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Once you have thoroughly assessed your financial situation, understood the pros and cons of the bankruptcy options available, and consulted with a lawyer, it's time to decide.
Chapter 13 bankruptcy, known as reorganization bankruptcy, allows you to retain some of your assets while paying back your creditors over a set period of time, typically a three-to-five-year period.
To qualify for this type of bankruptcy, you must have a steady income and unsecured debts totaling less than $465,275 and secured debts totaling less than $1,395,875. ... Pros and cons of Chapter 13.
Texas two-step proponents, like Johnson & Johnson and its lawyers, have argued that Texas two-steps are not inherently bad-faith, and that in the context of mass-tort litigation bankruptcy is fairest way to address large numbers of personal injury claims. Unlike in traditional courts hearing cases brought by many different people, bankruptcies ...
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Pros and cons of bankruptcy. Before taking a major step like filing for bankruptcy, it’s important to understand all of the ramifications, including the benefits and drawbacks.
Image source: Getty Images. For many years, I was a bankruptcy lawyer. As opposed to when I practiced litigation (suing people and defending lawsuits), bankruptcy was a dream practice.
When you file for Chapter 7 or Chapter 13 bankruptcy, you will need to attend credit counseling. Your credit counselor will go over your options and help create a plan. Your credit counselor will ...