Chapter 7 or Chapter 13 Bankruptcy: What’s the Difference? When individuals file for bankruptcy, one of the first choices they must make is under which chapter of the Bankruptcy Code to file their case. In general, individuals choose to file either under Chapter 7 or Chapter 13. Each of these chapters provides its own set of rules […]
Tag Archives: bankruptcy
All about bankruptcy discharges:
During the 12-month period that ended September 30, 2018, more than 760,000 Americans filed for bankruptcy under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. These Americans were facing seemingly insurmountable debts, but the bankruptcy process offered them a way out. The way bankruptcy does so is through the discharge, a court order that terminates a […]
Bankruptcy and inheritance
When a bankruptcy debtor inherits money from someone who dies within 180 days of the date the debtor filed bankruptcy that money becomes part of the debtor’s bankruptcy estate. The inherited money that becomes part of the bankruptcy estate is used to pay your creditors. This is true even if you have received a discharge and your […]