Articles Posted in Chapter 7

Should I hire an attorney to file bankruptcy?

The Means Test Requirement for Chapter 7 Bankruptcy This  Chapter 7 Bankruptcy page sheds light on the intricacies of bankruptcy laws and proceedings, specifically focusing on the parameters of Chapter 7. Central to understanding this kind of bankruptcy is discussing the ‘means test,’ which is a determining factor for qualifying for Chapter 7. This test…

The Impact of Bankruptcy on Your Credit Score Bankruptcy is a significant financial event that can affect your credit score. It is essential to understand how bankruptcy affects your credit score, as this score plays a crucial role in your ability to secure loans, obtain favorable interest rates, and even rent an apartment or get…

Learn The Steps in a Chapter 7 Bankruptcy Remember to consult with a competent attorney at LONG & LONG P.C. throughout this process for a comprehensive understanding and smooth navigation of the bankruptcy process. Our law firm is well-versed in helping clients through these steps and can provide the necessary guidance. Call now at 303-832-2655!

A no asset case in a Chapter 7 bankruptcy is the usual goal for a debtor. Why? A no asset case means you have no financial obligation to the bankruptcy estate. Unlike a Chapter 13 bankruptcy where you must make payments for three to five years. Who Makes the Determination of a “No Asset” Case?…

It is not unusual that the spouse of a financially distressed person is unaware of the financial difficulty of the other spouse. Reasons may include one spouse controls the finances, one spouse runs a small business, or the couple keep their financial affairs separate. So, the question often arises how to talk to your spouse…

Can you file a new bankruptcy if you filed a prior bankruptcy? The better question is, if you previously filed bankruptcy, how long do you have to wait to file a new bankruptcy in order to obtain a discharge of new debt? Usually, it is pointless to file bankruptcy if you are not going to…

The ability to keep your car or truck in bankruptcy is often a major consideration when filing a Chapter 7 or Chapter 13 bankruptcy. A dependable vehicle is often essential to keeping a job or getting the kids to school. Fortunately, in a Chapter 7 bankruptcy, you can almost always keep your car or truck…

In a Chapter 7 bankruptcy you will need to know how to answer a Trustee Information Sheet. After the bankruptcy case is filed, a meeting of creditors takes place in about thirty days. Before or at the meeting of creditors, various documents will be required to be submitted to the Trustee. One such document is…

Farmers may have an alternative to a Chapter 7 bankruptcy liquidation, Chapter 13 adjustment of debts, or a Chapter 11 reorganization of debts. The alternative is Chapter 12, an adjustment of debt for a family farmer. Qualifications of a Chapter 12 Family Farmer (Non-Individual) Chapter 12 of the Bankruptcy Code includes both family farmers and…