Yes, but only with proper bankruptcy planning and counseling. If you transfer/gift property or sell property for less than fair value to someone before you file for bankruptcy, the Chapter 7 bankruptcy trustee may be able to reverse that transfer and recover the...
A “secured” debt is a debt where you have pledged property (also known as “collateral”) to ensure your payment of the debt. In other words, if you are unable to pay the debt, the lender can take the collateral and have the collateral sold to generate funds to pay the...
Exempt assets are assets the person filing for bankruptcy can shield from creditors and the bankruptcy estate. In other words, they are untouchable assets and yours to keep post-bankruptcy. In California, individuals are allowed to claim their home or a portion of...
The Chapter 7 Means Test is a qualifying test that a debtor must pass to be eligible to file a Chapter 7 bankruptcy. Most Chapter 7 debtors pass and are eligible for Chapter 7 relief. Note that there is a similar test for Chapter 13 bankruptcy. The bankruptcy means...
Generally speaking, the automatic stay stops foreclosures, repossessions, lawsuits, wage garnishments, and tax levies. It does not stop criminal proceedings or legal actions against you for support (such as paternity testing or child support). Automatic stay. In...
The bankruptcy automatic stay is one of the first protections offered to those who file for bankruptcy. In most situations, the automatic stay takes effect as soon as the initial paperwork in a bankruptcy case has been filed. Once activated, it protects debtors from...
Yes. Businesses can also file for Chapter 7 bankruptcy relief. A corporation does not receive a discharge but the business can shut down, turn over its records to a bankruptcy trustee and not have to deal with creditors, pending lawsuits, or collection actions. A...
When you file bankruptcy, a notice is sent out to all creditors, including your car lenders and mortgage companies, whether your are current or delinquent. Post-petition, you will likely not receive any statements as they normally transfer your account to their...
At the end of a Chapter 7 bankruptcy an individual can receive his or her discharge. A Chapter 7 bankruptcy completes in about 3-4 months. The discharge means that all debts that are considered dischargeable are eliminated or forgiven as of the date of the bankruptcy...
https://www.youtube.com/watch?v=MGw3TU80bD0 Filing for bankruptcy relief has some consequences. Bankruptcy will remain on your credit report for 7 to 10 years depending on the type of bankruptcy. The time period starts from the date of filing not the date of...
