Chapter 7 Bankruptcy is the most well-known and widely used from of Bankruptcy. Chapter 7 accounts for about 70% of cases that are filed. Most cases are relatively quick and painless with the Debtor receiving a discharge within about 3 months of filing allowing them to get a fresh start. Most Chapter 7 cases are … Read more
What is the Means Test? In 2005 Congress passed Bankruptcy Reform Act aka BAPCA. A major provision in this act was the means test. The basic premise of the means test is to only allow people to file Chapter 7 who do not have the “means” to pay back their unsecured creditors. It’s a very … Read more
The Myth of Bad Credit As a Bankruptcy attorney I hear a lot of misinformation from clients. The number one thing I hear that is just plain wrong is that your credit will be ruined forever. WRONG! Believe it or not it is pretty easy to get credit after your case discharges. I know this … Read more
Bankruptcy Exemptions: The Basics You are required to list all of your property (assets) when you file a Bankruptcy case. Your property can then fall into exemptions which allow you to keep that property. The purpose of the exemptions is to give you a fresh start and not a leg up. Different states have determined … Read more
If an individual is facing financial difficulties and gets to the point where her or she feels like no other option is viable other than filing for bankruptcy, the last thing he or she wants to even consider is the possibility that bankruptcy could be denied. However, circumstances do exist where a bankruptcy petition may … Read more
When it comes to bankruptcy proceedings, many different individuals are involved in the process: the debtor, the creditor, often the debt collector, and, of course, the bankruptcy trustee. However, many individuals fail to understand the role of the bankruptcy trustee. Below is some information to explain what role the trustee plays in all bankruptcy proceedings. … Read more