Before the consultation with our
attorneys you should gather the relevant documents and information
that will needed if the bankruptcy is to proceed...
The Chapter 7 means test is a
formula applied to determine whether or not the consumer should have
enough money available to make some minimal payment to creditors in a
Chapter 13 bankruptcy...
A Chapter 7 bankruptcy is a liquidation of all the debtor's non-exempt
assets. It has the effect of canceling most types of debt, but you
have to let the bankruptcy trustee liquidate (sell) your nonexempt
property for the benefit of your creditors. However in most instances
people who use Chapter 7 get to keep all their property. Chapter 7 can
be used for both individuals and busisness.
Ch. 13 (Only for individuals)
A Chapter 13 bankruptcy can be a good solution for people who need
time to pay off certain debts. It is not a liquidation in a Chapter
13, you get to keep all of your property, regardless of its value.
However, you will have to pay your unsecured debtors (credit card
debts, medical debts, and most judgment creditors) the value of the
property you would lose if you filed for Chapter 7 bankruptcy.
If you are facing foreclosure on your home, Chapter 13 may be an
option of interest. You can keep your home by proposing a feasible
repayment plan that includes your missed payments, as long as you stay
current on your mortgage. Click the like for further information.
What chapter is right for me?
Your decision whether to file bankruptcy and under which chapter to
file depends on your particular circumstances. In general, Chapter 7
is appropriate when the Debtor has insufficient income to pay a
portion of his/her debts, and the Debtor is not seeking to keep
non-exempt property. Otherwise, if the Debtor has an income or
property and can afford to repay at least some of his/her debts,
Chapter 11, 12 or 13 may be appropriate, depending on whether the
Debtor is an individual, partnership, corporation, or family farmer.
The decision whether to file a bankruptcy case and under which chapter
is an extremely important decision and has tremendous financial
What happens when a bankruptcy petition is
The commencement of a bankruptcy case creates an "estate." The estate
technically becomes the temporary legal owner of all of the Debtor's
property. The estate consists of all legal or equitable interests of
the Debtor in property as of the date the case is filed, including
property owned or held by another person if the Debtor has an interest
in the property. The "automatic stay" is immediately invoked at the
instant of the filing of the bankruptcy case, and it prohibits
creditors from taking collection action against the Debtor or the
Debtor's property without Bankruptcy Court approval. The Court issues
a notice of commencement advising all interested parties of the filing
of the bankruptcy case. This notice provides the case number, trustee,
date of the meeting of creditors, deadline to file a proof of claim
(if applicable), and deadline to file an objection to the discharge
Book (Car Guide)
Official Used Car Guide
Bankruptcy In General