Articles Posted in Chapter 7

Most things in life are “give and take”, and Chapter 7 bankruptcy isn’t much different. It’s true that Chapter 7 bankruptcy can be an enormous lifeline to individuals who are suffering from crippling debt, but it does come at a certain cost. Making the decision to file for Chapter 7 bankruptcy can be very difficult…

Many individuals who are struggling with debt worry they will lose their home if they file for Chapter 7 bankruptcy. Consequently, we hear the “Can I keep my house in Chapter 7 bankruptcy” question quite often. Keeping your property in Chapter 7 bankruptcy depends on how far behind in your mortgage payments you are and…

Filing for bankruptcy in Sacramento, CA, is a legal process that should be undertaken with seriousness and careful planning. If you are on a tight budget, the thought of hiring a lawyer might seem impossible. However, it is possible to navigate this complex financial landscape even with limited resources. Here’s how: Understand the Process First…

Bankruptcy lawyers in Sacramento California are most commonly asked how an individual can qualify for Chapter 7 bankruptcy and what qualifications or standards need to be met in order to file. Determining who can file for bankruptcy can be complicated and so seeking out a Sacramento bankruptcy attorney can ensure that this step in the…

A Chapter 7 bankruptcy case is typically the quickest and simplest type of bankruptcy in Sacramento. After filing bankruptcy, you can typically expect to have your eligible debts discharged within four to six months. A few things that can slow down your Chapter 7 bankruptcy discharge are additional documentation requests from the trustee, if the…

Contrary to popular belief, you can always discharge your income tax debts in Chapter 7 bankruptcy. However, in order to be able to do so, your tax debts must meet the basic requirements stipulated by the federal government. Chapter 7 Bankruptcy tax debt isn’t cut and dry. Here is a list of restrictions and qualifications…

A Chapter 7 bankruptcy is also referred to as a “straight bankruptcy” because it doesn’t involve the development of a repayment plan like you will find in Chapter 13 bankruptcy. Chapter 7 might seem like a simpler way to eliminate debt by the liquidation of non-exempt assets to satisfy debts owed to creditors. However, sometimes…

If you are considering filing for bankruptcy to resolve your debt obligations it is important that you understand how the process works and what to expect from the process. Your Sacramento bankruptcy attorney will review this information with you, but to begin you should first understand what types of debt you have and how they…

A bankruptcy trustee is assigned to every chapter 7 and chapter 13 bankruptcy case after it is filed. The United States Trustee at the Justice Department is tasked with appointing and supervising bankruptcy trustees. By and large, trustees are lawyers or professionals with extensive experience in bankruptcy. The duties of a bankruptcy trustee vary depending…

Sometimes a debtor should allow the chapter 7 trustee to sell his or her house. The chapter 7 trustee can keep the mortgage company from immediately foreclosing. By stalling foreclosure the trustee is able to maximize the value of the house on the open market. When the house is sold the debtor walks away with…