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Category Archives: Chapter 7

What Property Can I Keep When Liquidating Through Chapter 7 Bankruptcy?

Although Chapter 7 bankruptcy involves selling off many assets to help partially repay creditors, the law exempts many types of property from the liquidation process in an effort to leave you with enough assets to have a fresh start. However, you have a number of choices to make, including choosing between the exemption lists offered […]

Student Loans And Chapter 7 Bankruptcy

Given Congress’ position that student loans are to be repaid absent exceptional circumstances, courts hardly ever allow student loans to be discharged. However, if you file for Chapter 7 bankruptcy and can demonstrate that an exception applies, the debt may be dischargeable. To determine whether your current situation falls under an exception, consult a well-versed […]

Discharged Debts In Chapter 7 Bankruptcy

Upon filing for Chapter 7 bankruptcy, you are not required to directly make a payment for any portion of your debts. The trustee will split any of your non-exempt assets among your creditors, and the remainder of the debt will be discharged by the court. Filing for Chapter 7 bankruptcy is a mechanism that provides […]

Filing For Chapter 7 Bankruptcy?

When you file for a Chapter 7 bankruptcy, you may erase your debts and move on to a better future.  However, the Code provides timing restraints in regards to prior discharges and dismissals, production of documents, and completion of an approved personal financial management course. A highly qualified consumer bankruptcy attorney can offer clients direction […]

Completing The Means Test

The means test is mandatory if your currently monthly income (CMI) is greater than your state’s median income for a similar size household. The means test assesses your deductions and expenses against your CMI to determine whether any income can be gleaned for a Chapter 13 bankruptcy plan to be sought, as opposed to a […]

How Do I Choose Between Chapter 7 and Chapter 13 Bankruptcy Filing?

Before making a decision about the right form of bankruptcy for you, it is essential to clearly understand the the differences between Chapter 7 vs. Chapter 13. While both forms of bankruptcy apply to consumer debt, the purposes, processes and rules that apply to them vary significantly. The discussion of the bankruptcy process provided by […]

Is Chapter 7 Bankruptcy Always the Best Option?

While Chapter 7 bankruptcy may represent the quickest and easiest option, it is not necessarily the best option. Not all people qualify for Chapter 7 filing, and those who meet the requirements may have any number of reasons for choosing another form of bankruptcy or an alternative debt relief solution. A Queens Chapter 7 bankruptcy […]

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