By Jeff Field | Published April 15, 2023 | Posted in Bankruptcy, Chapter 7, Uncategorized | Tagged Tags: bankruptcy exemptions, nonexempt assets in bankruptcy, trustee abandonment | Leave a comment
Is it Possible to Keep Some of Your Nonexempt Property in Chapter 7?
In a Chapter 7 bankruptcy, the appointed trustee collects and sells part of the debtor’s assets and then distributes the proceeds to creditors. However, Chapter 7 debtors are not left entirely destitute. Assets that the debtor is allowed to keep are called exempt property. In addition, a Chapter 7 debtor may be allowed to keep Read More
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How Long Must You Wait Before Filing a Second Bankruptcy in Georgia?
Bankruptcy is designed to give debtors a fresh start with their finances. Most people who file for bankruptcy do so only once. However, some debtors find it necessary to file bankruptcy petitions twice or more. While technically there are no limits on the number of times you can seek bankruptcy protection, there are prohibitions and Read More
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How Does an Increase in Income Affect Your Chapter 13 Plan?
Filing for Chapter 13 means committing to a debt repayment plan that typically runs for three or five years. The amount you pay each month is determined at the time the court approves the plan, based on a calculation of the disposable income you have left after paying for food, housing, utilities and other costs Read More
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How Much Does it Cost to File for Bankruptcy?
If you are contemplating bankruptcy, you’re probably wondering how much it costs. You’re probably worried about how you’ll be able to pay for an attorney, too. Bankruptcy costs in Georgia are actually quite affordable and legal fees can usually be managed if the attorney is reasonable. Court filing fees are among the initial costs of Read More
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5 Ways You Can Rebuild Your Credit During Chapter 13
One of the common myths about bankruptcy is that it permanently ruins your credit. But the opposite is true for Chapter 13. While this type of bankruptcy appears on your credit report for seven years after the date of filing, it can serve as a springboard for rebuilding your credit. In fact, you can start Read More
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How Deducting Expenses Can Help You Pass the Chapter 7 Means Test
To qualify for Chapter 7 bankruptcy, most people must pass the means test, which looks at their income, expenses and family size to determine if they have any disposable income that could be used to repay debts. Passing the means test often requires making optimal use of allowable expense deductions. The first step in the Read More
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Improving Your Chances of Buying a Home After a Chapter 7 Bankruptcy
Buying a home after filing bankruptcy can be difficult. A Chapter 7 bankruptcy filing hurts the individual’s credit rating, making it nearly impossible to borrow money immediately thereafter. The bankruptcy stays on a person’s credit report for 10 years. However, there are ways to soften the effects of bankruptcy on the ability to get new Read More
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Does Chapter 13 Prevent Car Repossession for Overdue Payments?
In many areas of the country, people need a car to commute to their jobs, get groceries and attend to other life activities. In such circumstances, the prospect of having a vehicle repossessed may be a disaster second only to losing a home to foreclosure. Fortunately, a Chapter 13 bankruptcy offers a variety of potential Read More
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How the Automatic Stay in Bankruptcy Protects Your Wages and Bank Accounts
When your wages, bank accounts and other funds you use for essential expenses are seized to pay overdue debt, the results can be devastating. For example, a wage or bank garnishment may leave you without enough money for your car payment. If the car is then repossessed and you are without transportation, you risk losing Read More
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Using Chapter 13 to Reorganize Your Business Debts
People having serious debt problems may be able to reorganize their financial affairs using Chapter 13 bankruptcy. Chapter 13 allows a qualified debtor to restructure debts and repay some of the outstanding balances over a set period of years. Only an individual can file Chapter 13 bankruptcy. Businesses must resolve their debt problems by other Read More
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