Tag Archives: Chapter 7
Bankruptcy Notice

Suggestion of Bankruptcy

A Suggestion of Bankruptcy is a document filed in court giving notice that one of the parties in a pending case has filed bankruptcy.  If the party is a defendant the filing stops the case by virtue of the automatic stay of bankruptcy.  However the document can also be filed by plaintiffs, requiring the court [...]

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Bankruptcy Exemptions

Bankruptcy Exemptions: Why You Need Them

Like an iron gate protecting an entrance, bankruptcy exemptions protect a debtor’s property against loss in bankruptcy. Theory of Bankruptcy Exemptions In the old days when a person filed bankruptcy, the story goes, their property was taken and sold or ‘liquidated’, the proceeds then divided among creditors.  Any remaining debt was then discharged and the person who [...]

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Debt collection and bankruptcy violations

Debt Collectors and Bankruptcy Violations

Debt collectors must stop after a bankruptcy filing or they commit one of several bankruptcy violations.  It doesn’t matter whether it’s a chapter 7, chapter 13 or other chapter.  The filing of a bankruptcy creates what is called an automatic stay. Collection stops because the U.S. Bankruptcy Code imposes the automatic stay with the force of a federal [...]

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New Years Resolutions Legal Angle

New Year’s Resolutions: Legal and Financial Matters

  Lose weight.  Exercise.  Eat Healthy.  All great resolutions.  But, here are some smart New Year’s resolutions to upgrade your legal and financial status: 1.   Balance & review all accounts monthly or more often.  With rampant identity theft and big box store security breaches this is a must.  Some people check bank transactions daily.  There’s software to help balance accounts.  Merchants [...]

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bankruptcy exemptions

BANKRUPTCY: INCLUDE ALL ASSETS INCOME AND DEBT

People sometimes talk about “putting things into” a bankruptcy, or “not putting something into” their bankruptcy.  In reality, bankruptcy law requires full complete truthful disclosure of all assets, income and debt. Often, various issues can be addressed in a beneficial manner as long as there is full disclosure.  But, when people play ‘hide and seek’ [...]

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charge off does not end debt

Charge Off: What is it – Do I Still Have to Pay

  A “Charge off” is an accounting device used by creditors.  Generally, if a debt has not been paid for 180 days, the original creditor will write off your debt, removing it from their books.  It does not mean that the debt no longer exists or that you no longer have the obligation to pay.  The [...]

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Collection Companies

DEBT COLLECTORS & ORIGINAL DEBT

Attorney Myers:  I’m being sued in small claims court over a debt from a company I never heard of.  I know that I have some past bills.  I went through a divorce, an illness and a layoff.  The name of the company that brought this claim in court against me is someone I honestly never [...]

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Bankruptcy Schedules

Bankruptcy Schedules Focus on Key Categories of Filer’s Finances

Bankruptcy schedules, filed with the bankruptcy petition, each focus on one aspect of the filer’s personal finances.  There are 10 schedules, each designated with a letter, from A through J. Schedule A – Real Estate Schedule A requires listing of all real estate owned on the date of filing.  This is obvious with respect to a home, if the [...]

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Means Test Chapter 7 Bankruptcy

BANKRUPTCY: Means Test – Chapter 7

The Chapter 7 means test determines whether people are eligible to file chapter 7 bankruptcy relief. Failing the test requires filing a chapter 13, filing no bankruptcy or taking a closer look. First Step To Chapter 7 Means Test The first step is simple math. Add all gross income in the household during the six [...]

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