Category archive for ‘Chapter 7 Bankruptcy’ 
100% of bankruptcy debtors have relieved debt stress.
by John C. Colwell on 6/15/10 | 0 Comment(s)
The AP recently conducted a poll, and published an article regarding American’s stress and debt, and this got me to thinking about the relief of stress that accompanies a bankruptcy filing. Debt-induced stress continues for many Americans I don’t know of the methodology of the poll itself, but it seems self evident, and not much [...]
Paying for your child’s college expenses won’t help you qualify for Chapter 7
by Stephen Trezza on 6/14/10 | 0 Comment(s)
Thanks to the means test, in order to qualify for chapter 7 bankruptcy your disposable income must be under a certain level. Basically if you have lots of money left over after “allowed” monthly expenses, you may not qualify for chapter 7 under the “new” bankruptcy laws. Car payments, house payments and many other living [...]
No Quick Fixes to Protect Assets
by Richard Stokan on 6/14/10 | 0 Comment(s)
One of the most common questions asked of a bankruptcy attorney is “what if I [fill in the blank] with this asset? Will I be able to keep it then?” As a general rule, when preparing to file for bankruptcy protection or initiating any legal proceeding for that matter, if it does not pass the [...]
The Automatic Stay and You
by Jacob on 6/11/10 | 0 Comment(s)
If you are thinking about filing for chapter 7 bankruptcy, chances are that you have experienced numerous collection attempts from your creditors. The attempts can range from a harmless collection letter to your creditors garnishing your wages. One of the great advantages of filing for chapter 7 bankruptcy is that as soon as you file, [...]
The Hidden Cost of War: A Connection Between Afghanistan, Iraq, and the Rise of U.S. Personal Bankruptcies?
by Drew Broaddus on 6/11/10 | 0 Comment(s)
It has widely been reported that, despite a budding recovery, personal bankruptcies are still on the rise in the United States. (See, for example, this blog entry). Although Congress overhauled the nation’s bankruptcy laws in 2005 with the intention of limiting the ability of many individuals to get rid of their debt (see “How Important [...]
Meeting the Bankruptcy Trustee
by Richard Stokan on 6/07/10 | 0 Comment(s)
After filing for bankruptcy protection, your first contact with the court will be at a meeting of the creditors, commonly called a 341 hearing after the section of the bankruptcy code. The hearing is an opportunity for the bankruptcy Trustee and any creditors who may be present, to question you regarding your petition. Although the [...]
Get Out Of Car Leases, Gym Memberships and Other Contracts
by Jacob on 6/04/10 | 0 Comment(s)
Chances are that you have never thought about your gym membership, your apartment lease or your cell phone contract as an executory contract. But you need to be familiar with the term before you file for bankruptcy. When you file for bankruptcy, you have the opportunity to reject your obligations under executory contracts and reset [...]
Garnishments and Bankruptcy
by Richard Stokan on 6/03/10 | Comments Off Comment(s)
What is a garnishment? A garnishment is basically a legal collections tool where a creditor obtains a court order compelling an employer to withhold a portion of an employee’s wages. The amount that can be withheld is capped at 25%, however, the percentage may vary depending on the state issuing the garnishment and the type [...]
What should I expect at the 341 Meeting of Creditors?
by Tara Gaschler on 6/03/10 | 0 Comment(s)
You’re paperwork has been submitted. You have reviewed the final petition, schedules and statements with your attorney. The next step in your bankruptcy case is the 341 Meeting of Creditors. I find that this meeting causes more anxiety and stress for clients than any other part of the bankruptcy process. Let’s set the record straight! Here [...]
Bankruptcy and Appeals
by Drew Broaddus on 5/28/10 | 1 Comment(s)
In most consumer bankruptcies (i.e., non-business bankruptcies), there will be no adversary proceedings, challenges to discharge, or other contested issues and in turn, no issues for you or anyone else to appeal. However, every case is unique, and any bankruptcy could require the bankruptcy court to rule upon certain issues. If a party in interest [...]
