(…) ) For some people, it’s the sensible option.
Tagged a-divorce-has, a-large-and, bankruptcy-are, debts, disease-has, doing-it-for, medical-crisis, reduced-income, second, second-time-, sensible(…) ) Here’s what happens in a Chapter 7 bankruptcy: • If the court grants your bankruptcy petition, a court trustee decides which of your assets you can keep. These are called exempt assets.
Tagged a-court-trustee, assets, bankruptcy, bankruptcy-petition, chapter, court, court-trustee, decides-which, exempt-assets-, gornest, life, states-have, with-your, your-assets(…) The question then becomes, “Are you creditworthy?” Every creditor is different and each one treats bankruptcy with a different set of rules for determining your creditworthiness. Although there are many exceptions, normally a creditor likes to see how well you do in paying your bills during the first year or two after filing bankruptcy before they extend new credit to you
Tagged a-problem-for, bills, bills-during, chapter, credit, credit-report-, creditor-likes, different-set, elena-oseki, first, problem-for, question-then, their-current, year-or-two, years-after