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.
One of the most frequent concerns that we hear from consumers who are overwhelmed with debt but frightened about the prospect of bankruptcy is, "I'm worried that I have too much money to qualify."
Your bankruptcy exemptions detail the property that you get to keep when you file for Chapter 7 bankruptcy. These are the personal possessions and other property that won't be subject to liquidation when it's time to sell your property for the purposes of paying back debts. Fortunately, many bankruptcy filers are surprised by just how much of their favorite property they get to maintain through the following bankruptcy exemptions: