Tag Archives: Chapter7

Will Bankruptcy Wipe Out ALL My Debts?

One of the main benefits of Chapter 7 bankruptcy is the ability to eliminate debts and get a fresh start. But exactly which debts are wiped in Chapter 7? Will you really have a clean state to rebuild your finances on? A discharge releases the debtor from liability for debts and stops creditors from pursuing collection against the debtor. The good news: many debts are dischargeable in bankruptcy, and Chapter 7 does not take very long to complete (usually a few months). The bad: not all debts can be discharged, and you may have to make other sacrifices. What Debts Can Be Discharged in Chapter 7? Under the Bankruptcy Code, there are 19 categories of debt that cannot be discharged. These include: Unscheduled debts (debts you fail to list on your bankruptcy petition or mailing list) Some taxes Spousal or child support, as well as other debts owed for former…
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What Do I Need to Know Before Filing for Bankruptcy?

The decision to file for bankruptcy is not an easy one. The stigma, the damage to your credit and the loss of certain assets can be a struggle. But sometimes, bankruptcy is the best option to reset your finances and move forward into the future without the burden of mounting debt. Things to Know About Bankruptcy Before You File You should know the difference between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy involves liquidating assets in order to discharge most or all of your debt. If you opt for Chapter 7, you may be able to keep some of your assets, but you might have to give up nonexempt assets. Chapter 13, on the other hand, involves creating a payment plan to pay back creditors over a period of time. Chapter 7 tends to be a shorter process, lasting only a few months. Chapter 13 takes years to…
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Fyre Festival Files for Bankruptcy After Disastrous 2017

The Fyre Festival, as it was advertised, was a two-weekend music festival that was supposed to take place on the island of Great Exuma in the Bahamas. The event was widely promoted by celebrities including Kendall Jenner, Bella Hadid and Emily Ratajkowski. It was organized by Billy McFarland and Ja Rule. Prior to the festival, the showrunners experienced a wide variety of setbacks. And when the guests began to arrive, it was clear that the festival was not going to be the ultra-ritzy, fun getaway they were promised. Now, Fyre Fest LLC has filed for Chapter 7 bankruptcy. Fyre Fest allegedly promised repayments of $530,000 for investors’ investment in the festival. Fyre Fest was supposed to pay by May, but investors never got the money. The Fyre Fest Fiasco Guests paid at least $1,500 each for tickets to the swanky music festival. Advertising for the festival showed private jets, plush…
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