Filing for chapter 7 bankruptcy can be a difficult process, but sometimes, those doing so have come to the conclusion that it is the only solution to a very complex situation. Other times, those with debt try as hard as they can to repay the loans and credit lines they’ve utilized. However, in certain instances, you could potentially be forced into a chapter 7 bankruptcy.
Although there are certain rules that apply to this type of ‘creditor-initiated’ bankruptcy, it is a legally valid tool that creditors can leverage in an attempt to collect on past debts.…
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If you have already started the process of filing for bankruptcy, you may be eager to get the bankruptcy behind you. However, you may be making mistakes that could jeopardize the discharge of your debts, which would mean that you would still be responsible for paying them back. Here are just a few mistakes to avoid making while going through the bankruptcy process.
Trying to Pay Creditors with Retirement Funds…
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You may run into one of these three issues when filing chapter 7 bankruptcy. There are ways to handle each one so your bankruptcy can be successfully discharged.
1. Nuisance Filing on Your Record
If you filed bankruptcy twice in one year but the first time your case was dismissed because you failed to do all the requirements (such as completing the credit counseling class), when you file the second time a judge could lift the automatic stay within 30 days on your creditors.…
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