Most people file under chapter 7 bankruptcy law because of the three main reasons:
It is much faster then the other chapters. With a little effort on your side, you can have the entire process over in next four to six months.
It is also simpler to file. No frequent visits to court are required.
There are no [...]
In the United States, bankruptcy court is operated as part of the Federal judicial system. However, it is important to understand that every state has their own laws relating to bankruptcy. This created some unbreakable barriers for creditors and debtors when they were dealing with different states. As a result the Federal system was designed [...]
One of the most important decisions borrowers will have to make when dealing with a financial hardship leading up to a foreclosure is whether to seek relief under the federal bankruptcy laws or not. Depending on their financial situation, discharging debts under Chapter 7 or seeking a legal payment plan under Chapter 13 may be [...]
