You may ask yourself about the purpose of bankruptcy law and why there is such thing as a bankruptcy process. Could it give people an incentive to not pay their debts back or to accumulate large amounts of debt only to have it discharged by a bankruptcy? I guess some people think this way but… Continue reading Why bankruptcy law
Category: Bankruptcy
Why bankruptcy happens
Bankruptcy happens as a result of being insolvent, or unable to pay back your debts. Bankruptcy is a legal status that lasts for a few month to several years depending on the kind of bankruptcy you pursue. It is an alternative to get rid of debts that you are unable to pay by yourself. It… Continue reading Why bankruptcy happens
Bankruptcy with divorce
Whether you should file a bankruptcy before or after your divorce depends upon your debts, properties, where you are living and a web of other issues. When considering bankruptcy with divorce you will want to consider all options to know if you should get divorced first or file for file a bankruptcy first, that way… Continue reading Bankruptcy with divorce
Bankruptcy to clear all debt
Had someone send me a question about a bankruptcy to clear all debt. What they were talking about was filing for Chapter 7 bankruptcy. A Chapter 7 bankruptcy is designed to wipe out most if not all of your unsecured debts (debts that are not somehow tied to property). Where a Chapter 13 bankruptcy can… Continue reading Bankruptcy to clear all debt
Why bankruptcy is important
Ever wonder why do we have bankruptcy and why it’s important? Bankruptcy is important because it is one of the few tools we have to free ourselves from financial enslavement. People who cannot work freely are unproductive yet when debtors become liberated from their debts they usually once again become productive and functional to society. … Continue reading Why bankruptcy is important