In the year 2020, 544,463 people filed bankruptcy in the United States. That number may seem enormous, but in reality, Bankruptcy filings in 2020 were the lowest they have been in thirty-five years. This may seem counterintuitive for the type of year 2020 was, but it makes sense when you think more about the government assistance that a lot of people received last year.
If you’ve ever wondered, “Why file Chapter 13 bankruptcy?” This post might help. Before we can answer that question, however, we will need to learn more about what Chapter 13 Bankruptcy is and what it entails.
In order to prepare Bankruptcy papers fast, getting together information and documents for your attorney can take a lot of time. But it doesn’t have to be that way.
Chapter 13 bankruptcy where you pay back your debts has a number of benefits including: a lower level of risk to the debtor loosing assets (i.e. home, cars, etc.), ability to catch up missed mortgage and car payments, lower risk level of litigation from creditors, as well as means to pay back creditors in a fair and equitable manner.
If you’re hoping that bankruptcy is a quick way to have your debts discharged without having to pay another cent or lift a finger, you can be disappointed if you don’t know the facts. Which bankruptcy eliminates all debt? Well Chapter 7 bankruptcy, the most common type of consumer bankruptcy, is also called a ‘liquidation’… Continue reading Which bankruptcy eliminates all debt
Although the trustee in bankruptcy is not a judge, he or she has tremendous influence over a bankruptcy case. Many of my clients do not know what this person does. So here is the quick version of the role of a bankruptcy trustee in Utah and nationwide. So just who is the bankruptcy trustee? Trustee… Continue reading Bankruptcy trustee
Ever wondered how you filing for bankruptcy might affect someone who has cosigned a debt with you? Many people use a co-signer to purchase all types of things. for the most part this is done because they have little or nor credit history or the credit history that they have is in very bad shape. … Continue reading How bankruptcy affects a cosigner