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Chapter 7 Bankruptcy Archives

Chapter 7 Bankruptcy: Understanding the Classification of Debt and the Means Test

means test.jpgDeciding when to file for bankruptcy is a stressful decision for anyone to make. But, even after deciding what type of bankruptcy to file, you have to determine if you qualify for the type you so desire. Most people opt for chapter 7 bankruptcy because it discharges unsecured debt, unlike chapter 13, which restructures your debt but requires the debtor to still make repayments

Limits of Debt Collectors after You Have Filed for Bankruptcy

debt collection.jpgRegardless who you are, financial hardships can be very stressful and make your life much harder than it needs to be. These hardships include debts from credit cards, student loans, utility bills or mortgages. Not only do these hardships cause you stress, they place immense pressure on your personal life, personal relationships and sometimes, loss of jobs. Although debt collectors are permitted to attempt to contact you in order to recover the debt owed, it is illegal for them to harass you.

Chapter 7 Bankruptcy and 341 Hearings

chapter-7-bankruptcy-hearing.jpgWhen you file a petition for Chapter 7 bankruptcy, you are disclosing personal and financial information to the bankruptcy court. In order to file for bankruptcy, the court needs to be aware of your debts, property, income and general state of your financial affairs. In turn, the bankruptcy court will appoint a bankruptcy trustee to oversee and administer your case. The trustee will essentially review your petition and verify that what you submitted was true and accurate using independent sources of verification.

The Advantages and Alternatives to Filing for Chapter 7 Bankruptcy

chapter-7-bankruptcy.jpgDeciding to declare bankruptcy is a difficult decision and one not to be taken lightly. In some situations it can be the right or wrong thing to do. You need to remember that bankruptcy will affect your reputation, self-image, and future credit. However, it can improve your quality of life as the communications from creditors begin to dwindle down.

Navigating Basic Differences between Chapter 7 and Chapter 13 Bankruptcy

chapter-7-13-bankruptcy.jpgNot all bankruptcy cases are the same. There are several factors involved when beginning the process. An attorney will evaluate information including your personal income, assets, ownership of property, and debt obligations. Based on your individual situation, there will be a recommendation and plan for how to proceed.

  • Santa Clara County Bar Association | 1917
  • American Inns of Court
  • CWL | California Woman Lawyers
  • Bay Area Bankruptcy | Forun
  • The State Bar of California
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