Category Archives: Important Terms

Chapter 13 Reorganization

Nov12

People who cannot car payments, and/or owe back house payments, back IRS taxes, back child support, delinquent property taxes, and others may file for protection under Chapter 13 of the Bankruptcy Law to stop foreclosure on their home, repossession of their car(s), to stop IRS wage and bank account levies, and tax liens on their […]

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Filed under Bankruptcy Code, Chapter 13 Bankruptcy, Important Terms, Plan Payments

Chapter 7 Fresh Start Bankruptcy

Nov12

Chapter 7 Fresh Start Bankruptcy may be used to eliminate credit card debt, medical debt, deficiencies after a foreclosure and/or repossession.  There are other debts dischargeable in a Chapter 7, but credit cards, medical and deficiencies are the most common.  Clients who are defined as “Debtors” in the Bankruptcy Law need to be current on […]

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Filed under Bankruptcy Code, Chapter 7 Bankruptcy, Important Terms

What Is The Chapter 7 Means Test?

Jul01

Generally speaking, if you have debts or obligations you cannot handle, or other financial difficulties, a way to resolve the situation is to file for bankruptcy. For most individuals there are two types of bankruptcy - chapter 7 and chapter 13. Chapter 7 is often called “straight bankruptcy” and with it you are […]

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Filed under Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Chapter 7 Means Test, Important Terms