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Small Business Owners: Chapter 13 vs. Chapter 7 Bankruptcy
Learn about your options for business bankruptcy under both Chapter 7 and Chapter 13.
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Debts You Can Wipe Out in Chapter 13 Bankruptcy
Many debtors file for Chapter 13 bankruptcy to reorganize their debts and catch up on their missed mortgage or car loan payments through an affordable repayment plan. If you successfully complete your repayment plan, you will receive a bankruptcy discharge that wipes out your personal liability for
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Understanding Secured, Unsecured & Priority Claims in Bankruptcy
When you file bankruptcy, each creditor (the person or company to which you owe money) has a claim against your bankruptcy estate. This means that if there's any money in your estate, the bankruptcy trustee will use it to pay the creditors' claims. To get paid, each creditor must file a proof of claim form indicating how much you owe and the type of debt.
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If you don't stand to lose any property in your Chapter 7 bankruptcy case, it's called a no-asset Chapter 7.
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The Bankruptcy Process: Chapter 7
A typical Chapter 7 bankruptcy case is relatively straightforward. You will spend most of your time completing the bankruptcy petition, schedules, and other forms, which will require you to list your debts, assets, financial transactions, and so on. Once you've filed your paperwork, the bankruptcy trustee takes over your case.
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Can I Keep My House If I File for Chapter 7 Bankruptcy?
Can I Keep My House If I File for Chapter 7 Bankruptcy? This is a common question from most of my clients. Usually the house is an issue that is also a main factor when determining if one should file for chapter 7 or chapter 13...
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Lifting the Automatic Stay in Chapter 7 Cases
One of the most attractive consequences of filing a bankruptcy petition is the automatic stay. In a previous article, I discussed the importance of the automatic stay in bankruptcy. As I wrote...
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How to Modify Your Chapter 13 Repayment Plan
If your financial circumstances change during your Chapter 13 bankruptcy, you may have to modify for repayment plan.
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Exemptions in Chapter 13 Bankruptcy
Exemptions play a very different role in Chapter 13 bankruptcy than in Chapter 7.
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Find out the legal difference between secured and unsecured debts, and learn what happens to each if you file for bankruptcy.
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Unsecured Debt: Priority vs. Non-Priority
Learn about the different ways priority and non-priority debts are treated in bankruptcy.
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Learn what a judgment lien is, how a creditor can get one, and what property the lien can affect.
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Understanding Secured, Unsecured & Priority Claims in Bankruptcy
Find out what secured, unsecured, and priority debt are, and how they are treated in bankruptcy.
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Adversarial Proceedings in Bankruptcy
If there is a dispute about a debt in your bankruptcy, you, the creditor, or the trustee can file an adversary proceeding.
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Filing a Proof of Claim for a Creditor in Bankruptcy
Sometimes it makes sense to file a proof of claim in your bankruptcy on behalf of a creditor who has not file one on its own.
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Small Business Owners: Chapter 13 vs. Chapter 7 Bankruptcy
Learn about your options for business bankruptcy under both Chapter 7 and Chapter 13.
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Chapter 7 Bankruptcy for Partnerships
Chapter 7 bankruptcy is rarely a good option for partnerships. Here's why.
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Chapter 7 Bankruptcy for Corporations and LLCs
Filing for business bankruptcy means someone else steps in to liquidate your business’s assets and settle its debts (in this case, the bankruptcy trustee).
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Will You Have to Close Your Business if You File for Personal Bankruptcy?
You may have to shut your business down if you file for Chapter 7 personal bankruptcy. However, if you own an LLC or corporation with others, you may be able to keep your doors open, even if you are personally liable for a significant portion of its debt.
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South Carolina Bankruptcy Exemptions
Like all states, South Carolina has its own set of exemptions that you may use when filing for Chapter 7 or Chapter 13 bankruptcy. Exemptions determine what property (such as a home, car, instrument, retirement account, etc.) you may keep in a Chapter 7 bankruptcy, and how much you must pay to certain creditors in Chapter 13 bankruptcy.
