The average Chapter 7 bankruptcy case for an individual or married couple is pending for about 4 months before it is fully closed. This time frame can vary though. According to the U.S. Courts, the following timelines may serve as a general guide on how long it takes to do a Chapter 7 bankruptcy: Between …
What Does Declaring Bankruptcy Mean?
Bankruptcy is a specific legal term that covers a set of federal laws that are designed to help people and businesses that have more debt than they can pay. For many, declaring bankruptcy means a fresh start and the chance to live life without a cloud of massive debt over their heads. Declaring bankruptcy does …
How Much Debt Should I Have to File Bankruptcy?
Filing for bankruptcy is a big decision, and you want to make sure that your choice is an informed one. Bankruptcy is designed to help people and businesses with debt problems. According to U.S. Bankruptcy Court for the Middle District of North Carolina, the goal is to give debtors a fresh start while giving creditors …
What Is the Process of Filing Bankruptcy?
The process of filing bankruptcy starts with deciding which type of bankruptcy is right for you. Then you will need to submit a petition to your local bankruptcy court. This article will explain more about how bankruptcy works and how an attorney can help you throughout the process. How to File for Bankruptcy In North …