Are There Conditions You Must Meet to Qualify? If you've thought about personal bankruptcy filing as a way to get a fresh start, you may know that you must meet certain qualifications in order to file for permanent debt discharge under Chapter 7. A "means test" is used to determine whether you meet the requirements. There's a general perception … [Read more...]
Avoid These Common Mistakes When Taking the Chapter 7 Means Test
June 10, 2020 by Leave a Comment
Let an Experienced Bankruptcy Attorney Guide You Through the Process Under American bankruptcy law, individuals must submit to a "means test" to determine eligibility for the permanent discharge of debt under Chapter 7. The means test establishes whether you have the resources to repay your creditors over a three-to-five-year period. If you do, … [Read more...]
The Means Test in Chapter 7 Bankruptcy Filings
June 1, 2020 by Leave a Comment
How the Court Determines Whether You Qualify for Permanent Discharge Under American bankruptcy law, you can seek to permanently discharge personal debt under Chapter 7 or else file for Chapter 13 "debtor's reorganization," in which you work with creditors to negotiate arrangements to pay your financial obligations over a three-to-five-year period. … [Read more...]
Consumer Bankruptcy—An Introduction
May 20, 2020 by Leave a Comment
Understanding Your Options and What You Can Accomplish If you've lost your job because of the COVID-19 crisis, you may already be feeling the financial crunch. Unfortunately, for many, it appears that those jobs won't be coming back soon. As your financial challenges mount, you might consider personal bankruptcy as a tool for getting a fresh … [Read more...]
Take Action Now to Get Protection Under the Bankruptcy Law
May 13, 2020 by Leave a Comment
The Sooner You File, the Better If you're like many Americans, you're struggling financially right now as the COVID-19 pandemic persists. You may be one of the more than 20 million who've lost their job, with the prospects of getting another one any time soon looking slim. Your savings are gone, and you're getting behind on car and mortgage … [Read more...]
What to Expect (and Not to Expect) from a Chapter 7 Bankruptcy Filing
May 7, 2020 by Leave a Comment
What Chapter 7 Can and Cannot Do for You If you're struggling to meet your financial obligations, chances are good that you've considered filing for Chapter 7 bankruptcy protection. It's important to understand, though, that bankruptcy won't solve all your problems and that there will be consequences. Before you decide to file, you want to know … [Read more...]
Must You Include Your Spouse in Your Bankruptcy Filing?
April 24, 2020 by Leave a Comment
Can One Spouse File Independently of the Other? If you're married and facing financial challenges, you may wonder whether you have to include your spouse as a party in the event you decide to file for bankruptcy. What if your spouse owned a house with a mortgage on it at the time of your marriage and never re-titled the property to include you? … [Read more...]
How Chapter 13 Works When You’re Behind on Car Payments
April 22, 2020 by Leave a Comment
Restructuring an Automobile Loan in Bankruptcy When you're facing financial challenges and struggling to pay your bills, that often means you're behind in making your car payments. But having reliable transportation is important when you're trying to turn things around—you need to get to and from a job. A Chapter 13 bankruptcy filing can help … [Read more...]
Reestablishing Your Credit After Filing for Bankruptcy Protection
April 14, 2020 by Leave a Comment
A Bankruptcy Petition Won't Permanently Ruin Your Credit Rating If you're struggling to meet financial obligations because you've lost your job, had unanticipated and unreimbursed medical expenses, or any other reason, American bankruptcy law is there to help. You may be reluctant to exercise your rights for fear of permanently damaging your … [Read more...]
Steps You Can Take to Minimize Your Risk of Bankruptcy
March 19, 2020 by Leave a Comment
Ways to Avoid Common Financial Pitfalls In many instances, the factors that lead to bankruptcy are unpredictable. You suffer a personal injury or lose your job. There are, however, many common factors that contribute to the need to seek protection from creditors. Here are a few simple measures you can employ to reduce the likelihood that you'll … [Read more...]
