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Bankruptcy Law – What You Need to Know
Bankruptcy Law

Bankruptcy Law – What You Need to Know

Are you confused by the laws surrounding bankruptcy? If so, this article will help you understand the basics of the three most popular types of bankruptcy. These three types of bankruptcy include Chapter 7 bankruptcy, Chapter 13 bankruptcy, and Chapter 15 bankruptcy. Read on to discover which is the best option for you. Once you understand the process, you'll be able to apply for bankruptcy with ease. And don't worry, you'll have some valuable resources to use to guide your case. Chapter 7 bankruptcy In the United States, the most common form of bankruptcy is Chapter 7. It governs the liquidation of assets, and its alternative, the reorganization process, and it is the most widely used type of bankruptcy. Unlike Chapter 11, which involves liquidating assets, Chapter 7 does not requi...
Bankruptcy Law
Bankruptcy Law

Bankruptcy Law

When debts exceed assets, a person panics. There are many worries about their future. Especially, if they lent money to a reliable borrower, they will be upset if the person is unable to repay it. Thankfully, there are laws that govern situations where debts are overwhelming. Bankruptcy law deals with these situations. Read on to learn more. Here are a few tips for those in debt. Chapter 7 bankruptcy There are many benefits of Chapter 7 bankruptcy under bankruptcy law. It takes about four to six months and costs $299 in filing and administrative fees. It usually only requires one trip to the courthouse. With Chapter 7, you can get rid of your debt without losing your home, car, or other necessities. You may be able to reclaim any property that you have sold in the past two years. Ho...