Archive for category: Chapter 7

Identity Theft and your Credit

How to protect your identity from being stolen The easiest way to protect your identity from being stolen is to continuously monitor your credit and protect important information such as account numbers, creditor information, and your social security number.  Many credit monitoring companies offer low monthly fees to pull your credit at any time and […]

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The Means Test

What is the Means Test? The means test is a six months average of the Debtor’s and spouse’s income, if applicable, divided by six and then multiplied by twelve to compute a hypothetical income over a year.  That income will be used to determine whether there is a presumption of abuse when filing a Chapter 7.  […]

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Reaffirmation Agreements-A necessary evil

What is a reaffirmation agreement? A reaffirmation agreement is an agreement whereby a debtor filing Chapter 7 bankruptcy makes a new promise to pay a pre-petition debt.  Since all of a petitioner’s unsecured debt is discharged in a Chapter 7 and a petitioner may surrender secured debt in a Chapter 7 bankruptcy the only way […]

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Surrendering Your Real Property in a Chapter 7

Are you immediately off the hook for damages? Probably not. Until the deed to the property is transferred from your name to the bank you could be liable for potential damages that arise on the property that you are surrendering in a Chapter 7. If at all possible it is advisable to stay in your […]

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