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Category Archives: Chapter 7 Bankruptcy

What Is the Homestead Exemption?

The family home is often an individual’s or couple’s most valuable and substantial asset.  Families generally invest more money in their homes than in any other asset.  So, it stands to reason that many debtors are concerned about whether filing bankruptcy can lead to losing their home.  However, when filing a Chapter 7 liquidation bankruptcy,… Read More »

Judicial Structure for U.S. Bankruptcies

There is no such thing as filing a bankruptcy petition in a state court.  State courts have no jurisdiction over bankruptcy and any debtor filing bankruptcy must file with a U.S. bankruptcy court.  In addition, the bankruptcy courts are units that fall under the U.S. federal district courts, which are trial courts in the federal… Read More »

Deciding Whether to File Chapter 7 or Chapter 13

Various factors come into play when deciding what type of bankruptcy to file.  The entire purpose of filing bankruptcy is to wipe debts clean and restore solvency.  Because filing an inappropriate form of bankruptcy may not serve the intended purpose, it is important to carefully evaluate the types of bankruptcy. Exempt assets Depending on which… Read More »

Can I Buy a Home After Filing for Bankruptcy?

Many people think it’s impossible to buy a home after filing for bankruptcy. Unfortunately, there are many bankruptcy myths. The good news is, this couldn’t be further from the truth. Not only is it possible, but you don’t have to wait ten years, either. Of course, you will have to wait until you can re-establish… Read More »

When Do People Lose Their Homes in Bankruptcy?

One of the main concerns about filing bankruptcy is whether or not you can keep your home.  Because there are many different situations and choices of bankruptcy chapters, various factors come into play in determining whether you keep or lose your home.  There is no substitute for discussing your financial circumstances with an experienced bankruptcy… Read More »

What Does the Creditors’ Meeting Involve?

Knowing what to expect during bankruptcy helps you prepare and participate in a way that can lead to a successful outcome. While your bankruptcy lawyer provides legal guidance, offers explanations, and is at your side throughout the process, a basic understanding of key bankruptcy proceedings can also greatly benefit you. A creditors’ meeting is a… Read More »

What Is an Automatic Stay?

One of the most stressful aspects of being in debt is dealing with creditors or collection agencies. Phone calls, letters, and legal actions such as foreclosure, wage garnishment, repossession, and lawsuits are extremely threatening and many people feel intimidated by them. An experienced bankruptcy lawyer can help protect your rights. The U.S. Bankruptcy Code affords… Read More »

10 Ways To Rebuild Your Credit After Bankruptcy

Once you file for Chapter 7 Bankruptcy or Chapter 13 bankruptcy, it stays on your credit report for a number of years. However, that doesn’t mean it’s impossible for you to rebuild your credit in that time. In fact, your ability to rebuild your credit after bankruptcy is probably better than it’s ever been. It’s… Read More »

Is Chapter 7 Bankruptcy Right For Me?

Admitting that your debts are out of your control isn’t easy. It can be even more difficult to decide what to do next. Do you choose debt consolidation, mortgage modification, or bankruptcy? And if it turns out bankruptcy is your best choice, do you file for Chapter 7 or Chapter 13? We know how confusing… Read More »