If you have a Chapter 7 asset case, your bankruptcy trustee collects and sells your asset and pays your priority debt with the proceeds. Our last blog post was about what happens to priority debts in a no-asset Chapter 7 case. Most consumer “straight bankruptcy” Chapter 7 cases are no-asset ones. This means that the bankruptcy trustee does not … Read More
Most likely your Chapter 7 case will be completed successfully. But be aware of these essential steps to make sure it does happen. You’ve filed a Chapter 7 “straight bankruptcy” case, which stopped all creditor collections actions against you. About a month later you’ve gone through the Meeting of Creditors with the Chapter 7 trustee. Now within two more … Read More
If you get behind on payments on your vehicle or home, in many different situations Chapter 7 buys you the time you need. In the last several weeks of blog posts we’ve given many examples of how bankruptcy can buy you time for your vehicle and for your home. Here’s a summary how a Chapter 7 “straight bankruptcy” filed … Read More
Most people easily pass the means test based on their relatively low income. Timing plays a huge role in calculating your income.
What does the completion of a successful Chapter 7 “straight bankruptcy” case look like? What happens to your debts?
With smart timing you can take advantage of the unusual way that your “income” is calculated for the Chapter 7 means test.
There are two military-related exemptions from the Chapter 7 means test. They are narrow but if you qualify it can be a major advantage.
You only have to pass the means test if you have “primarily consumer debts.” If you have more business debts, skip the means test.
Chapter 7 “asset” cases may sound scary. They needn’t be. We walk you through a very straightforward example to demystify this.
Most Chapter 7 cases are “no-asset” ones. So, what’s an “asset case,” and is it good or bad for you?
Just because you own something that’s not exempt doesn’t always mean that the Chapter 7 trustee will take it. The trustee could abandon it.
Just because you own something that isn’t exempt does not necessarily mean that your Chapter 7 trustee will liquidate it. Maybe not.
Most individual consumer Chapter 7 cases are “no asset” ones. This means that the Chapter 7 trustee doesn’t liquidate any debtor assets.
To find out if you can keep everything you own in a Chapter 7 case, the first step is finding out what’s in your bankruptcy estate.
What happens when your bankruptcy trustee thinks you undervalued an asset? How does the trustee determine what you own and its value?