We talk a lot about secured and unsecured debt in bankruptcy. Unsecured debts are debts that do not have property attached to them, and thus cannot be garnished by a creditor (unless through specific court orders).
Bankruptcy happens all around the world, but interestingly enough, it takes different forms. Below we compare and discuss the bankruptcy processes of Australia, the UK, and the US.
While it seems like all debt should just be considered “debt,” it’s actually not considered that way in bankruptcy. Below we discuss unsecured and secured debt.
One of the questions we get asked the most is if student loan debt can be discharged with bankruptcy. Unfortunately, most debtors are not able to discharge student loan debt through Chapter 7 or Chapter 13 bankruptcy.
One of the first things that will need to be established when you file for bankruptcy is your secured debt and your unsecured debt.
Bankruptcy is not uncommon among Hollywood. In fact, it happens more often than you would think. Just take a look at this list of celebrity bankruptcies.
Bankruptcy carries with it a number of restrictions that you’ll want to be aware of. One such restriction is borrowing or receiving cash gifts from friends and family.
Rapper 50 Cent filed a Chapter 11 bankruptcy last July, but this past weekend he took to Instagram to show off video of his new house in Africa.
Late last December, longtime Phoenix retailer, the RoomStore furniture chain, filed for Chapter 11 business bankruptcy. With it, came a lesson for all retail stores that are still struggling in the wake of the financial crisis: you have to be nimble.
To qualify for a Chapter 7 bankruptcy in Arizona you will need to take the Arizona Means Test, during which your income is compared to the median income for a household of your size.