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Types of Bankruptcy

Chapter 7 Otherwise referred to as a “Straight Bankruptcy” or “Liquidation”. In a Ch. 7 Bankruptcy, the debtor can discharge (eliminate the legal obligation to repay) unsecured debts. you’ll be ready to keep valuable assets, as there are some exemptions which will be available to you. But any property that doesn’t meet one among these […]

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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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