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In Florida, there are two chapters of consumer bankruptcy that an individual normally files: 7 and 13. Chapter 7 will quickly and easily wipe out your unsecured debts such as credit cards and personal loans. Chapter 13 is a debt repayment plan where your debt will be reduced and reorganized into a 3-to-5 year payment plan. This type of bankruptcy is meant for people who cannot pay all their debts despite… Read More »

Repossession is the process through which the lender, bank, or other creditor reclaims possession of an automobile from a borrower who has defaulted on their loan. Repossession is legal because the contracts for most auto loans provide that the vehicle being purchased will serve as collateral to ensure the buyer fulfills their end of the agreement. This means that under Illinois law, a lender can take back your… Read More »

Many people worry about how filing bankruptcy in Texas will affect their property, and one question that often comes up is, “can I keep my car?” Each state permits people who file for bankruptcy to save certain “exempt” assets when filing, including motor vehicles. In fact, Texas law allows your household to exempt the total value of one car per… Read More »

As an individual in Illinois, bankruptcy laws allow you to file for two different types: 7 and 13. With Chapter 7, you can wipe out your unsecured debts entirely, whereas Chapter 13 requires you to make monthly payments towards your debt over the course of 3 to 5 years… Read More »

In the state of Florida, child support payments are not directly affected by bankruptcy. No type of filing can eliminate your ongoing obligations, discharge your past-due support debt, or force the modification of a family court order… Read More »

It is often assumed that medical debt cannot be discharged in bankruptcy, but actually, this is not the case. The truth is that, in Michigan, you can include your healthcare bills in your Chapter 7 or Chapter 13 filing. In fact, the bankruptcy process… Read More »

Foreclosure is the process of a bank or lender retaking possession of a property after its owner falls behind on their mortgage payments. In Georgia, there are two types of foreclosures: judicial and non-judicial. However, regardless of … Read More »

If you, like many others, are experiencing financial hardship and have defaulted on your auto loan, it is likely that your car will be repossessed. Repossession occurs when the lender reclaims a financed motor vehicle … Read More »

Many people who could benefit from the debt protections offered by bankruptcy are afraid to file due to common misconceptions about the process. One of the most widespread misunderstandings is the idea that you will lose everything you own if you file for bankruptcy. The truth is, you… Read More »

Foreclosure! Foreclosure is a scary word with scary consequences. A foreclosure occurs, when the bank or your mortgage lender decides to take back possession of the property they are financing due to you, the borrower, defaulting on your mortgage payments… Read More »