Reaffirming a Car Payment during or after a Chapter 7 Petition As a general rule, in Chapter 7 bankruptcy filings, you can permanently discharge certain debts in exchange for relinquishing unprotected assets to the bankruptcy court. You can always protect any property you want to keep by "reaffirming the debt." When you do that, though, you remain … [Read more...]
Chapter 13 Bankruptcy—The Basics
Posted on August 29, 2019
Reorganizing Personal Debt through Bankruptcy As we discussed in an earlier blog, there are generally two options available to individuals who seek protection in bankruptcy—liquidation under Chapter 7 and reorganization under Chapter 13. With either filing, you will immediately have the protection of the automatic stay, which prohibits creditors … [Read more...]
Chapter 7 Bankruptcy—The Basics
Posted on August 28, 2019
What Is a Chapter 7 Bankruptcy Filing? How Do You Qualify? When you're struggling to meet your financial obligations, whether you've lost your job, suffered a serious injury, been through a divorce or encountered other unexpected expenses, a bankruptcy filing can help you get back on your feet. That's why the laws are there—to give people a fresh … [Read more...]
How Does a Bankruptcy Filing Affect a Co-Signer on a Debt?
Posted on July 2, 2019
Often, when you're having financial struggles, you can obtain some credit and secure some needed items by getting a friend or family member to co-sign for a debt. But what are the consequences for the co-signer if your financial situation doesn't improve and you decide to file for bankruptcy protection? A bankruptcy filing generally has no impact … [Read more...]
Extinguishing Credit Card Debt in Bankruptcy
Posted on July 1, 2019
Avoiding the Presumption for Fraud for Credit Card Purchases If you're seeking bankruptcy protection because your credit card debt has become unmanageable—you're not alone. It's one of the most common reasons consumers file for Chapter 7 bankruptcy protection. In addition, because credit card debt is considered unsecured, you can discharge … [Read more...]
What Bankruptcy Can and Cannot Do for You
Posted on January 8, 2019
If you've gone through a divorce or suffered a serious medical setback, and you're struggling to meet your financial obligations, you may be considering bankruptcy as a way to get a fresh financial start. When you file for Chapter 7, Chapter 11 or Chapter 13 bankruptcy, you'll immediately have the protection of the automatic stay, which prevents … [Read more...]
Bankruptcy Options for Your Small Business
Posted on April 13, 2018
When you decide to go into business for yourself, there's almost always a period of struggle. If your small business is facing financial difficulties, the first thing you need to ask yourself is whether you can realistically make the business a success. Are your problems short-term? Do you just need to get "over the hump" to make the business … [Read more...]
Using a Bankruptcy Filing to Manage Medical Bills
Posted on April 2, 2018
A recent survey by CNBC found that, over the last decade, more people cited unanticipated medical bills than any other cause as the event that triggered a personal bankruptcy filing. It's estimated that a million or more people file for bankruptcy protection in any given year to try to get medical obligations under control. But it that the right … [Read more...]
Knowing When It’s Time to Consider Bankruptcy
Posted on March 23, 2018
In our years in practice, we've helped many people get a fresh start with personal or business bankruptcy filings. We've also had many people come to us after waiting far too long, limiting our ability to minimize the consequences of a bankruptcy filing. We know there can a lot of reasons to put off the decision to file: You may be overly … [Read more...]
The Means Test in a Chapter 7 Bankruptcy Proceeding
Posted on August 10, 2017
When you're looking to file for personal bankruptcy protection, there are generally two options—a Chapter 7 liquidation proceeding and a Chapter 13 "Wage Earner's Plan." For most of the history of American bankruptcy law, there were few limits on which route you could choose. However, in 2005, Congress made sweeping changes to the bankruptcy laws, … [Read more...]