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Keeping your property, even in bankruptcy

One of the most common concerns voiced by individuals who are considering bankruptcy is over losing important personal property. While you may have to relinquish certain assets if you file for Chapter 7, a popular choice for Washington D.C.-area bankruptcy applicants, this does not mean that you will have to give up everything.

The sickening cost of health care

How are you feeling today? If the answer is, "Not so good," you probably also have a stack of medical bills on your kitchen table. Even if you have health insurance, chances are you are struggling to pay medical debt for your injury, sudden illness or chronic condition. While 53 percent of people without insurance say they are having trouble paying for medical care, another 20 percent of those who have insurance are in the same boat.

Can you get your car back if it's been repossessed?

Washington D.C. residents who have had a vehicle repossessed like you may be wondering one thing: is that the end of the road for you and your vehicle? Once your car is repossessed, is that battle considered lost? Will you ever have the chance to get it back?

What can I keep? The liquidation process in Chapter 7 bankruptcy

As a consumer who is overwhelmed by debt, you know that bankruptcy offers you a way out of the cycle of minimum payments, compounding interest and outstanding balances. Like many consumers in the Washington, D.C., area, you may be hesitant to explore this option due to the stigma that is often associated with bankruptcy and concern over what will happen to your stuff. However, with Chapter 7 bankruptcy, you may have the option to both confront your debt and keep your possessions.

Reaffirmation agreements and Chapter 7 bankruptcy

When filing for Chapter 7 bankruptcy in Washington D.C., people are able to discharge a number of debts to help free them from their heavy financial burden. During the process, people may choose to relinquish the payments on certain loans, and as a result, risk losing the property that they are paying for. For example, people who file for Chapter 7 and fail to make their auto loan payments may have their car repossessed. However, they will no longer be responsible for their monthly car expense. In some cases, debtors may decide to reaffirm the auto loan, continue making payments and keep their automobile.  

What debts cannot be discharged in bankruptcy?

If you are thinking about filing for bankruptcy in Washington, D.C., it is important to gain a full understanding of what the process entails. Chapter 7 bankruptcy is often the most popular form due to the fact that you can discharge most of your debt. However, you should note that there is some debt bankruptcy cannot dissolve.

What happens during a meeting of the creditors?

If you have filed for Chapter 7 bankruptcy in Washington, D.C., you know there are a number of steps that must be taken before your case can be resolved. One such step is the meeting of creditors. This idea of this meeting may be a source of anxiety for you, as it is for others who are seeking debt relief. In order to ensure you are prepared, it is important for you to understand what happens during a meeting of the creditors.

Understanding the Chapter 7 bankruptcy means test

When seeking Chapter 7 bankruptcy protection, people in Washington, D.C., and elsewhere must meet certain eligibility requirements. One of these qualifications is the means test. In order to ensure they are choosing the right debt relief option for their situations, it behooves people to understand what the means test is and when it is applicable.

Understanding the difference between exempt and non-exempt assets

Like others in Washington, D.C. who are struggling with debt, you may have considered filing for chapter 7 bankruptcy. When making the decision whether or not to file, you may take into account the liquidation requirements. At Ammerman & Goldberg “Bankruptcy” Law Office, we know that it can be confusing to understand what assets are subject to liquidation in such cases. Thus, in this post, we will discuss exempt versus non-exempt assets.

The reasons chapter 7 may not be the right choice

In January 2016, 26 people filed for chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Columbia. Five others filed for chapter 13. There is a variety of options for people seeking bankruptcy relief, as the court’s data reflects. Though chapter 7 is one of the more popular choices, it is important to know why it may not be the best fit for every consumer.

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