Chapter 7 of the Bankruptcy Code provides for “liquidation” of your debt and sometimes your nonexempt assets. The trustee will evaluate the debtor’s nonexempt property and if it can be sold for real value, and distribute it to the creditors. A chapter 7 bankruptcy does not involve a plan of repayment, the bankruptcy trustee gathers  … Read more

Chapter 7, bankruptcy is the most common form of personal bankruptcy. If you have a choice, Chapter 7 is a faster and easier form of bankruptcy. Chapter 7 effectively eliminates your debt without having to complete a payment plan. Most Chapter 7 cases are completed in three to six months. Your income must be at  … Read more

Chapter 7 bankruptcy is often called a liquidation bankruptcy. A court-appointed trustee will examine your assets to determine if any non-exempt property is valuable enough to be sold and the proceeds distributed to your creditors. Certain exempt property can not be sold, and you will be able to keep them throughout your case. The trustee  … Read more

When you are considering bankruptcy, it is good to know a little about the legal actions you are about to take. If you know a bit about what to expect, the whole process will be less intimidating. Chapter 7 bankruptcy is the quickest and easiest form of bankruptcy. The cases are usually straightforward unless a  … Read more

If you are behind on your debt and considering bankruptcy, you may want to file Chapter 7 bankruptcy. The means test is a requirement to be able to file chapter 7 bankruptcy as part of the bankruptcy abuse and prevention act f 2005. If your income is lower than your state’s median, you can file  … Read more

Chapter 7 personal bankruptcy is also known as the liquidation bankruptcy. This type of bankruptcy liquidates all of your unsecured debts without a repayment plan. You must forfeit all of your nonexempt property to the trustee so the assets can be sold and the money distributed to your creditors. The exemptions are pretty generous, so  … Read more

Trident Lakes, a luxury resort located in just north of Dallas Texas has filed for Chapter 7 Bankruptcy in late July 2018. The 5-star resort isn’t your normal vacation, however, but was initially planned to be able to survive an all-out nuclear war. The resort’s ownership has other issues as well, such as an FBI  … Read more

For Texas business owners considering a Chapter 7 bankruptcy, you may be wondering if you should go ahead and sell off your business assets in order to close out your business prior to filing. This can be a complicated question to answer and one that should be directed towards a Texas bankruptcy attorney before taking  … Read more

There are numerous times when individuals who own few assets or even none at all fall into deep debt. In fact, nearly all Chapter 7 bankruptcy cases filed in the US fall into this category. Referred to as “no-asset bankruptcy”, these Chapter 7 cases refer to a debt who owns no property that isn’t covered  … Read more

Filing for Bankruptcy can cause extreme anxiety and angst, and it’s not surprising. After all, bankruptcy has received a negative reputation as of late due to not only the credit implications but also moral and ethical questions. Bankruptcy shouldn’t be looked at as the end of the world or as conning your creditors as much  … Read more