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Chapter 7
All debtors are required to attend a meeting of creditors, as required by Section 341 of the Bankruptcy Code. It is normal for you to feel nervous about appearing before the trustee and your creditors to answer questions under oath about your finances, but a seasoned bankruptcy attorney will make sure you are fully prepared...
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If you are considering filing an individual Chapter 7 or Chapter 13 case, it is important to understand all of the pros and cons associated with bankruptcy. How will my credit score be impacted by bankruptcy? One of the primary concerns debtors have is how it will impact their credit score. The answer differs for...
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The Eleventh Circuit recently held that a debtor is allowed to “strip off” an unsecured junior mortgage in a “Chapter 20” bankruptcy case. While Chapter 20 bankruptcy is not a valid chapter in the Bankruptcy Code, the term refers to a debtor who files back-to-back Chapter 7 and Chapter 13 bankruptcy cases. What is a...
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In the Internet era, when bankruptcy forms are available online for free or for very little, many people question the wisdom of hiring a professional for what seems to be a do-it-yourself project. Others may look to a bankruptcy petition preparer to save money. But there are some very compelling reasons for hiring an experienced...
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A Home Equity Line of Credit is a secured loan that acts like an unsecured credit card. Many people took out these “second mortgages” on their homes as a way to convert the home equity into cash while staying in the residence. What happens to your HELOC mainly depends on the Chapter you file. HELOC...
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What was exempt before you inherited it may not be after, according to a recent Supreme Court case. Clark et ux v. Rameker et al centered around the Chapter 7 Bankruptcy of Heidi Hefron-Clark and her husband, Brandon. In 2001, the Clarks inherited a $450,000 IRA from her mother. When the couple later filed bankruptcy...
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In April 2014, Detroit’s emergency manager stated that he hoped the city would emerge from bankruptcy later this year. Detroit Bankruptcy In July 2013, the City of Detroit filed for bankruptcy protection under Chapter 9; it was the largest such filing in the country’s history. Although emergency manager Kevin Orr had hoped that the process...
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Recent scheduled meetings of the Bankruptcy Rules Committee were cancelled, apparently due to lack of interest. There had been two meetings scheduled in January 2014, one in Chicago and one in Washington, D.C. According to federal law, meetings may be cancelled if there is a lack of public interest, the Standing Committee sees a need...
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The means test is essentially just another form to file on an already-long list, and has very little, if any, impact on your decision to file Chapter 7 Bankruptcy. The 2005 Bankruptcy reforms While most “reform” legislation is usually a proposed solution to an existing problem, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA,...
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Household debt rose $241 billion in the third quarter of 2013. Analysts at the New York Fed say the 2.1 percent increase was the largest jump since 2007. The debt was primarily mortgage debt and new car loans, which is seen as a sign that consumers are gaining confidence in an improving economy. However, student-loan...
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