Category: Bankruptcy Law

In Chapter 7, there are three possibilities for dealing with a debt that is secured by collateral, one of which is a “redemption”. Redemptions are usually only done with regard to vehicles, though it would be theoretically possible to do it with other types of personal property too. This article deals with redeeming cars. This

If the state or federal government owes you money for a tax refund that you have not yet received, this is considered to be an “asset” owned by you similar to money in your bank account. Assets should be disclosed in bankruptcies. You are then allowed to “exempt” or protect those assets within certain dollar

The amount of student loan debt now exceeds outstanding credit card debt in the United States. This is not surprising because acquiring a higher education is perceived to be necessary to landing a job in a competitive environment. Further, it is easier to borrow for a student loan than it is to borrow for other

In Chapter 7, the Court is not interested in taking and selling property except to the extent that it has equity in it… that is, to the extent that it is worth more than what you owe on it. Thus, the value of your property is very important. For bankruptcy cases filed on or after

Under contract law, a “signer” and a “co-signer” are both obligated to pay a debt, and a creditor can legally collect the whole amount of the debt from either one. It doesn’t matter which name is first on the contract. If one or the other files bankruptcy, that might change.

General information about bankruptcy is available online, and some people prefer to do preliminary research before making their first contact with a lawyer. However, in bankruptcy, what happens depends on the circumstances of the individual debtor. Also, to some extent, issues are handled differently depending on which judge or which trustee is assigned. Thus, it