Filing Chapter 7 after a Chapter 7 Discharge

Bankruptcy is meant to provide debt relief to honest, but unfortunate individuals. For some, bad luck seems to hang around a while. For others, bad luck seems to have moved in permanently. Unfortunate individuals with continuing or reoccurring debts may find relief through the federal bankruptcy laws which can provide a third, or even fourth opportunity to start fresh. Eligibility …

Debts that are discharged in Chapter 13, but not in Chapter 7

Some debts are discharged at the end of Chapter 13 case which cannot be discharged in a Chapter 7 bankruptcy. Chapter 13 is a payment plan bankruptcy, and creditors are repaid over three to five years. That’s a long time for a debtor to remain in bankruptcy, so Congress has placed a few “carrots” to entice individuals to file Chapter …

How Chapter 7 Bankruptcy Affects Child Support Arrears

Experiencing money troubles can touch every aspect of your personal life. When there is not enough cash to go around, the typical person starts prioritizing financial obligations. A person might cut back on food and clothing expenses, cut out recreational or entertainment spending, or may pay some bills late. When there is little or no money due to a loss …

Using Student Loans to Qualify for Chapter 7 Bankruptcy

In 2005, Congress changed the bankruptcy laws to include a new “means test” for consumer debtors. The purpose of the means test is to ensure that debtors are not “abusing” the bankruptcy system by unfairly discharging debts they can afford to repay. The means test is a gatekeeper for Chapter 7 bankruptcy and disqualifies certain high income debtors from Chapter …

Upside Down Property During Chapter 7

There are many bankruptcy strategies to assist honest debtors obtain a fresh start. One of the best tactics for Chapter 7 debtors is found in section 722 of the Bankruptcy Code: redemption. Redemption is only available to Chapter 7 filers. It allows the debtor to redeem secured collateral for an amount equal to the secured portion of the loan. In …

Can I Get Rid of Payday Loans in Bankruptcy?

Payday loan companies offer a short-term loan of a few hundred dollars that will be repaid on the borrower’s next payday. To obtain the loan the borrower usually writes a post-dated check to the lender. Often the payday loan lender will require a statement that the borrower is not considering bankruptcy, and, sometimes, that the borrower will not file bankruptcy …

Chapter 7 Bankruptcy for Business

When business is poor and creditors are banging loudly at the door, it may be time to consider a Chapter 7 business bankruptcy. Unlike Chapter 13 which is only available for individuals, a business may file under Chapter 7 which holds some distinct advantages and disadvantages for the business and its shareholders. Automatic Stay For many failing businesses, the main …

Private School Tuition Payments Before Bankruptcy

The debtor may not “give away” money when he is insolvent, or prefer to pay one creditor at the expense of others. All creditors must be treated equally. Consequently, large payments made by a debtor before filing bankruptcy are often the subject of scrutiny by a Chapter 7 trustee. Most pre-bankruptcy payments are protected. For instance, the trustee may not …

Answering Chapter 7 Trustee Questions at the 341 Meeting

Your Chapter 7 bankruptcy meeting of creditors (also called the “341 meeting” or “trustee’s meeting”) can be intimidating. Fortunately, you have selected experienced counsel and have cooperated to provide honest and accurate financial information. At this point your attorney has a good handle on the case, but one wildcard still remains: your nervousness. When people get nervous they often either …

How to File Your Own Bankruptcy Case

Just as you always suspected, there is a secret formula to a successful self-represented bankruptcy case. Fortunately for bankruptcy attorneys, consumers do not know about these secret steps to pro se bankruptcy success. Around 90% of all Chapter 13 pro se bankruptcy cases are dismissed prior to confirmation and only 4% are still standing after 4 years. However, by following …