Category archive for ‘Chapter 7 Bankruptcy’ 
How Chapter 7 Bankruptcy Works
by Drew Broaddus on 9/02/10 | 0 Comment(s)
Be forewarned, the following journey through chapter 7 bankruptcy law is a bit technical, so if you are considering filing for chapter 7 bankruptcy, consult a bankruptcy attorney. Chapter 7 Bankruptcy: It All Begins A chapter 7 bankruptcy case begins with the debtor filing a petition with the bankruptcy court serving the area where the [...]
Executory contracts and unexpired leases.
by Richard Stokan on 8/31/10 | 0 Comment(s)
The bankruptcy petition includes a section for executory contracts and unexpired leases. I have been asked by several debtors what is an executory contract and unexpired lease? The simple answer is that an executory contract is an agreement between two parties where neither party has fulfilled its obligations under the contract. An unexpired lease is [...]
Can I avoid Chapter 7 liquidation by putting my property in other people’s names before filing?
by Stephen Trezza on 8/27/10 | 0 Comment(s)
You may want to think twice about transferring property to family or friends before filing for bankruptcy. In some cases, transferring property before filing bankruptcy can result in a lawsuit objecting to your discharge. That’s right, the bankruptcy trustee can sue you to recover the property you’ve transferred. If you think you may be filing [...]
How Quickly Will I Receive A Discharge Once My Chapter 7 Case Has Been Filed?
by Drew Broaddus on 8/23/10 | 0 Comment(s)
In most consumer bankruptcy cases, the discharge of debts is the primary reason for filing the case. Whether the bankruptcy is motivated by overwhelming credit card debt, medical bills that are simply too much or some other issue, most debtors anxiously await the discharge and the chance to start over that it provides. The timing [...]
Should My Corporation File for Chapter 7 Bankruptcy?
by Drew Broaddus on 8/22/10 | 0 Comment(s)
When an individual is considering filing for bankruptcy they often want to know whether their corporation should file as well. Chapter 7 bankruptcy typically will not help a corporation. This is because corporations cannot receive a “fresh start” or discharge of debts. The Bankruptcy Code provides that the “court shall grant the debtor a discharge, unless … the [...]
Reaffirmation Agreements: the Legal Impact
by Drew Broaddus on 8/21/10 | 0 Comment(s)
Understand Your Reaffirmation Agreement Before You Sign…… I have written several articles on the National Bankruptcy Forum regarding reaffirmation agreements in bankruptcy. However, the legal consequences of such agreements are often not fully understood. Before agreeing to reaffirm a debt after bankruptcy, it is always wise to consult your bankruptcy attorney. In short, a reaffirmation agreement is a new [...]
Qualifying For Chapter 7 With High Income
by Drew Broaddus on 8/18/10 | 0 Comment(s)
Much has been written about the means test since it was enacted as part of the 2005 amendments to the Bankruptcy Code, also known as the BAPCPA. For an excellent explanation of what the means test is, see Lori Patton’s recent contribution at the National Bankruptcy Forum. Despite the fact that it is frequently written about, the [...]
How can I prove “undue hardship” to discharge my student loans?
by Stephen Trezza on 8/10/10 | 0 Comment(s)
Proving the “undue hardship” requirement to discharge your student loans is a very difficult task. But while this one exception for discharge is reserved for extreme of economic situations, in some situations your student loans may be partially discharged. For instance, a 62 year old man with no dependents who could not find public or [...]
What is a “reaffirmation agreement”?
by Stephen Trezza on 8/06/10 | 0 Comment(s)
A reaffirmation agreement is a type of relief agreement that allows you to keep your property even after discharge of your debt after bankruptcy. However, under a reaffirmation agreement you still agree to be liable for the debt owed on the property you wish to keep. You can think of it as a new contract, [...]
Qualifying For Chapter 7 Bankruptcy: The Means Test Made Simple (Sort of)
by Moderator on 7/26/10 | 0 Comment(s)
Much has been written about the now infamous means test; Congress’ answer to the credit card lobby’s complaints that too many Americans who could afford to pay back some of their debts were allowed to file for chapter 7 bankruptcy. The means test effectively tries to divert some consumers with “above average” income into a [...]
