Certain debts survive a Chapter 7 bankruptcy because they are excepted from the discharge by law: priority taxes, family support, student loans, and liens are among the kinds of debts not discharged in Chapter 7. Any debts that were reaffirmed also survive the bankruptcy as a personal liability...
Often referred to as “straight bankruptcy,” Chapter 7 bankruptcy is a process, organized under federal law, that provides consumers with the opportunity to discharge their unsecured debts. Common debts eliminated by filing for Chapter 7 bankruptcy include:credit cards,medical bills, personal loans ...
Bankruptcy Code or the Kentucky exemptions primarily found in KRS Chapter 427. You must be consistent and choose one method of exemptions; you can’t pick and choose. So, in other words, you can’t use the Kentucky exemptions for homestead but the federal exemptions for personal property. ...
you may be able to wipe out your other debts while continuing to make your mortgage payments. People who file for Chapter 7 bankruptcy can usually keep all of their furniture, clothing, and household goods of ordinary value, as well as their pensions and retirement accounts. Exemptions are als...
Through a Chapter 7 bankruptcy, you (individual or business) can also discharge many unsecured debts like: Credit Cards & Charge Cards Personal loans Business debt Medical Bills Utility bills Pay day loans Unpaid Taxes (min. 3 years old) ...
A Chapter 7 bankruptcy is a liquidation. Most of the debtor's assets with market value and not covered by exemptions are sold by the trustee to pay off creditors. Hence, 2 forms of a Chapter 7 bankruptcy petition are Schedule A — Real Property and Schedule B — Personal Property, in ...
Red Rover, Red Rover, Please Let Me Keep Rover: Pet Exemptions in Chapter 7 Bankruptcy ProceedingsChestney, SamanthaWashington University Journal of Law & Policy
Personal Liability for 1st and 2nd Mortgages IRS and State Tax Liablities in some cases Many Chapter 7 applicants have lost their jobs, acquired large medical expenses, or taken a serious cut in pay and are unable to afford all of their monthly bills. With this type of bankruptcy, you can...
Foster Law Offices, LLC assists consmers with obtaining a fresh start through Chapter 7 Bankruptcy. Credit card debt, medical bills, loans? We can help.
The bankruptcy trustee reviews the personal assets and finances of the debtor. Exempt property—or property necessary to maintain basic standards of living—is retained by the debtor. Nonexempt property is seized and liquidated to pay creditors. Property exemptions vary in each state. However, in m...