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A bankruptcy lawyer can assess your financial situation, advise you on the most suitable type of bankruptcy to file (such as Chapter 7 or Chapter 13), prepare and file all necessary paperwork ...
Declaring bankruptcy isn't your only option. Read on to explore a few other choices that may provide better outcomes for your financial situation. Before You File for Bankruptcy, Consider These 3 ...
Bankruptcy exemptions are available only to individuals filing bankruptcy. [43] There are two alternative systems that can be used to exempt property from a bankruptcy estate, federal exemptions [44] (available in some states but not all), and state exemptions (which vary widely between states). For example, Maryland and Virginia, which are ...
How your bankruptcy will play out depends on the type of bankruptcy you file. A trustee is typically appointed to take over your property and assess it for resale during Chapter 7 bankruptcy.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) made changes to American bankruptcy laws, affecting both consumer and business bankruptcies. Many of the bill's provisions were explicitly designed by the bill's Congressional sponsors to make it "more difficult for people to file for bankruptcy."
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