Post-petition, you will likely not receive any statements. In addition, auto-pay arrangements will be discontinued. In Chapter 7, continue to make your monthly mortgage and car payments unless you are going to surrender your home or your car. In Chapter 13, continue...
At the end of a Chapter 7 bankruptcy an individual can receive his or her discharge. A corporation will not receive a discharge. A successful Chapter 7 bankruptcy will result in the elimination of most common consumer debts such as medical bills and credit cards. Some...
Up to 10 years. You should obtain a credit report within a year after the discharge is entered and verify that your pre-petition debts are classified as “discharged in bankruptcy.” If they are not, you should dispute the debts directly with the credit reporting...
The trustee you select is the key decision to assure your trust will serve your beneficiaries well. Your trustee will have complex and demanding duties: Managing the trust’s investments and distributing its assets Balancing the (sometimes conflicting) interests of...
Chapter 7 bankruptcy is a relatively quick process. While a Chapter 13 repayment plan can last several years, Chapter 7 debtors generally get a discharge in about four months from the date of filing. For more questions about bankruptcy 7, visit our FAQ...
No. While your bankruptcy case is open it will be hard for you to acquire new debt. Most credit card companies will close your existing accounts, even if you have a zero balance, at the time of your filing. You may be able to obtain a secured credit card. If you are...
Chapter 7 is a type of bankruptcy that offers individuals a fresh financial start by discharging many unsecured debts (such as credit card debt, medical debt and more). Chapter 7 is sometimes referred to as the “liquidation” bankruptcy because, in theory, your...
Whether you file for chapter 7 bankruptcy relief or for chapter 13 bankruptcy relief, bankruptcy law allows you to keep certain assets (called “exempt assets”). Non-exempt assets need proper pre-bankruptcy planning to avoid them being sold for the benefit of your...
Chapter 13 bankruptcy requires that a debtor pay his or her disposable income for a period of 3-5 years. The ultimate question is how much does the debtor have to pay and for how long. One requirement is that the debtor must satisfy the “best interests of creditors”...
Many bankruptcy debtors file bankruptcy in the midst of being a party to litigation: they have either been sued or are suing someone. Sometimes the lawsuit is the reason for the bankruptcy filing. Sometimes other events precipitate the bankruptcy filing (bank levy,...
