The easy answer is “anyone,” but like most things, it’s a bit more complicated. Chapter 7 and Chapter 13 bankruptcies are available to most individuals (and are the most often used by individuals). These chapters are often referred to as “consumer bankruptcies”). Chapter 7 To file a chapter 7 bankruptcy, and discharge your unsecured debts,Continue reading “Who Is Eligible to File Chapter 7”
Author Archives: Martha Warriner
How to Rebuild Your Credit After Bankruptcy
These days, you can’t do much without a good credit score. Credit scores are important but they’re not the only thing. You’ve always needed a good credit score if you’re buying a house or car, but these days, you can’t even rent an apartment or get a credit card without one. Here are a fewContinue reading “How to Rebuild Your Credit After Bankruptcy”
In Bankruptcy, the 341a Is the Easy Part
Once you file your bankruptcy petition (any chapter), the first thing that happens is your 341a hearing. You’ll get a notice of your case number, your trustee, and the date and time of your 341a examination. It will usually be 30 to 45 days from your filing date. The hearing are almost always conducted onContinue reading “In Bankruptcy, the 341a Is the Easy Part”
Scared You’ll Outlive Your Savings?
Retirement can be scary, particularly if you’re not rich. Here are some options.
How Does Chapter 13 Work?
Chapter 13 bankruptcy is a reorganization plan for individuals. It uses your disposable income over a three to five year period to pay some or all of what you owe to creditors. As you will see below, it’s a complex proceeding and is difficult to complete without the assistance of an attorney. Why file aContinue reading “How Does Chapter 13 Work?”
How Do I Pass the Chapter 7 Means Test?
What is the means test? First, if you don’t know what I’m talking about, the means test is something devised by an evil demon in an attempt to stop people from “abusing” the bankruptcy process. It became part of the Bankruptcy Code when it was amended in 2005. The idea is to stop people whoContinue reading “How Do I Pass the Chapter 7 Means Test?”
What is Chapter 7
A chapter 7 bankruptcy is a liquidation proceeding. If you qualify, chapter 7 liquidates your non-exempt assets (for most debtors, all your assets are exempt) and eliminates all of your dischargeable debts. If the rare cases where you have assets that are not exempt, the bankruptcy trustee is entitled to sell those non-exempt assets andContinue reading “What is Chapter 7”
Best Reasons to File Bankruptcy
Bankruptcy gets a bad rap in the press. Always has. Always will. But there are some good reasons to file bankruptcy. Critics would have you believe that people who file bankruptcy intentionally max out their credit cards on luxury items, then file bankruptcy so they don’t have to pay anything back. While that undoubtedly occursContinue reading “Best Reasons to File Bankruptcy”