Keeping All Your Property in a Bankruptcy Filing When you file for protection under Chapter 7 of the bankruptcy laws, you have the opportunity to permanently discharge many debts in exchange for the transfer of some of your property to the bankruptcy trustee. Some debts, such as child support, cannot be discharged by law, and others, including … [Read more...]
How Soon Can You Expect Relief in a Bankruptcy Filing?
August 21, 2020 by Leave a Comment
How Long Is the Bankruptcy Process? When you're struggling to make ends meet with little or no prospect of improving your situation,you want relief and you want it as soon as possible. The automatic stay that comes with a bankruptcy filing will immediately end harassing calls, letters, and legal action from creditors. But how long do the broader … [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...]
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...]
Talking to Friends and Family After You’ve Filed for Bankruptcy Protection
March 11, 2020 by Leave a Comment
Overcoming the Stigma Associated with Bankruptcy For many people who opt for protection under American bankruptcy law, the decision whether to file is less about whether it will help them financially and more about how they will be perceived by friends and family. Though U.S. bankruptcy laws exist to give debtors an opportunity for a fresh start, … [Read more...]
Legal Actions Not Affected by a Bankruptcy Filing
January 31, 2020 by Leave a Comment
The Impact of a Bankruptcy Filing on Other Legal Proceedings When you file a petition under Chapter 7, Chapter 13 or any other part of American bankruptcy law, an automatic stay immediately goes into effect, preventing creditors from filing or proceeding with any legal action to collect the debt except through the bankruptcy process. The automatic … [Read more...]
Avoiding the Means Test in a Chapter 7 Bankruptcy Filing
January 24, 2020 by Leave a Comment
The Limited Circumstances Where You Don't Have to Submit to the Means Test When American bankruptcy law was amended in 2005, the framers of the revised Bankruptcy Code, with the intent of reducing the number of Chapter 7 petitions, added a requirement that debtors qualify for Chapter 7 by submitting to a means test. That test is designed to … [Read more...]
Discharging Tax Debts in Bankruptcy
January 14, 2020 by Leave a Comment
The Limited Circumstances Where You Can Wipe Out Tax Arrearages in Bankruptcy In Chapter 7 bankruptcy proceedings, you can permanently eliminate certain debts in exchange for transferring property to the bankruptcy trustee, who sells those assets to satisfy creditors. Among debts generally considered not to be dischargeable in Chapter 7 are tax … [Read more...]
The Documents You’ll Need for a Chapter 7 Bankruptcy Filing
January 8, 2020 by Leave a Comment
A Checklist to Help You Streamline the Process American bankruptcy laws were enacted to give debtors a second chance. With a Chapter 7 petition, you can permanently discharge some of your debts in exchange for transferring some property to the bankruptcy trustee, who will sell it to pay creditors. However, one requirement of the bankruptcy process … [Read more...]
