Bank finance articles and tips

Bankruptcy is a process for people who can no longer pay their debts that allow them to liquidate their assets to satisfy their debts or to create a repayment plan to satisfy those debts. There are many ways to file bankruptcy and it depends on whether the filer is an individual, business or municipality as to which option they choose.

Chapter 7 Bankruptcy is a case that does not involve filing for a repayment plan. The trustee investigates the debtor's nonexempt assets and uses these assets as a way of repaying the debtor's obligations. It is important to keep in mind that some of the debtor's property may be subject to liens. There are set court fees, miscellaneous administrative fees and a trustee surcharge for all bankruptcy cases. The fee charged by the attorney will vary by state....