The Trustee in Chapter 7

In bankruptcy you hear a lot about “the trustee.” What does this person do, in a “straight” Chapter 7 case, and in an “adjustment of debts” Chapter 13 one?

Keeping Vehicles That You Owe On in a Chapter 7 Bankruptcy

Chapter 7 is the take-it-or-leave-it bankruptcy when it comes to your vehicle with a loan against it. In most cases you either keep on making the payments or you surrender the vehicle, nothing much in between. To be clear I’m talking here about a vehicle that you owe on, with the lender as a lienholder […]

Can an Individual Chapter 7 Case Ever Save Your Business?

Chapter 13 can be a great way to keep certain small businesses afloat, but how about Chapter 7? Can’t it ever be a simpler and cheaper way to do so?   In my last blog I said that Chapter 7 is “seldom the right option if you own a business that you want to keep […]

Writing Off Income Taxes with a “Straight Bankruptcy”

You don’t always need to file a Chapter 13 case—with its 3-to-5-year payment plan–to deal with income tax debts. Thinking that you do is a myth, alongside the broader myth that “you can’t write off taxes in a bankruptcy.” Both have a kernel of truth, which is why they persist. It’s true: some taxes cannot […]

Five Truths about Qualifying for Chapter 7 Bankruptcy

Not everyone who wants to file a Chapter 7 “straight bankruptcy” can do so. But most do. There is probably no topic that causes more confusion among people thinking about filing bankruptcy –do they qualify? Let me set the story straight. 1. Inaccurate publicity:  People think it’s difficult to qualify for filing bankruptcy because of […]

Chapter 7 vs. 13—the Easy Choice, and the Not So Easy

Picking the right Chapter to file can be simple, or it can be a very delicate, difficult choice. And appearances can be deceiving. A situation that seems at first to call out for an obvious choice can turn out to have a twist or two that turns the case upside down.   That twist can […]

What Happens to Your “General Unsecured Debts” in Chapter 7?

Your “left-over debts”–those which are neither secured by collateral nor belong to any of the special “priority” categories–often don’t drive the decision about whether to file Chapter 7 or 13. But you still need to know how these “general unsecured debts” are handled under these two options.

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