Articles Posted in Chapter 7

In the current economy, uncertainty about the future is a common concern. This is especially true for business owners. Small changes in the economy can substantially affect an owner’s ability to pay creditors. It does not take many missed or late payments to creditors before a business can fall very behind and face significant economic…

The recent economic situation has led many Americans to have to examine their finances and make changes. In some cases, minor changes to a budget will not be enough to drastically change someone’s financial situation. In these cases, one of the only options left is to file for bankruptcy. There are two types of bankruptcy:…

After the chapter 7 petition has been filed, the court will set a date for the meeting of creditors (also called the 341 meeting). At this meeting, the trustee and the debtor’s creditors have a chance to question the debtor. The trustee will generally ask questions like whether the information provided in the petition and…

When filing for chapter 7 bankruptcy, a debtor normally selects relevant property exemptions to avoid losing valuable assets. A skilled bankruptcy attorney can walk you through the bankruptcy process. When you file for chapter 7 bankruptcy, a bankruptcy trustee is appointed to oversee your estate. The trustee will examine your estate, and has authority to…

Running a business these days can be very difficult. A tough economy can lead many business owners to begin missing payments on debts owed to creditors. It does not take much to begin falling behind with creditors and having the creditors begin harassing you for payment. Mounting debt can lead business owners to be forced…

The recent economic times have forced many California individuals to re-evaluate their financial situations. In many cases, this has led to the creation of better budgets, but in some cases, it has required a filing for bankruptcy to get out from under mounting debt. Last year, a former Arkansas head coach filed for Chapter 7…

Facing mounting bills and increasing debt can be a scary time in any individual’s life. Fortunately, there are debt relief options available for individuals facing financial hardship. One option that is available is Chapter 7 bankruptcy. Chapter 7 allows a qualifying individual to liquidate and eliminate consumer debt. To determine whether an individual qualifies for…

Individuals and businesses can hit a bump in the road at any time. Some can be overcome easily, but others may require more substantial measures to fix the problem. One available solution may be filing for Chapter 7 bankruptcy. Two California YMCAs were permanently closed on January 11. The facilities closed were in Riverside and…

These tough economic times have been difficult for many people, including a number of residents of California. This has led many families to turn to Chapter 7 bankruptcy for relief. Bankruptcy may be the only way for some individuals to work their way out of debt. The current times have hit many individuals including elected…

Ponzi schemes have allowed individuals to amass large amounts of money by swindling others. Fortunately, many of these individuals get caught. But one individual who was charged with fraud and bribery in relation to a ponzi scheme recently filed for Chapter 7 bankruptcy in Sacramento, California. The individual conned $20 million out of an Indian…