Typically student loans are going to be non-dischargeable. A non-dischargeable debt is a debt that is not going to be eliminated in a bankruptcy case. Student loans are the type of debt that are typically non-dischargeable except for extreme hardship cases. In my 21 years of practice, I have never had an extreme hardship case […]
Author Archives: David M. Siegel
Chapter 7 is a liquidation fresh start type of bankruptcy whereby a person who has very little in the way of assets and a lot of unsecured debt can file a Chapter 7 and get a fresh start. Under Chapter 7, debtors typically keep all of their properties such as houses, cars, personal belongings provided […]
A 341 Meeting is a meeting of creditors we acquired and mandated by the Bankruptcy Code whereby a debtor will be examined under oath by a Chapter 7 trustee regarding assets and liabilities. The Chapter 7 trustee has the duty to examine the debtor and determine whether or not there are any assets that can […]
Chapter 7 bankruptcy can last anywhere from 100 to 120 days from start to finish. It basically works like this: once the Chapter 7 bankruptcy case is filed, there is a notice that goes out to all creditors, the debtor and the debtor’s attorney advising of an upcoming meeting called a 341 Meeting of Creditors. […]
You definitely have the ability to keep your house and car in a Chapter 7 Bankruptcy if you are current on your payments, provided you do not have significant nonexempt equity in those properties. Most people who come to see me for a Chapter 7 and who may be homeowners do not have significant equity. […]
There are some cases under Chapter 7 where I will file a case prior to being paid in full. Those cases involve wage garnishments, bank citations or other court appearances required that would be a burden to the debtor and would actually hinder the debtor’s ability to pay the law firm in the long run. […]
At the time of this writing, the filing fees for Chapter 7 bankruptcy are $306. The filing fees for Chapter 13 bankruptcy are $281. Each law firm differs on how much they require down as well as how much they require in terms of a total fee to file a type of bankruptcy. In my […]
Once a Chapter 13 bankruptcy case is filed and a plan is proposed, it’s going to run for a certain number of months, typically between 36 and 60 month. Now, there are some cases that end much earlier than 36 months and there are no cases that can exceed the 60 months. So somewhere between […]
Differences Between Bankruptcy And Debt Consolidation There are huge differences between bankruptcy and debt consolidation services. If you’re filing a chapter 7, you are going to get a fresh start. If you are using a debt consolidation service, you are going to wind up paying back to creditors. It’s quite possible that you really don’t […]
How Soon Can I Buy? You can typically buy a house two years after the filing of a Chapter 7 bankruptcy. Lenders want to see that you have rehabilitated yourself after a bankruptcy filing. They want to see that you have not incurred any negative credit since the time of filing. They want to see […]