Understanding Chapter 7 Bankruptcy: A Fresh Start
Chapter 7 bankruptcy is a legal process designed to provide individuals overwhelmed by debt with a fresh start by liquidating their non-exempt, unencumbered assets to repay creditors. In most cases, an individual or a couple can retain all their assets and start fresh with new credit. Here’s a simplified breakdown of what you need to […]
The Chapter 7 Bankruptcy Process: What to Expect
Bankruptcy law is highly nuanced, with many specialized local practices which vary by district. For these reasons, it is recommended that you seek out legal assistance to go through this process. Pre-Filing Considerations: Before your case can be filed, all individuals must complete a credit counselling course, and obtain a certificate of completion. This mandatory […]
Rebuilding After Chapter 7 Bankruptcy: Restoring Financial Health
While Chapter 7 bankruptcy provides individuals with a fresh start by discharging eligible debts, the journey to financial recovery doesn’t end there. Rebuilding financial health and stability after bankruptcy requires careful planning, discipline, and patience. Let’s explore some essential steps individuals can take to restore their financial well-being after Chapter 7 bankruptcy: Budgeting Creating and […]