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Legal Strategies Bankruptcy Attorneys Use to Keep Assets from Creditors

Contrary to popular belief, when you file for personal bankruptcy, you don’t lose everything you own to your creditors. Chapter 7 bankruptcy allows you to keep certain exempt property, such as clothing, retirement accounts, household items and an automobile. Non-exempt property is sold to repay your creditors and most debt that remains is discharged, or forgiven. Chapter 13 bankruptcy potentially […]

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Will the Second Obama Term Bring About Bankruptcy Reform?

U.S. bankruptcy laws were last overhauled in 2005. Will another wave of reform occur during President Obama’s second term? Perhaps. Some Groups Already Planning for Bankruptcy Reform Two groups are already looking at how bankruptcy laws and rules can be updated: The American Bankruptcy Institute, which is a trade group for bankruptcy attorneys and other professionals, has assembled […]

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Chapter 7 Bankruptcy

Chapter seven bankruptcy is named from the chapter of the bankruptcy code which can be found at Chapter 7 of Title 11 of the United States Code. Chapter seven bankruptcy is designed to give the debtor a fresh start. In chapter seven bankruptcy all dischargeable debts will be cancelled. Creditors are cut off from claiming any debt […]

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