Chapter 7 Bankruptcy

The main hurdle you have to overcome when attempting to qualify for Chapter 7 bankruptcy is the means test. The Chapter 7 means test is designed to look at your income and expenses and disqualify you for Chapter 7 if they don’t fit within certain guidelines. The means test will compare your average monthly income […]

5 Myths About Bankruptcy

There are many myths and misconceptions surrounding the bankruptcy process. When making the decision whether to initiate the bankruptcy process, it’s important to be able to separate fact from fiction. Here are 7 of the most common myths surrounding bankruptcy. Bankruptcy will ruin my credit. For many people considering filing, this may be a moot […]

Following the enactment of the Bankruptcy Abuse and Consumer Protection Act of 2005, debtors must pass a means test to qualify for a Chapter 7 bankruptcy. Basically, to qualify you must have little to no disposable income. The means test compares your average monthly income for the six-month period preceding your bankruptcy filing against the […]

When deciding whether to pursue a Chapter 7 or Chapter 13 bankruptcy, it is wise to sit down with a bankruptcy attorney and analyze your income, assets, debts, and your financial goals. For example, your situation might be such that you don’t qualify for Chapter 7, and would be better off repaying your debt over […]

You may have heard that you can extinguish all of your debt completely in one fell swoop if you file a Chapter 7 bankruptcy. In many cases, most of your debt can be discharged through a successful Chapter 7 filing, and all debts could potentially be discharged depending on the nature of the encumbrances. However, […]

Before we get into the matter of Social Security benefits, we should provide some context about Chapter 7 bankruptcy and the intricacies that go along with it. This is a liquidation form of bankruptcy, and depending on the circumstances, it can eliminate some or all of the debts that are making like difficult for you. […]

Bankruptcy can be a pathway toward a fresh financial start if you simply cannot keep up with all of your financial obligations. Many of your debts will be discharged, and you can regain your footing and look ahead toward a fruitful future. If all goes well, you may never look back. You can do all […]

What is a Bankruptcy Means Test?

A Chapter 7 bankruptcy is a liquidation bankruptcy. With this form of bankruptcy, property that is not exempt would be turned over to a bankruptcy trustee. In most cases, there is little to no non-exempt property to surrender to the trustee. However, if there is non-exempt property, the trustee would be required to sell the […]

What is a Bankruptcy Estate?

A Chapter 7 is a commonly utilized form of bankruptcy that can give you a fresh start if you are incapable of meeting your financial obligations. As long as you do not have enough disposable income to pay back your debts over time, you can probably qualify for this form of bankruptcy. Unsecured debts, which […]

Before we address the way that bankruptcy may or may not impact your retirement funds, we should explain the basic differences between a Chapter 7 and a Chapter 13. These are the two types of bankruptcies that are most commonly utilized by individuals. A Chapter 7 is a liquidation bankruptcy. Unsecured debts like credit card […]