What is the Chapter 7 Means Test?

What is the Chapter 7 Means Test?

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...
What are Exempt Assets?

What are Exempt Assets?

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,...
What is ‘secured’ debt?

What is ‘secured’ debt?

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...

What is Chapter 7 Discharge in Bankruptcy?

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...