Chapter 7 bankruptcy may be more common than you think, with all types of people filing. The latest statistics on who is filing bankruptcy reveal filers include people of all ages, races and background. Many filers have been to college or even hold graduate degrees. Many people turn to bankruptcy for help have jobs. Dig [...]
Standing up and taking action against your debt is a big decision. Before you commit to a plan of action, you need to make sure you have all the information you need. To help you out, we provide a host of free resources that cover the basics of filing Chapter 7 bankruptcy. Here, you can [...]
Two important facts to know about filing Chapter 7 bankruptcy and protecting your home are: The bankruptcy laws in every state provide specific protections for homes The automatic stay instantly puts a stop to foreclosure There is a misconception that filing Chapter 7 bankruptcy means you have to give up your home, car, beloved possessions [...]
While Chapter 7 bankruptcy is protected and overseen by federal courts, each state has their own way of doing business. And if you need debt relief and protection, you should know that not all state bankruptcy laws are created equal. Chapter 7 is most effective at wiping out debt related to credit cards, medical bills [...]
Even after receiving a Chapter 7 discharge, there’s still one more step. You must complete an approved Debtor Education Course, which is a personal financial management course required by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Your Chapter 7 bankruptcy lawyer will be able to refer you to an approved financial management [...]
After first completing your credit counseling session and providing all appropriate records and financial information, your Chapter 7 bankruptcy attorney will assess your situation and draft a bankruptcy petition. Your personal financial information, including all of your income, assets, expenses and debts will be required on your bankruptcy petition and on any related forms and [...]
Federal law requires that you receive a Credit Counseling Briefing from a certified credit counseling agency prior to beginning action on a Chapter 7 bankruptcy petition. This briefing includes a section on financial management and how to create a personal budget and will also discuss alternatives to Chapter 7 bankruptcy. Although there are some hardship [...]
The Chapter 7 Bankruptcy Means Test Qualification for Chapter 7 bankruptcy is the first step to filing this type of bankruptcy. In order to figure out if you qualify to file Chapter 7 bankruptcy, you must go through the steps of the Chapter 7 means test. If you remember the media hype about the Chapter [...]
In most bankruptcy cases, you can protect your car using allowable bankruptcy code exemptions. While Chapter 7 bankruptcy is mainly designed to address debt related to credit cards and medical bills, Chapter 7 exemptions outline specific protections for things like cars, home furnishings and family keepsakes. Exemptions allow you to file for Chapter 7 bankruptcy [...]
Eliminate Debt & Move Forward In Chapter 7 bankruptcy cases, “discharge” can be referred to: The discharge (forgiveness) of debts like credit card and medical bills The discharge (exit) from bankruptcy protection To find out what a Chapter 7 discharge could mean for you, fill out the below form to be connected with a bankruptcy [...]