Filing for Consumer Bankruptcy

Every year, over a million Americans file for personal bankruptcy. With that many filings, it’s obvious that bankruptcy is an important and sometimes necessary part of our economic system. Bankruptcy laws allow individuals and businesses to eliminate or repay a portion of their debts through types such as Chapter 7 bankruptcy or Chapter 13 bankruptcy.

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Converting From One Bankruptcy Chapter to Another

The bankruptcy term conversion refers to the process by which a debtor, creditor, or bankruptcy trustee transfers a pending bankruptcy case from one chapter to another. Conversion may occur for a number of reasons, and may be voluntary or involuntary depending on the circumstances. Follow this link for detailed information.

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What is bankruptcy?

Bankruptcy is a legal proceeding that allows a debtor (someone who owes money) to temporarily or permanently avoid paying some or all of his/her debts. Many people tend to have a negative view of bankruptcy and will try several other debt relief avenues before they seriously consider bankruptcy as an option. If you are struggling with debt and bankruptcy is a possibility, you may want to at least consult with a bankruptcy attorney before you finalize your debt management plans.

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What are key terms used in bankruptcy?

Bankruptcy law can be quite complex and in order to understand it better, it helps to familiarize yourself with various bankruptcy terms. The words and terms listed in this article are ones commonly used in bankruptcy.

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Is bankruptcy a bad thing?

While bankruptcy is rarely going to be viewed as a great thing or a wonderful moment in a person’s life, it does serve an important purpose. Bankruptcy laws were designed to protect those who become overwhelmed by debts, and to ensure that people can get a fresh start on life in the event that their financial situation becomes impossible. While bankruptcy can have an adverse impact on your credit, it can also be a way for you to get a clean slate. As such, bankruptcy is not necessarily a bad thing or a good thing.

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Bankruptcy Pros and Cons

The decision to file for bankruptcy can be a difficult one.It’s important to consider the pros and cons and make sure that bankruptcy isyour best option.

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Can I Get a Judgment Lien Removed in Bankruptcy?

In financially difficult times, as a homeowner, you may find yourself in the uncomfortable position of owing money you can’t afford to pay, leading a creditor to obtain a judgment lien on your home. A lien can impact your ability to sell your home, leaving you to wonder if a judgment lien can be removed in bankruptcy.

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