Exempt property is not touched by the court in a bankruptcy proceeding. State and federal laws provide a list of all property that can be kept through exemption during your bankruptcy proceeding. In a Chapter 7 bankruptcy, all property that is not exempted will be liquidated in order to pay off creditors, so it is in your best interest to know what can be kept through exemption.
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Archive for the 'Bankruptcy' Category
You may have the notion that after having filed for bankruptcy, you are far from a possible candidate to get a loan, however, this is a big misconception. Of course, it may seem hard to believe that a bank would give out any type of loan and take the risk with anyone who has gone bankrupt, but as a matter of fact, it does happen. The truth of the matter is that there are banks willing to provide you with what they call bankruptcy loans.
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Have you been spending sleepless nights worrying about the seemingly impossible task of buying a home after you have filed for bankruptcy? You may be thinking that because you have gone under, there is no hope for you to be credit-worthy again. Fortunately, this isn’t true at all.
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You may not realize it, but there is life after bankruptcy-only if you know how to build credit after bankruptcy. Rebuilding your credit is like correcting a past mistake. In your case, your bankruptcy serves as a learning experience and a wake up call for you to better manage your personal finance.
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Bankruptcy is not the only option to become debt free. In fact, it should be left as a last resort when your debt condition has gone out of hands. Although you can get out of debt through bankruptcy fast but the aftermaths are just horrible and that is the reason why every smart person tells you to avoid bankruptcy.
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Bankruptcy laws deal with bankrupt individuals or businesses. It is an area of federal law, but the bankruptcy laws tend to vary slightly from state to state.
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You tried very hard to succeed in your business. Unfortunately things just did not work out. And then came the recession like one huge dark cloud. It has been showering miseries on you since then. This is the typical story for most small businesses all over the United States. The Internet had ushered in an era of small businesses. The wonderful small business story had just taken off.
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After passing through bankruptcy, you can spend way too much time worrying if you are able to obtain credit cards after bankruptcy. In the past, it was a real concern and they were definitely difficult to obtain, but the present economy has changed everything. More competition in the credit market has opened up more avenues to re-establishing credit for those who have claimed bankruptcy.
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If your debts have gotten to the point where you’re unable to pay them, declaring bankruptcy may be your best decision. We live in a society that encourages debt, and in this economically challenging time, it’s easy to let your debts get away from you, to find your life being run by your debts. Fortunately, the US Bankruptcy Code has two very common options for individuals declaring bankruptcy: Chapter 13 and Chapter 7.
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In the last article, we touched on the consequences of not filing for bankruptcy, which included possibly having your home foreclosed by banks or your car repossessed by the lending company. What’s more, the government may garnish your wages if you haven’t been paying toward your student loans on time.
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