What You Can Keep and Still Permanently Discharge Debts When you file for bankruptcy protection under Chapter 7, you can permanently rid yourself of certain debts, but there's a tradeoff—you must relinquish some of your assets to the bankruptcy … [Read more...]
Personal Bankruptcy Filings—Can You Keep Your Property?
What Can You Keep If You File Under Chapter 7 or Chapter 13? You may have lost your job because of the COVID-19 pandemic, or other life events—divorce or personal injury, for instance—may be making it difficult to meet your financial obligations. … [Read more...]
When the Automatic Stay in Bankruptcy Does Not Apply
The Limits of Your Legal Protection in Bankruptcy One of the most attractive features of American bankruptcy law is the "automatic stay" that goes into effect immediately upon filing of a bankruptcy petition. It generally prohibits creditors from … [Read more...]
Preferences in Bankruptcy
What Is a Preference? Will It Have an Impact on Your Filing? One of the most significant benefits of American bankruptcy law in the automatic stay, which goes into effect immediately and prohibits creditors from taking any action to collect a debt … [Read more...]
The Treatment of Recent Payments in a Bankruptcy Proceeding
What is a Preference? How Will It Affect Your Bankruptcy Filing? Sometimes you have a pretty clear sense that you're heading toward bankruptcy, and sometimes you don't. You may be working hard to get all your vendors paid but unable to get over the … [Read more...]
How Chapter 13 Can Help When You Owe Back Taxes
Reorganizing Tax Arrearages through Bankruptcy If you have significant tax debt and you've considered bankruptcy as a way to get a fresh start, you've probably learned that tax obligations are extremely difficult, if not impossible, to discharge in … [Read more...]
Keeping a Vehicle in a Chapter 7 Bankruptcy Filing
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 … [Read more...]
Chapter 13 Bankruptcy—The Basics
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 … [Read more...]
Chapter 7 Bankruptcy—The Basics
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 … [Read more...]
What Bankruptcy Can and Cannot Do for You
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 … [Read more...]
