Whether you are filing chapter 7 or 13, it is important to have a bankruptcy attorney like Pleva Law of Huntsville on your side.
Chapter 7 Bankruptcy Chapter 7 bankruptcy is the simplest and most common form of bankruptcy. In Chapter 7,ifthe debtor has assets not protected by anexemption, a court appointedtrustee may sell the assetsand distribute the net proceeds to creditors according to the priorities established in the ...
The trustee first asks some questions, usually about the debtor's bankruptcy forms; then any creditors of the debtor can ask the debtor specific questions. However, creditors generally cannot stop the bankruptcy process, so few creditors are actually present, especially in a Chapter 7 case. So,...
Many Chapter 7 cases are considered to be "no asset" cases. There's little or nothing left for the trustee to sell or liquidate after exemptions are applied.4 Note Creditors rarely receive all that they're owed, because most Chapter 7 bankruptcy estates don't have enough funds left to cov...
Chapter 7 or 13 Bankruptcy?Which Bankruptcy Chapter Should I file?This is one the most frequent questions we get asked. We live in the Google age where online resources are just a few clicks away, but more often than not, most people usually end up with more questions than answers. In ...
The student loan creditor objected to the discharge because the event causing debtor’s hardship arose years AFTER the discharge order had been entered. The bankruptcy court agreed and entered judgment in favor of the creditor. The court concluded that the circumstances causing a chapter 7 debtor’...
Chapter 7 Bankruptcy is a Good Option When financial hardships have made it impossible to pay normal monthly bills, many people choose to bury their heads in the sand over the situation because they are frightened and frustrated and have no idea how to stop the inevitable. Debt collectors may...
Chapter 7 Bankruptcy or Chapter 13 Bankruptcy Bankruptcy Exemptions – Keep Car and House in Bankruptcy Bankruptcy Procedure – Bankruptcy Classes and Next Steps How to File Bankruptcy Checklist Bankruptcy 341 Creditor Meeting Bankruptcy Discharge
While Chapter 7 involves liquidating non-exempt assets, debtors can keep certain exempt assets which vary by state. These exemptions ensure that debtors can maintain a basic standard of living post-bankruptcy. Plus, unlike Chapter 13 bankruptcy which requires a repayment plan, Chapter 7 does not i...
Frequently Asked Questions (FAQs) What's the Difference Between Chapter 7 and Chapter 13 Bankruptcy? The bankruptcy court will gather your assets and sell or "liquidate" them to raise funds to pay your creditors when you file for Chapter 7 bankruptcy. But you have some protection here because...