If you have been struggling to pay your bills and have creditors constantly calling about your next payment, the thought of filing bankruptcy may have crossed your mind. But, if you’re like most people, you only have a vague idea about what it means to file for bankruptcy in Sarasota, and you may be worried…
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Chapter 7 versus Chapter 13 Bankruptcy: A Detailed Comparison
Chapter 7 Bankruptcy Most debtors prefer to declare Chapter 7 bankruptcy, since it eliminates most unsecured debts and is easier. However, due to reforms in 2005, not all debtors qualify for Chapter 7. In some cases, a debtor may be required to pay at least a portion of their debts over time in a court-approved…
Read MoreIs Bankruptcy the Right Choice for You?
Declaring Bankruptcy in Bradenton Declaring bankruptcy is not only a financial decision; it is also a personal and emotional one. There is not a single answer that can decide if an individual or couple should file for bankruptcy; instead, it requires a complex analysis of their financial and personal situation to determine if bankruptcy is…
Read MoreUnderstanding the Automatic Stay in Bankruptcy
After you file for bankruptcy, you receive an automatic stay. This is meant to protect you from creditors and bill collectors during the bankruptcy proceeding. Any lawsuit filed by a creditor, government agency, or collections agency is stopped via the automatic stay as well, offering you powerful protections. While the automatic stay in bankruptcy is…
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