Category Archives: Chapter 7
What if I Own Joint Debt with Someone Who Files for Bankruptcy?
Bankruptcy can be filed by one spouse without the other. If your spouse files for bankruptcy, it does not automatically bring you into bankruptcy. Similarly, the bankruptcy of a spouse doesn’t give you the protection of automatic stay or bankruptcy debt discharge. Following are some more ways bankruptcy and marriage are related: Joint debt. With […]
Bankruptcy Filings Fell in 2011
The year 2011 saw an 11.7% drop in bankruptcy filings from 2010, according to a year-end study from Epiq Systems. In 2010, 1,561,008 people filed for bankruptcy, while in 2011 that number dropped to 1,379,113. About 70% of the filings are Chapter 7, which allow individuals to discharge their debts completely (if they pass a […]
Warren Sapp Files for Bankruptcy
Former NFL star Warren Sapp recently filed for bankruptcy, owing more than $6.7 million to creditors and back child support and alimony. Sapp has filed for Chapter 7 bankruptcy in Florida. Telling reporters, “Do you think I wanted to declare bankruptcy? It was either this or go to jail. Those were my choices,” Sapp blames […]
Personal Organization and Bankruptcy
Some people are naturally organized. Some aren’t. If you are a naturally disorganized person, however, it would be to your benefit to work on some organizational skills if you are considering filing for bankruptcy. Keeping things organized helps both you and your attorney keep track of all the paperwork and items involved in […]
How to Stop Wage Garnishment
Wage garnishment can be a very distressing event. Wage garnishment means that a creditor has gone to court and gotten a judgment against you, and you haven’t paid. The creditor can then go back to court and get an order of garnishment. When the order goes into effect, money comes directly out of your paycheck […]
Personal Bankruptcies Dropped During 2011
According to a report by Professor Ronald Mann of Columbia Law School for the National Bankruptcy Research Center, the number of Americans who filed for bankruptcy fell from 1.5 million in 2010 to 1.35 million in 2011, a 12% decrease. Chapter 7 filings dropped by 17% and Chapter 13 filings dropped by 25%. This decline […]
Bankruptcy and Discharge of Debts
When we talk about bankruptcy, we talk a lot about “discharge of debts,” but what exactly does that mean? When are the debts discharged? What debts are discharged? Can creditors object? Let’s discuss. Bankruptcy discharge is a court order that releases a debtor from the obligation to pay certain debts. The creditor is no longer […]
What to Expect at the 341 Bankruptcy Meeting
When filing for bankruptcy, many clients express anxiety at the thought of the Meeting of Creditors (also called the 341 meeting, after Section 341(a) of the Bankruptcy Code). Knowledge is power, and the Meeting of Creditors isn’t as scary as it sounds. Here is an idea of what to expect, and hopefully cut down on […]
What is “Reaffirming” Secured Debt?
With a Chapter 7 bankruptcy, you need to disclose whether you intend to keep or give back certain things, like your house or your car. If you want to keep something and continue paying on it, though, your lender can still choose to take it back unless you “reaffirm” the debt. Following are the pros […]
