By Jeff Field | Published August 8, 2023 | Posted in Chapter 7 | Tagged Tags: 341 meeting, bankruptcy discharge, creditor objection | Leave a comment
How Fast Can You Get a Chapter 7 Bankruptcy Discharge?
Chapter 7 is the simplest type of consumer bankruptcy, since it usually results in a discharge of most or all debt. It’s also the quickest. Cases are typically completed in four to six months, compared with a Chapter 13 loan, which takes years. That said, there are scenarios and circumstances that might result in your Read More
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Using Chapter 13 Bankruptcy to Obtain Mortgage Debt Relief
Many people in financial distress are behind on their home mortgages. Debtors who have missed payments are at risk of losing their homes to foreclosure. One of the most effective strategies for saving a home from foreclosure is a Chapter 13 bankruptcy. This type of bankruptcy is also called a wage earner’s plan, because it Read More
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Fraud Exception to Debt Discharge Can Apply to Fraud by Others
Bankruptcy law generally allows debtors to discharge obligations that accrued prior to the filing of the bankruptcy petition. There are, however, exceptions, such as when a debt is obtained by fraud. Though this is generally understood to mean fraud by the debtor, the United States Supreme Court recently ruled that actions by other people can Read More
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What’s the Effect of Your Loan’s Co-signer Filing for Bankruptcy?
People who have difficulty borrowing money often get a friend or relative to be a co-signer on a loan. The co-signer is in effect a guarantor who is secondarily liable for the debt until it is paid in full. However, the situation changes if the co-signer files for bankruptcy. When a co-signer declares bankruptcy, it Read More
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Can You Refile for Bankruptcy After a Prior Case Is Dismissed?
Bankruptcy cases can be dismissed by courts for a variety of reasons. The reasons for the dismissal have a direct bearing on the debtor’s prospects for filing a new petition. A dismissal without prejudice allows the debtor to file a new case right away. A dismissal with prejudice generally requires the debtor to wait a Read More
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Pitfalls That Can Derail a Chapter 13 Bankruptcy
In a Chapter 13 bankruptcy, the debtor must partially repay certain unsecured debts over time according to a detailed court-approved plan. Although most debtors successfully fulfill their plan payments and receive a discharge of remaining debt, there are things that can cause a Chapter 13 to go askew. Creating a plan requires making projections of Read More
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How Moving to Another State Can Affect Your Bankruptcy
Although people may fear that they’ll lose much of their property if they file for bankruptcy, the reality is that debtors who opt for this remedy usually keep most of their assets. That’s because federal and state laws allow debtors to claim exemptions — namely, categories of property that are shielded from creditors. However, the Read More
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Bankruptcy Exceptions for Active and Veteran Military Members
People serving the armed forces sacrifice a great deal for their country, often at their own expense. Provisions of the bankruptcy code as well as other federal laws are in place to assist veterans and active service members with getting through tough financial times. The U.S. Bankruptcy Code includes special exceptions, some of which apply Read More
Read MoreAdversary Proceedings Over Objections to Discharge of Debts
Disputed issues in bankruptcy cases are sometimes resolved in an adversary proceeding. This is a case within the case and can be brought by the person filing for bankruptcy, by the trustee or by a creditor. A common type of adversary proceeding arises from creditors’ objections to discharge of certain debts on the grounds that Read More
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5 Common Mistakes to Avoid in Filing for Bankruptcy
Bankruptcy offers relief from most or all of your debts and allows you a fresh start in rebuilding your finances and credit rating. However, mistakes made prior to filing for bankruptcy can result in some or all of your debts not being discharged. In some cases, a mistake may even lead to the dismissal of Read More
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