Chapter 7

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 […]

Can an LLC File for Chapter 7?

Can an LLC File for Chapter 7?

Many individual debtors file for Chapter 7 bankruptcy because they will obtain some financial breathing room through the discharge of their unsecured debts. For example, credit card debt can spiral upward over time, and it can reach the point where you simply can’t pay all of your credit card bills and the other debts that […]

Bankruptcy and Credit Counseling

Bankruptcy and Credit Counseling

There are certain requirements that must be met before you can file for bankruptcy. The government wants to make sure that you know exactly what you are getting into, so you have to complete a credit counseling course before you can go through with a bankruptcy filing. There are certain organizations that offer this course […]

Avoid Post-Bankruptcy Mistakes

Avoid Post-Bankruptcy Mistakes

If you are being overwhelmed by ever-spiraling debt, bankruptcy can provide a solution, and the benefits are realized immediately. You get an automatic stay when you file for bankruptcy, and this makes most debt collection efforts come to a halt. The two different types of bankruptcies that most people (who are not in business) use […]

Is Any Property Exempt When I File a Chapter 7 Liquidation?

A Chapter 7 bankruptcy is a liquidation bankruptcy. As the name would suggest, if you file for this type of bankruptcy, you might be required to turn your property over to a bankruptcy trustee. The trustee will liquidate the property and the proceeds would be used to pay back your debts. Some types of debts […]