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Category Archives: Uncategorized

What Kind of Assets Can You Keep after Liquidation?

Filing for bankruptcy is a big decision and people frequently have concerns about how it will affect their assets and credit, especially in the case of Chapter 7 liquidation bankruptcy. Many people believe that when they file for Chapter 7, they must give up everything they own in order to receive a discharge. But that… Read More »

What will I lose if I file for bankruptcy?

Many people are fearful of filing for bankruptcy because they are unsure of what will happen to them. They worry that they will lose everything—including their car, their home, and all their personal belongings. This fear is unfounded, and Jacoby & Meyers Bankruptcy Law can explain why. When we assist you in filing for bankruptcy,… Read More »

What are the eligibility requirements for Chapter 7 bankruptcy?

Chapter 7 is the type of bankruptcy that allows you to eliminate, or discharge, all or some of your debt. The result is simple—elimination of debt—but you have to be eligible for Chapter 7 first in order to file. You must be aware of all the requirements of the law before filing. First, you have… Read More »

What are the eligibility requirements for Chapter 13 bankruptcy?

Chapter 13 bankruptcy is different from Chapter 7 bankruptcy. With Chapter 13, you devise a payment plan to pay off your creditors. You can file for Chapter 13 as an individual or as a sole proprietor. In order to be eligible for Chapter 13 bankruptcy, you must: Have unsecured debts less than $360,475 Have secured… Read More »

What is a “means test?”

The two most common forms of personal bankruptcy are Chapter 7 and Chapter 13. In order to determine which one you qualify for, you must pass a “means test.” The means test was instituted in 2005, when the United States changed its bankruptcy laws, in order to prevent wealthy people from declaring bankruptcy and avoiding… Read More »

What are some recent changes to bankruptcy law?

New bankruptcy laws went into effect in 2005, changing the rules substantially.  Under the old rules, most filers could choose the type of bankruptcy for which they wanted to file. This allowed people with higher incomes to file for Chapter 7 bankruptcy, even when they had the means to file for Chapter 13 and pay… Read More »

Bankruptcy Law Changes and Bankruptcy Alternatives

Despite stricter laws, economic conditions have led to a steady increase in bankruptcy filings over the past few years. And bankruptcy does not seem to carry the same social stigma that it did at one time. The fact remains that many individuals who filed bankruptcy at one point went on to become very successful businessmen,… Read More »

The Importance of Understanding Debt Discharge

Finding out what debts bankruptcy can discharge is vital when deciding whether to file bankruptcy. Also, if bankruptcy is the right financial remedy for you, realize that some bankruptcy chapters do not discharge certain debts. A bankruptcy lawyer can help you evaluate debt and determine which bankruptcy chapter is appropriate. More debts are dischargeable in… Read More »

How Do Secured and Unsecured Debt Relate to Bankruptcy?

Bankruptcies treat secured and unsecured debt differently and, when working with a bankruptcy lawyer, a basic understanding of what each is and how they relate to bankruptcy is helpful. With secured debt, you own collateral that backs the debt, such as a house, car, or appliance and you make regular payments to the creditor.  Unsecured… Read More »