

There have been plenty of jokes made about the many different types of "chapters" there are when it comes to bankruptcy. However, the variety in bankruptcy allows for people and businesses to maneuver out of the many different financial situations they can find themselves in. Two of the most common forms of personal bankruptcy are Chapter 7 and Chapter 13.

Student debt scamming becoming much more noticeable

It's an unfortunate aspect of life: there are people out there who prey on people who are in difficult life situations. Often these scam attempts revolve around money, and usually the targets are people who are significantly in debt. Mortgages, credit card debt, auto loans -- all of these things have caused many people to believe that a voice on the other end of the phone actually represents a legitimate business that is trying to help them get out of debt.

After many failed bankruptcy attempts, woman jailed for fraud

After filing for bankruptcy six times in a four-year span, a woman has been sentenced to federal prison for just over a year after she pleaded guilty to providing false statements in her bankruptcy attempts. Apparently all of her bankruptcy attempts were Chapter 13 filings, and all were dismissed as a result of missing information or documentation.

The problem with student debt, and the hope it will soon be fixed

One of the prevailing reasons that many people are in debt is student debt. The loans that people took out in college to pay for myriad things -- including skyrocketing tuition, absurdly expensive books, and numerous other school supplies -- end up biting them later on in life.

Here are some ways to rebuild your credit after bankruptcy

As we have written about, and as many people know, filing for bankruptcy is a major decision in a person's life. It will help you clear out many debts that are leading you towards financial despair. However, bankruptcy is also very hard on the person who files. It will take some time to rebuild your credit and to get back to the way things were.

Why debt management companies should be avoided at all costs

For those toiling in debt, the promise of being debt free after working with a debt management company can be very persuasive. After all, who wants to deal with unrelenting creditors on their own. Creditors don’t care about the everyday struggles you go through in making ends meet, or how you essentially have to rob Peter to pay Paul every month.