Considering Chapter 7 bankruptcy and whether to file is never easy. Facing unpaid bills and debt collector calls? Chapter 7 bankruptcy may help you get your life back. In Chapter 7 Bankruptcy, credit cards, medical bills, and loans (without collateral) may be discharged (forgiven). Chapter 7 Bankruptcy is usually the cheapest, fastest type of [...]
How do I decide whether I should file bankruptcy? Deciding to file bankruptcy is not easy. You beat yourself up or feel ashamed over past financial mistakes. You want to repay your debt. Sadly, some people struggle for years trying to pay back debt before facing the decision that bankruptcy is needed. Be realistic. [...]
Summary: The Bankruptcy Code requires most debtors to take the 'Means Test.' While the details are complex, most people pass without issue. This article reviews how debtors get two chances to pass the Means Test. The "Means Test" One of the primary issues in a consumer bankruptcy case is whether the debtor passes the [...]
Summary: Certain types of income (mainly social security and veterans disability) is excluded from the means test. Some people are not required to take a means test at all. Income That Does Not Count Towards Means Test Your household income is used to determine whether you have enough money to pay back a significant [...]
Many people struggling with overwhelming debt do not consider bankruptcy because they fear losing property. While a debtor can lose property in bankruptcy, with proper use of exemptions, this is usually not true. […]
Chapter 7 Trustee - the Chapter 7 trustee is the individual appointed by the office of the United States Trustee to oversee and manage potential assets in the bankruptcy case. In a case where the debtor has assets that are not exempt, the trustee will liquidate or sell those assets and distribute the funds [...]
Chapter 7 Bankruptcy - Chapter 7 bankruptcy is a liquidation bankruptcy. All of the debtor's nonexempt assets are sold to pay creditors.
Is Keeping Your Tax Refund After Filing Bankruptcy Possible? It depends. To be eligible to receive a discharge, a debtor must have filed the last four years of tax returns if returns are required. Your attorney is required to provide a copy of the copies of the last tax return filed to the trustee. [...]
Some people own property that cannot be protected in bankruptcy (non-exempt property). One option for property that is not exempt is the possibility of “buying back” non-exempt property from the trustee in a Chapter 7 bankruptcy. This is where the debtor has exempt funds available that can be used to "bid" on his own [...]
Your Chapter 7 bankruptcy 341 hearing will be held virtually on the Zoom platform. The US Trustee has released some informative videos on Common Questions About the Meeting of Creditors and even a video showing what a typical chapter 7 hearing is like.