Chapter 7 Bankruptcy Laws

August 27, 2009   |    BK   by BK   |    comments   No Comments

by BK on August 27, 2009

There are many things to be aware of when filing bankruptcy.  One of the most important is the laws that effect what you can and cannot do in respect to Chapter 7 bankruptcy.

There are laws related to exemptions.  Exemptions are the things that you are allowed to keep in the bankruptcy.  This laws are very detailed and require an attorney to correctly interpret them for your specific issues, however we will be explaining generally how these laws work in relation to what is and is not exempt from surrender to the bankruptcy trustee.

There are more Bankruptcy laws related to actually qualifying for Chapter 7 Bankruptcy.  This process can be daunting since the change in the laws in 2005.  You are required to go to credit counseling and education.  There is a means test to show that your income is insufficient to service the debt you have incurred.  We will be exploring the details of the means test and how it generally applies.

Further, there are laws related to Chapter 7 Bankruptcy that dictate what your creditors can, and cannot do after you have filed.  We will be exploring all of these issues and how they may apply to you.

Please ask questions and we will get you answers in further posts.  Remember this is for education and informational purposes only, please consult an attorney prior to acting on any advice contained herein.