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Blog Posts in September, 2011

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  • Qualifying for Chapter 7: The Means Test
    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
    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?
    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?
    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?
    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?
    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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