This entry is part 6 of 10 in the series Chapter 7 FAQsThe 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...
This entry is part 7 of 10 in the series Chapter 7 FAQsExempt 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,...
This entry is part 8 of 10 in the series Chapter 7 FAQsA “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...
This entry is part 9 of 10 in the series Chapter 7 FAQsYes, but only with proper bankruptcy planning and counseling. All transfers/gifts of property, refinances of property, and sales of property within 2-4 years of the bankruptcy filing must be disclosed on the...
This entry is part 10 of 10 in the series Chapter 7 FAQs 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...
