Pros and Cons to Chapter 7 and Chapter 13 Filings There are several advantages and disadvantages to Chapter 7 bankruptcy and Chapter 13 bankruptcy. One advantage to a Chapter 7 filing is that the amount of debt you can erase is not limited; whereas with Chapter 13 Bankruptcy it might be that you keep all of your property, both exempt and non-exempt. → Read More
How often can I file for bankruptcy? The technical answer is that you can file bankruptcy as often as you like, but you may not get the result you want, especially because of recent changes in the bankruptcy law. → Read More
Is Social Security counted as income in the means test under the new bankruptcy law? Social security payments are excluded from the calculation of income for purposes of the means test. It’s important though not to comingle social security income’so that the social security income is not confused with other types of income that are not excluded. → Read More
Virginia Bankruptcy Exemptions, Laws, and Resources When filing for bankruptcy in Virginia, federal exemptions are not available. In this article, you will find a list of state exemptions available to debtors in Virginia. → Read More
Can a creditor obtain relief from the automatic stay in a bankruptcy? When an individual files for bankruptcy, he or she is immediately put under a legal protection referred to as an automatic stay. This automatic stay means that creditors cannot attempt to collect money from the person until the discharge or dismissal of the bankruptcy takes place. A creditor does have the option of appealing to the court and requesting relief from the stay, meaning they ask to be allowed to pursue what they are owed even during the bankruptcy. → Read More
What is bankruptcy fraud? Bankruptcy fraud is a criminal offense taking the form of concealment of assets, multiple filings and petition mills. Click here for a detailed definition and description of what it means to commit bankruptcy fraud. → Read More
Meeting with a Bankruptcy Attorney – How to Prepare & What to Expect Every bankruptcy attorney has their own process when it comes to interacting with potential or established clients, but there are similar items that most bankruptcy attorneys will cover in an initial and subsequent meetings, including general preparation, gathering of documents, completion of documents, and payment of fees. → Read More
What is Chapter 11 bankruptcy? Chapter 11 is one of the chapters of the US Bankruptcy Code that provides protection to debtors. Chapter 11 bankruptcy is almost exclusively used by businesses due to the expense and complexity of filing for this chapter of bankruptcy. It is appropriate when a business needs to restructure the debts it has and reorganize its finances so it can stay open. → Read More
Differences between Bankruptcy Chapters There are four main types of bankruptcy filings – they are known as Chapter 7, Chapter 11, Chapter 12 and Chapter 13. They vary in process, purpose and availability. There are scenarios each is better suited; some types are more appropriate for businesses, while others are meant for individual consumer bankruptcies. Click here to learn more. → Read More
Federal Non-bankruptcy Exemptions vs. State Exemptions Although states can opt out of most federal exemptions, some are mandatory. These exemptions are called non-bankruptcy exemptions, because they are found in areas of the United States Code other than the bankruptcy code. → Read More
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