Category: Chapter 7 Archive
Declaring Bankruptcy: What Property Can I Keep?
When filing a Chapter 7 bankruptcy, filers are allowed to keep all property that is classified as exempt from the claims of their creditors. Every filer should check with their bankruptcy attorney to verify the specific exemptions in their state before filing so they aren’t surprised by the details. Individuals ...
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Protecting Assets in Bankruptcy with California Exemptions
Many assume that when declaring bankruptcy, all assets are lost to creditors. That’s simply not true. In many bankruptcy cases, debtors are able to keep everything and lose nothing (other than their overwhelming debt). Some or all of the filer’s assets are exempt. Exemption means that the specified property cannot ...
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Slim Down Your Lifestyle Post-Bankruptcy
You’ve declared bankruptcy. It’s final. You’ve received your discharge. You have a fresh financial start…and some new challenges to deal with. Firstly, your credit rating has taken a hit. Considering the nature of bankruptcy, it probably wasn’t great to begin with, but bankruptcy will still affect your score. Your bankruptcy ...
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An Overview of California Personal Bankruptcy Options: Chapter 7 and Chapter 13
If you find yourself in an impossible financial situation, you are not alone. Hundreds of thousands of Americans find themselves in the same situation every year. Those hundreds of thousands turned to bankruptcy for a clear-cut solution. Many others are still out there, struggling to make ends meet or failing ...
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How Long Does Chapter 7 Bankruptcy Last?
You know that point in the road trip when the kids all start asking how much longer until you get there? At first they take turns asking quietly. But the longer you are in the car, the louder and more repetitious the questions get regardless of the length or accuracy ...
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What to Expect at the 341 Meeting
Every debtor must attend a meeting called the meeting of creditors or 341 creditors meeting. It’s a mandatory requirement for anyone who files for bankruptcy. If you happen to miss your first meeting, it could be rescheduled, but if you miss your second 341 meeting you run the risk of ...
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Before You File: A Bankruptcy To Do List
There’s a lot of discussion about filing for bankruptcy and what to expect once debts have been discharged, but there aren’t as many resources regarding what to do before you file. There’s a small lull between the panic of impossible financial burden and actually filing bankruptcy with the help of ...
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What to Expect Once You’ve Filed for Bankruptcy
Right after you file for bankruptcy, your credit will not be strong. Although it’s interesting to consider that any individual filing for bankruptcy wasn’t enjoying a “strong” credit rating immediately prior to filing either. The very same circumstances that led them to file for bankruptcy have already wreaked havoc on their ...
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The Top 5 Reasons to File for Bankruptcy
Filing for bankruptcy doesn’t carry the stigma is used to. In fact, in today’s economic climate, it’s not unheard of for successful, good people to file more than once or even multiple times. The ups and downs of the marketplace have left many with the need for a fresh financial “slate.” ...
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Chapter 7 vs. Chapter 11 for Small Businesses
When filing for bankruptcy the first decision that has to be made is what type of bankruptcy will be filed. There are certain qualifications for each and each one has its own pros and cons. Chapter 7 bankruptcy, put simply, is a case of liquidation. It can be described as ...
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