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Consolidating debt allows the debtor to repay all debt to a single creditor. This usually allows an individual to lower interest rates on current debts to a single, lower interest rate. Debts may be consolidated to a low interest credit card, a debt consolidated loan or a home equity line.

When the debtor is threatened with bankruptcy, creditors become more likely to agree with the debtor to recongigure the current repayment agreement. Creditors may agree to lower interest rates, lower ...

A Chapter 7 bankruptcy case begins when the debtor files a petition with the bankruptcy court in the area where the debtor resides. When the debtor files the petition, he or she must pay a case filing fee and a miscellaneous administrative fee. These fees must be paid for a bankruptcy under any Chapter, but the case filing fee differs depending on under what chapter the case is filed. With the petition, the debtor must also file with the court a schedule of assets and liabilities, a schedule ...

Individuals typically prefer Chapter 7 bankruptcy because it is easier. Chapter 7 has strict qualification requirements because it allows the debtor to be free of most debts even if their current assets will cannot pay back all debts.

Assuming an individual qualifies for Chapter 7, what are the advantage of filing for Chapter 7 over Chapter 13?

Chapter 7 is appropriate if the debtor is unable to pay debts via a repayment plan.

If a debtor needs quick ...

There are several different types of bankruptcies. The first basic difference is voluntary and involuntary bankruptcy. These two types of bankruptcies are exactly what their names suggest. A voluntary bankruptcy is when a debtor voluntarily files a petition of bankruptcy, commencing the bankruptcy proceeding on his or her own. An involuntary bankruptcy is when a creditor, or multiple creditors, initiates the bankruptcy proceeding.

Once bankruptcy proceedings have been initiated, ...

If this is the first time you have been charged with DUI (“Driving Under the Influence”), you are probably wondering what in-fact are the consequences. This is understandable; most people are unfamiliar with the Criminal Justice System until they become a part of it. A general overview of the consequences is as follows, but a more specific overview is provided in another sections of this site. DUI penalties, although different from state to state, tend to depend on whether you have been convicted ...