Currently Browsing:Chapter 7

Liquidation. Discharge unsecured debt for Fresh start

Do I have to do anything before filing for bankruptcy relief?

Yes. The current bankruptcy law requires that a debtor wanting to file for bankruptcy protection must obtain credit counseling prior to filing a case. The credit counseling must be completed within six months prior to the date the case is filed. Debtors must receive the credit counseling only from those agencies that have been approved by their

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CHAPTER 7 BANKRUPTCY

Alternatives to Chapter 7 Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code. Under

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Should You File for Bankruptcy?

  Bankruptcy,  Right Choice?  The decision to file for bankruptcy should never be taken lightly. You will be committing to a complicated process that will negatively affect your credit for years. However, for some consumers, bankruptcy is a necessary and even beneficial ordeal.   So, is a bankruptcy filing necessary for your situation? And which

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Bankruptcy defined, What is a Bankruptcy?

The purpose of a bankruptcy is to protect you from adverse creditor action. With limited exception, the minute your attorney presses the “file case” button on his computer, you and your assets are protected by the bankruptcy law’s automatic stay. Because bankruptcy is a legal proceeding you will have to attend court (usually for a

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Clients seek Chapter 7 , 13 and Chapter 20 bankruptcy relief

FIRST client is 45 and single. His gross income last year was $98K, which is good. It reached $98K because of bonus. Without bonus, his gross income is $72K. This year started out for him with nothing to expect by way of bonus. So his last four months gross income was $6K a month, net

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Bankruptcy Glossary

341 MEETING A meeting required by law in all cases during which the debtor is questioned under oath by a trustee and creditors about his or her financial affairs. The debtor’s attendance is mandatory. ACQUISITION A Acquisition versioning arising in or related to a bankruptcy case. An adversary proceeding is started by filing a complaint

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Liens on my Home, will they be removed in Bankruptcy?

In brief, the liens will almost certainly delay or prevent the sale of your home. As well, while it may be possible to remove the liens, you will need to hire a lawyer. The main thing to understand is that liens survive the bankruptcy process unless special action is taken with the court. In a

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Link to Legal Guides

Modifications and the Discharged Mortgage Loan Dilemma

Mortgage borrowers who are granted Chapter 7 bankruptcy discharges and do not reaffirm their mortgages present unique issues for their lenders and mortgage servicers (collectively, mortgage lenders). When a loan secured by a mortgage on the borrower’s principal residence (the mortgage loan) is discharged in bankruptcy, the borrower’s personal liability on that loan is removed.

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Bankruptcy Reform Act 10 Year Review

Bankruptcy Reform Act 10 Year Review By Sam Turco on October 26, 2015Posted in Chapter 13, Chapter 7, Foreclosure, Student Loans Ten years ago this month the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) became effective. The act was designed to make filing bankruptcy more difficult by requiring filers to provide more information to court

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