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Like all states, Texas has its own set of exemptions that you may use when filing for Chapter 7 or Chapter 13 bankruptcy. Exemptions determine what property (such as a home, car, instrument, retirement account, etc.) you may keep in a Chapter 7 bankruptcy, and how much you must pay to certain creditors in Chapter 13 bankruptcy.
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New York Bankruptcy Exemptions
Like all states, New York has its own set of exemptions that you may use when filing for Chapter 7 or Chapter 13 bankruptcy. Exemptions determine what property (such as a home, car, instrument, retirement account, etc.) you may keep in a Chapter 7 bankruptcy, and how much you must pay to certain creditors in Chapter 13 bankruptcy.
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What Can I Do If I Can't Afford a Bankruptcy Lawyer?
It's tough coming up with legal fees when you're broke and need to file for bankruptcy. But even if you can’t afford an attorney, help might be available through friends and family, legal aid societies, free legal clinics, or pro bono (free of charge) attorneys.
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Where Is The Cheapest Place To File For Bankruptcy?
OK, it was a trick question: Although many people are looking for the cheapest place to file for bankruptcy, the filing fees are the same no matter where you file. Currently, you have to pay a filing fee of $299 to file a Chapter 7 bankruptcy case and $274 to file under Chapter 13.
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Typical Attorney Fees in Chapter 7 Bankruptcy
While the average bankruptcy lawyer charges between $1,200 and $1,500 for Chapter 7 bankruptcy services, attorney fees can vary significantly. The actual cost you pay an attorney to prepare your bankruptcy depends on three primary factors: the area you live in, the complexity of your case, and the experience
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Which Type of Bankruptcy is Right for Me?
The bankruptcy code is like a book in a library. All the titles in the United States Code, the federal statutes, are numbered. The bankruptcy code is Title 11. Like any book, the bankruptcy...
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If you want to file for Chapter 7 bankruptcy, you must pass the means test. The means test looks at your income, and perhaps your expenses and debts, to determine whether could afford to pay back at least some of your debts. If so, you won't be allowed to use Chapter 7; instead, you will have to use Chapter 13 if you want to file for bankruptcy.
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Paperwork You Will Need to File for Bankruptcy
Once you have decided that filing for bankruptcy is your best option, it's time to get started on your paperwork. Whether you file for Chapter 7 or Chapter 13 bankruptcy, you will have to complete a fairly large packet of forms with the bankruptcy court.
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Debts That Cannot Be Discharged in Bankruptcy
The point of filing for bankruptcy is to give yourself a clean slate by getting out from under your debts. Whether you file for Chapter 7 or Chapter 13 bankruptcy, many types of debt will be discharged (wiped out) at the end of your case. This isn't true of all debts, however.
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Timing Your Bankruptcy Filing: When to Delay Your Petition
If you know you want to file for bankruptcy, sometimes it's best to delay filing your petition. In some circumstances, waiting for a certain period of time before you file can help you keep more money, protect the money of another person (such as a relative), increase your chances of qualifying for Chapter 7, and more.
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Should I Repay Debts Before Filing for Bankruptcy?
If you are filing for bankruptcy, you may be considering repaying certain debts before you file. Although paying off debts before filing bankruptcy may seem like the right thing to do, it is often not a good idea. In many cases, if you repay a debt within three months before filing (longer if the debt
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When a Judgment Creditor Requests a Deposition, Documents, or Written Answers
If a creditor gets a judgment against you, it will then take steps to collect on that judgment. The creditor can collect by garnishing your wages, or selling some of your assets or property. Before the judgment creditor does this, it must first find out whether you are employed, how much money you make, and what assets you own.
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When Is My Bankruptcy Case Over?
Most debtors file for bankruptcy relief to discharge (wipe out) their debts. But your bankruptcy doesn’t end when you receive your discharge. Your case is not officially over until the court closes it by entering a final decree or order. Until your case is closed, you have a continuing duty to cooperate
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Postbankruptcy Discrimination: What Is and Isn't Allowed
There are laws that will protect you from most types of post bankruptcy discrimination by the government and by private employers.