Naturally, bankruptcy can strike for many different reasons, and no two cases are exactly alike. That said, you can look at some of the main reasons for bankruptcy in an effort to understand the trends and the warning signs.
There are many positives associated with filing for Chapter 7 bankruptcy. One main benefit is that most debtors have an opportunity to keep most of their assets by filing for it. It's also a relatively quick process lasting only a matter of months. It's sadly not always possible to keep your vehicle during this process, though.
What's the purpose of filing bankruptcy when your student loans are crushing you as hard as your credit card debt? After all, it's not like student loans can be discharged in bankruptcy, right?
The short way to describe Chapter 7 bankruptcy is simple: It eliminates your debt after you liquidate some of your assets to pay off some of what you owe.
It's time to break down one of the most common bankruptcy myths: That's it's morally wrong to file. If you don't think that already, you may think it's absurd, but rest assured that a lot of people struggle with this. It's one of the main reasons that people who could really use bankruptcy are reluctant to file. They feel like they are doing something wrong, and they can't stomach it.
Young professionals often find themselves between a rock and a hard place. When they first graduate, they often struggle to find employment. This leads many down a path of debt. Creditors come knocking. Many consider filing bankruptcy for a fresh start. They hesitate in filing for it out of fear for how it may affect their job prospects though.
A question frequently asked of consumer bankruptcy law attorneys is whether a bankruptcy wipes out student debt. Unfortunately, in all but the rarest circumstances, it does not.
If you are a resident of Medina or live anywhere in Medina County and want to file for bankruptcy, you must file your petition in the United States Bankruptcy Court in the Northern District of Ohio. According to their website, the court serves residents of 40 counties in Northern Ohio and has offices in Youngstown, Canton, Akron and Cleveland.
Filing for bankruptcy is few debtors' first solution to mounting debts. But it can be a good way to resolve your fiscal woes once other methods have been tried but failed.
One of the most distressing things about Chapter 7 is the idea that you might have to get rid of your assets and other possessions. After all, Chapter 7 is called "liquidation" for a reason -- you'll need to sell many of your assets to and pay back your creditors with the proceeds. However, it's vital to remember that you won't need to sell all of your assets.