Which Assets are Exempted in Bankruptcy?

If you have been following my blog for any length of time, you probably know that there are two types of bankruptcy that are available to individuals namely Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy is liquidation bankruptcy where your assets are sold off (liquidated) to pay your creditors whereas Chapter 13 bankruptcy […]

Income of Spouse in Bankruptcy filing

One of the requirements in any bankruptcy filing is an income declaration. Your income will determine which type of bankruptcy you are eligible to file. If you are filing a joint bankruptcy petition with your spouse, it would be quite straightforward. Both your incomes need to be declared. But if you are making a bankruptcy […]

Reinstating Driver’s License through Bankruptcy

Did you know that bankruptcy can get your suspended driver’s license reinstated? Let me explain. If you owe money due to an outstanding debt related to a civil judgment, you may get your driver’s license suspended. Two common examples of such debt are owing child support and lack of insurance. So if your driver’s license […]

What Happens to Payday Loans in Bankruptcy

Payday loans are short term loans mostly taken by the lower income group of people to pay for immediate expenses.  The good thing is that payday loans are generally easy to obtain but the bad thing is that these loans usually accrue high interest rates.  Due to these high rates, you end up repaying more […]