Stepping Over the “Means Test” Hurdle Without Breaking Your Stride
Are you among the large majority of people whose income easily qualifies them for Chapter 7 “straight bankruptcy”? You can find out right here and now. As you’ve likely heard, a few years ago Congress passed a major set of changes to the bankruptcy laws intended to make it harder for some people to file […]
In a Chapter 7 Case, “The Only Thing We Have to Fear is Fear Itself”
There’s a lot you can do to help make your “straight bankruptcy” Chapter 7 a straightforward one, but one thing you can’t control is your creditors’ reactions to it. You know that creditors can try to prevent you from discharging (legally writing off) your debts, so naturally you worry about this. Here’s why you shouldn’t […]
When Chapter 7s Are Not So Simple
The goal of most Chapter 7 cases is to get in and get out—file the petition, go to a simple 10-minute hearing with your attorney a month later, and two months later get your debts written off. Mission accomplished, end of story. And usually that’s how it goes. So when it doesn’t go that way, […]
The Trustee in Chapter 7
In bankruptcy you hear a lot about “the trustee.” What does this person do, in a “straight” Chapter 7 case, and in an “adjustment of debts” Chapter 13 one?
Keeping Vehicles That You Owe On in a Chapter 7 Bankruptcy
Chapter 7 is the take-it-or-leave-it bankruptcy when it comes to your vehicle with a loan against it. In most cases you either keep on making the payments or you surrender the vehicle, nothing much in between. To be clear I’m talking here about a vehicle that you owe on, with the lender as a lienholder […]
Can an Individual Chapter 7 Case Ever Save Your Business?
Chapter 13 can be a great way to keep certain small businesses afloat, but how about Chapter 7? Can’t it ever be a simpler and cheaper way to do so? In my last blog I said that Chapter 7 is “seldom the right option if you own a business that you want to keep […]
Writing Off Income Taxes with a “Straight Bankruptcy”
You don’t always need to file a Chapter 13 case—with its 3-to-5-year payment plan–to deal with income tax debts. Thinking that you do is a myth, alongside the broader myth that “you can’t write off taxes in a bankruptcy.” Both have a kernel of truth, which is why they persist. It’s true: some taxes cannot […]
Power Over Your Secured Creditors in Chapter 7
Your secured creditors are often the ones you most care about, because the creditor can take your collateral. Chapter 7 strengthens your hand, improving your options.
Five Truths about Qualifying for Chapter 7 Bankruptcy
Not everyone who wants to file a Chapter 7 “straight bankruptcy” can do so. But most do. There is probably no topic that causes more confusion among people thinking about filing bankruptcy –do they qualify? Let me set the story straight. 1. Inaccurate publicity: People think it’s difficult to qualify for filing bankruptcy because of […]
Chapter 7 vs. 13—the Easy Choice, and the Not So Easy
Picking the right Chapter to file can be simple, or it can be a very delicate, difficult choice. And appearances can be deceiving. A situation that seems at first to call out for an obvious choice can turn out to have a twist or two that turns the case upside down. That twist can […]