When an individual files for Chapter 7 bankruptcy protection, the federal law requires an accounting of all property and assets. In most Chapter 7 cases, the bankruptcy debtor is allowed to keep all of this property through the application of legal exemptions. Common legal exemptions will protect equity in a car or house; clothing; household

While the bankruptcy process expects a debtor to “spill the beans” about his finances, there is no reciprocal obligation to help a debtor reorganize before, during or after bankruptcy. The bankruptcy trustee is ethically (and legally) forbidden from giving legal advice to a debtor. The trustee effectively acts as an advocate on behalf of creditors

Consumer bankruptcy attorneys have long known that filing bankruptcy can relieve personal stress. Clients burdened with overwhelming debt are able to “start fresh” after bankruptcy without the stress of debt collectors chasing them. Now there is evidence that filing bankruptcy may actually lead to a longer and more prosperous life.

Recently, a paper published by

Bankruptcy is meant to provide debt relief to honest, but unfortunate individuals. For some, bad luck seems to hang around a while. For others, bad luck seems to have moved in permanently. Unfortunate individuals with continuing or reoccurring debts may find relief through the federal bankruptcy laws which can provide a third, or even fourth

A Chapter 7 bankruptcy case is also called a “straight” bankruptcy. The idea is that the debtor does not have enough income to pay creditors over a reasonable period of time, so all unsecured creditors can recover is any money from the liquidation of the debtor’s non-exempt property. In most cases that means unsecured creditors

Experiencing money troubles can touch every aspect of your personal life. When there is not enough cash to go around, the typical person starts prioritizing financial obligations. A person might cut back on food and clothing expenses, cut out recreational or entertainment spending, or may pay some bills late. When there is little or no