Tag Archives: Chapter 7 bankruptcy
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Bankruptcy is not appropriate for every financial situation. Moreover, not every type of bankruptcy works for every type of debt. Before you decide to file a bankruptcy petition in court, you should review the amounts and sources of your debt and expenses with an experienced bankruptcy professional, weigh your options and determine whether bankruptcy actually… Read More »
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Although bankruptcy follows federal legal guidelines for the most part, certain aspects differ based on state laws. In Georgia, for example, state law dictates that certain items are considered exempt property. These exemptions may or may not match federal exemptions. Chapter 7 and Chapter 13 exemptions Although Chapter 7 bankruptcy is what people most commonly… Read More »
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Once a Chapter 7 bankruptcy is filed, all collection efforts and activities must stop because of the bankruptcy’s automatic stay. But, it’s important to know that the Chapter 7 automatic stay does not extend to your cosigners. Therefore, your creditors are free to pursue them in an effort to collect the debt. Fortunately, if you… Read More »