The typical debts that are eliminated with Chapter 7 bankruptcy include credit cards, medical bills, personal loans and more. The transcription and video below explain what is eliminated in greater detail. Jesse Barrientes: What debts are typically eliminated with the Chapter 7? David Siegel: Well, a Chapter 7 is going to eliminate typical unsecured debt such […]
Category Archives: Chapter 7 Bankruptcy
The automatic stay in the most powerful tool when filing bankruptcy. The automatic stay provides a shield of protection against most collection efforts. In the video below, we discuss just how powerful the stay is when filing a bankruptcy case. David Siegel: Let’s talk about what’s created the minute a bankruptcy case under Chapter 7 […]
There are income qualifications for filing Chapter 7 bankruptcy. If you are over the median for your state then you are subject to a means test. If it is determined that you have the ability to pay back at least 25% over the next three to five years, then you will not qualify for Chapter […]
In order to file for Chapter 7 bankruptcy, you must provide a copy of your most recent Federal tax return. If you are going to be receiving a sizable refund, then you want to time your bankruptcy filing so that you do not have the refund forthcoming after your filing date. This way, you are […]
Chicago Bankruptcy City violations in Chicago, incurred after filing for a Chicago bankruptcy are not eliminated. One such example is where someone who surrenders a home in foreclosure yet owes city violations and then files chapter 7, the debt to the city is not wiped out. You would think that once you give up a […]
Homeowners very often wind up filing for bankruptcy. Before filing, homeowners wonder whether or not they will be able to keep their house through the bankruptcy process. For most homeowners, there is not sufficient equity in the property which would cause them to lose the property. In other words, the property has no administrative value […]
Jesse Barrientes: What are the requirements for filing a Chapter 7, the pre-filing requirements? David Siegel: Yeah, before a case can be filed, the individual has to go through certain requirements and the first of which is they must take a credit counseling session. Jesse Barrientes: What does that consist of? David Siegel: The credit […]
The Typical Co-Debtor Protection In most circumstances, when only one co-debtor files for bankruptcy protection, the non-filing co-debtor usually can maintain the property provided that the co-debtor continues to make timely payments. An interesting situation arose in a recent case. The particular property is a boat. Husband and wife both signed for and are responsible […]
My Recent Client I recently had the opportunity to speak with a chapter 13 debtor. This debtor had done a prior chapter 13, where the plan payment was $350 per month. The debtor was unable to make his monthly payment to the trustee and his case was soon dismissed. The debtor then came to my […]
It’s easy to be confused when talking about the different types of bankruptcy. Most people are aware that bankruptcy is a way to eliminate debt. What they are not sure of, is whether it’s really in their best interest to file at all. There are some cases where it’s a tough decision. The person may […]