Blog Posts in September, 2011

Qualifying for Chapter 7: The Means Test

In order to qualify for Chapter 7, you must pass the "means test"-a formula used to determine whether you have enough money to pay creditors. The purpose of the means test is to reserve Chapter 7 for ...
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Debts Not Dischargeable Through Bankruptcy

Not all debts are dischargeable in a Chapter 7 bankruptcy. These non-dischargeable generally debts include but are not limited to: Most taxes (some exceptions for income taxes debt 3-years old) Child ...
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Can Chapter 7 Bankruptcy Discharge Personal Loans?

The short answer is yes. Virtually all of your unsecured loans can be discharged through Chapter 7 bankruptcy. Your personal loans are unsecured loans as long as you have no collateral attached to ...
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Whats Happens to My Lease When I File for Chapter 7 Bankruptcy?

The Bankruptcy Code gives you two options when you file for Chapter 7: assume your lease (keep it) or reject it (get rid of it). But why would you do either? You might want to assume your lease if you ...
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Can I File for Chapter 7 Bankruptcy and Keep My Home?

Yes, you can keep your home as long as: $75,000 if you are single, $100,000 if you are a part of a family unit, or $175,000 if you are over 65 or physically disabled or under 55 with less than $15,000 ...
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Should Married Couples File For Bankruptcy Jointly or Separately?

When filing for bankruptcy, married couples tend to file jointly because they are so financially intertwined and their debts are comingled. California couples are especially financially entangled ...
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Why Should I Hire an Attorney instead of a Bankruptcy Petition Preparer?

The bankruptcy process is like floating down a river in the Amazon jungle and you have three options: Go alone -you're going down the river without a boat. You might trust your survival skills but ...
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Donald Trump's Bankruptcies: Shameful Failure or Business Savvy?

Starting a business isn't easy. Keeping it afloat is even harder especially in this economy. It's no surprise that nobody, not even "The Donald," is a stranger to business hardships. On four separate ...
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Avoiding Leins Under Chapter 7 Bankruptcy

If you've filed or are considering filing a Chapter 7 bankruptcy, it's probably because you want your debts discharged. The general rule in bankruptcy is that liens are not discharged. However, ...
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Can Bankruptcy Stop Wage Garnishment?

Yes! A creditor can use court orders to garnish your wages-automatically deduct a percentage of your paycheck. However, bankruptcy can prevent wage garnishment through something called an "automatic ...
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Solyndra Bankruptcy

Solyndra, a solar power company backed by President Obama, filed for Chapter 11 bankruptcy last week. No one (not even a company with presidential support) is immune to the hardships of the current ...
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Bankruptcy and Financial Aid

If I file for Bankruptcy can I still qualify for financial aid? Yes. You can still qualify for federal student loans because they are "need based" loans. The logic is that federal loans are granted to ...
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Chapter 13 Bankruptcy and Lien Stripping

Lien stripping can benefit you as it removes unsecured claims from your assets. Under Chapter 13, liens can be stripped down to the value of the collateral-unsecured claims can be removed off of your ...
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