Tag Archive for: Chapter 7 Bankruptcy

Why would a bankruptcy trustee apply to appoint legal counsel?

When you file for bankruptcy you must appear in front of a trustee, who has the responsibility of overseeing your bankruptcy. While the trustee mainly has the duty to review the bankruptcy petition, examine the debtor under oath, and oversee the payment of creditors, there are times when a trustee might actually need to hire […]

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Valuation Services: How much do you actually have?

When an individual files bankruptcy, there is often a dispute between the debtor and his creditors as to how much money the debtor actually has available to pay off his obligations. In these situations, a bankruptcy court (or the individual debtor) may implement a valuation service to determine the worth of assets from an objective […]

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Income Considered When Determining Eligibility for a Chapter 7 Bankruptcy

What income does the court consider when determining a debtor’s eligibility for filing a Chapter 7 Bankruptcy? Any income that a debtor receives other than social security or social security disability income will be considered by the court in the means test.  Very, simply put the means test is the method of calculating your average […]

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Can you Refinance Your Home After Filing for Bankruptcy?

Many homeowners who have filed bankruptcy and retained their homes wonder if they can take advantage of the current low interest rates and refinance their homes.  The short answer to that question is it depends.  If you have filed a Chapter 13 and you are still paying on your 13 your option would be to […]

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Surrendering your home in a Chapter 13

Why would you want to surrender your home in a Chapter 13 bankruptcy? A lot of people file a Chapter 13 to prevent their home from being foreclosed on, but that doesn’t mean that you can’t surrender your home in a Chapter 13 bankruptcy just as you could in a Chapter 7 bankruptcy.  If your income is […]

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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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Are you still liable for a spouse’s debt after your spouse files for bankruptcy?

Community Property Rules vs. Common Law Rules Whether or not you are liable for your spouse’s debt depends on whether or not you reside in a “community property state.”  In states that follow community property rules, debt that is incurred by one spouse during the marriage is owed by both spouses.  Likewise, the income of […]

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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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