Tag Archives: chapter 7
Things to Consider Before Filing Bankruptcy
Thousands of people file bankruptcy in Pennsylvania for various reasons. Some file to save their home in the face of foreclosure. Others may file because they lost their jobs and the debts just keep accruing. The circumstances leading up to bankruptcy are never simple, and the decisions you make before you file may become defining […]
Am I Guaranteed a Discharge at the End of My Bankruptcy Case?
Hard financial times put some people in a position where it is difficult to keep up with their bills. Whether your debt has accumulated over a period of time or as a result of a serious emergency situation, filing bankruptcy can provide much needed relief by wiping out debt. Both Chapter 7 and Chapter 13 […]
Debtor Education and Credit Counseling
Bankruptcy can be a good option for people who have difficulty meeting their financial obligations. Whether you choose to file under Chapter 7 liquidation or Chapter 13 reorganization the bankruptcy court requires that you participate in pre-bankruptcy credit counseling and pre-discharge debtor education. The counselors in both sessions should review your entire financial situation in […]
Why You May Want Credit Restoration After Filing Bankruptcy
Filing for bankruptcy can be an emotionally charged decision. You want to pay your debts, but the financial challenges can be overwhelming, especially in this economic climate. Filing for bankruptcy can lift the financial burden and provide a second chance for consumers with unmanageable debts. But how does a bankruptcy appear on your credit report […]
Supreme Court Offers No Guidance on Student Loan Undue Hardship Test
After receiving a general release from his debts under Chapter 7 bankruptcy, Roger Traversa filed for release from his $60,000 student loan debt, claiming that it would be an undue hardship for him to repay. Traversa testified that it was difficult for him to obtain and hold onto employment opportunities because of issues with depression, […]
Special Rules for Divorce and Bankruptcy
Sometimes financial problems are stress factors that lead to divorce. And, people who decide to divorce often consider bankruptcy as well. So, while divorce and bankruptcy may go hand in hand, it is important to realize that divorce changes the rules somewhat for bankruptcies. Divorce and bankruptcy become associated in several ways. Divorce addresses debts […]
What is a Trustee’s Role in a Bankruptcy Case?
There are two types of trustees, the trustee who immediately oversees a particular bankruptcy case, and the U.S. Trustee. Trustees A trustee is a private individual or corporation assigned by the bankruptcy court system to oversee a particular bankruptcy case. The trustee’s role in overseeing a bankruptcy involves various functions such as: Liquidating estate assets […]
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 […]
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 […]
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 […]
