Currently Browsing:Chapter 7

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 […]

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. […]

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 […]

Chapter 7: The 99% Solution

Chapter 7: The 99% Solution By Sam Turco on November 17, 2015Posted in Chapter 13, Chapter 7, Debt Settlement What is the most effective solution to a serious debt problem?  Without a doubt, Chapter 7remains the single most effective way to eliminate debt.  What is the success rate of chapter 7 cases? In reviewing 172 […]

Frequently Asked Questions

What is bankruptcy? Bankruptcy is a set of federal laws and rules that can help individuals and businesses who owe more debt than they can pay. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court. Bankruptcy laws help people who can no longer […]

Chapter 7 – Bankruptcy Basics

This chapter of the Bankruptcy Code provides for “liquidation” – the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors. 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 […]

Process – Bankruptcy Basics

Process – Chapter 11, entitled Reorganization, ordinarily is used by commercial enterprises that desire to continue operating a business and repay creditors concurrently through a court-approved plan of reorganization. The chapter 11 debtor usually has the exclusive right to file a plan of reorganization for the first 120 days after it files the case and […]


REPOSSESSIONS Under state law, if you are late on your car payments or have defaulted on your lease or finance contract for your car, the creditor has the right to repossess the car, sell it and then possibly sue you for the rest of the debt. If they sue you and get a judgment, they […]

Attorney David Galler Predicts a Volatile End of the Year for Consumer Bankruptcy

Attorney David Galler Predicts a Volatile End of the Year for Consumer Bankruptcy Atlanta, GA (September 2015) – David Galler, of Galler Law, LLC, discusses a significant overhaul in bankruptcy forms, claiming it will cause inevitable confusion for attorneys, creditors, judges and even the court itself. “Effective December 1, 2015, most official bankruptcy forms are […]