Chapter 7

Exempt and Non-exempt Property Under Chapter 7 Bankruptcy

By |June 4th, 2015|

People who file for bankruptcy seek protection from their creditors for the debts they have incurred. The U.S. Constitution gives this power to the federal government, and the federal government has established U.S. Bankruptcy Courts to handle bankruptcy proceedings across the country. When a person files for bankruptcy protection, he or she creates a bankruptcy estate. A bankruptcy […]

Common Mistakes Made on the Bankruptcy Means Test

By |May 24th, 2015|

The means test is often the starting point for anyone who is filing for bankruptcy. It determines if you are eligible for Chapter 7 bankruptcy, and impacts your plan length in Chapter 13 bankruptcy. The means test is a complicated form, and mistakes are common. Read on to find out what some of the most […]

Who Can File for Chapter 7 Bankruptcy?

By |April 28th, 2015|

Prior to October 17, 2005, it was largely up to a bankruptcy judge to decide whether a debtor met Chapter 7 requirements. Judges, therefore, could use substantial discretion when assessing the debtor’s financial situation. As a result, under the old law, most filers chose to have debt discharged even if they were financially capable of […]