Overview Articles
Overview Articles
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Do I Need a Lawyer to File for Bankruptcy?
Many people wonder whether they could file for Chapter 7 without hiring a bankruptcy lawyer and save the legal fees. If you have a simple enough bankruptcy case, you might be able to do just that. Our DIY bankruptcy quiz helps you assess the complexity of issues in your bankruptcy case, which can help you decide whether the DIY approach or hiring a bankruptcy attorney specializing in Chapter 7 or Chapter 13 is your best bet. The bankruptcy quiz is quick—only ten questions—and the pop-ups after each answer will give you insights into areas of bankruptcy you might want to research further.
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What You Should Know About Filing for Bankruptcy
Find out what you should know about filing for Chapter 7 or Chapter 13 bankruptcy, including how each bankruptcy chapter works, what you should and should not do before filing, and what to expect during and after your bankruptcy. Also, you'll find answers to commonly searched for bankruptcy questions.
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The Chapter 7 Bankruptcy Process
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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Chapter 11 Bankruptcy vs Chapter 13 Bankruptcy
Both Chapter 11 and Chapter 13 bankruptcy provide a way for people struggling with debt to keep their property by reorganizing their debt. Chapter 11 bankruptcy is generally more popular with businesses, but it can be a good choice for certain individuals, especially those with extremely large amounts of debt. For most individuals, however, Chapter 13 bankruptcy is often cheaper and easier.
The Bankruptcy Court
The Bankruptcy Court
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Can the Bankruptcy Court Take an Earned Income Credit?
Learn how to protect your earned income credit in bankruptcy.
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Can the Bankruptcy Court Take Life Insurance Funds?
When you file for bankruptcy, you can keep property needed to live, such as furnishings, clothing, a modest car, and some portion of home equity. You might be able to protect the value of a life insurance policy or funds received as a beneficiary under another person’s policy. But it will depend on whether a bankruptcy exemption covers the value of the life insurance or the life insurance funds.
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Can the Bankruptcy Court Modify My Mortgage?
Learn the options for modifying a mortgage in bankruptcy.
Q&As on Filing for Bankruptcy
Q&As on Filing for Bankruptcy
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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 $338 to file a Chapter 7 bankruptcy case and $313 to file under Chapter 13.
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Can I Keep My Rental Property in Bankruptcy?
Do you own rental property? If you own a house, an apartment, commercial space, or a multi-unit building that you rent out to tenants, then you should consider how it will be affected if you file for bankruptcy.
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Timing Your Bankruptcy Filing: When to Delay or Avoid Bankruptcy Altogether
Sometimes it’s a good idea to delay filing for bankruptcy. For instance, waiting for your income to drop might help you qualify for Chapter 7. It’s also a good idea to wait until you finalize a mortgage modification. On the other hand, you’ll want to avoid some transactions altogether before filing for bankruptcy. For instance, charging purchases, paying relatives, and transferring property before filing for bankruptcy can wind up costing you money.
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Should I Repay Debts Before Filing for Bankruptcy?
Although paying off debts before filing bankruptcy may seem like the right thing to do, it is often not a good idea.
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Is Bankruptcy a Good Option for Struggling Small Businesses
Each bankruptcy chapter offers unique benefits that will differ depending on whether you or your company files for bankruptcy. Understanding these dynamics will help you choose the best solution for your small business needs during the coronavirus pandemic.
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Chapter 11 Bankruptcy vs Chapter 13 Bankruptcy
Both Chapter 11 and Chapter 13 bankruptcy provide a way for people struggling with debt to keep their property by reorganizing their debt. Chapter 11 bankruptcy is generally more popular with businesses, but it can be a good choice for certain individuals, especially those with extremely large amounts of debt. For most individuals, however, Chapter 13 bankruptcy is often cheaper and easier.
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The Chapter 7 Bankruptcy Process
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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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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The official bankruptcy forms that you need to file for both Chapter 7 and Chapter 13 bankruptcy are now available online through the website of the U.S. Courts. You can complete the forms online, save them, and print them.
Credit Counseling & Debtor Education in Bankruptcy
MoreCredit Counseling & Debtor Education in Bankruptcy
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The Debtor Education Course Requirement in Bankruptcy
Before you can receive a discharge in Chapter 7 or Chapter 13 bankruptcy, you must complete a course in personal financial management (also called the predischarge debtor education course). The purpose of the debtor education course is to teach you how to manage money and use credit wisely after bankruptcy. If you don’t complete the debtor education requirement, the court won’t issue a discharge in your bankruptcy. Learn more about the debtor education course requirement in bankruptcy.
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Chapter 13 Rules: No Means Test Required
When Congress overhauled the bankruptcy laws in 2005, there was a lot of hubbub over the "means test." The good news is that if you plan to file for Chapter 13 bankruptcy, the means test has no bearing
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Bankruptcy Chapter 7 Means Test
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 you could afford to pay back at least some of your debts. If so, you might not you won't be allowed to use Chapter 7; instead, you could will have to use Chapter 13 if you want to file for bankruptcy.
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What to Do If You Fail the Chapter 7 Bankruptcy Means Test
In order to qualify for Chapter 7 bankruptcy relief, you must pass something called the means test. The means test looks at your income and expenses to determine if you can repay a certain portion of your unsecured debts to your creditors. If you can, then you don't qualify for Chapter 7 bankruptcy.
