What Is a Chapter 7 No-Asset Bankruptcy Case?

By Cara O’Neill, Attorney Most people who file for Chapter 7 bankruptcy don’t turn over any property or cash to the bankruptcy trustee appointed to administer the matter. Instead, they keep everything they own in what is known as a “no-asset case.” The shorthand term “no-asset” tells creditors not to expect to get paid out of any bankruptcy proceeds because there won’t be any. Read on to learn more about Chapter 7 no-asset bankruptcies. How […]

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Paperwork You Will Need to File for Bankruptcy

Find out what information and documents you’ll need to complete your bankruptcy petition and forms. By Lisa Guerin, J.D. Once you have decided that filing for bankruptcy is your best option, it’s time to get started on your paperwork. Whether you file for Chapter 7 or Chapter 13 bankruptcy, you will have to complete a fairly large packet of forms with the bankruptcy court. (Here’s a full list of the forms you’ll need and links to download them […]

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Bankruptcy: How it Works, Types & Consequences

Source: Experian.com Bankruptcy is a legal process overseen by federal bankruptcy courts. It’s designed to help individuals and businesses eliminate all or part of their debt or to help them repay a portion of what they owe. Bankruptcy may help you get relief from your debt, but it’s important to understand that declaring bankruptcy has a serious, long-term effect on your credit. Bankruptcy will remain on your credit report for 7-10 years, affecting your ability […]

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What to Expect at the Bankruptcy Meeting of Creditors (341 Hearing)

By Cara O’Neill, Attorney All Chapter 7 and 13 bankruptcy filers must attend a 341 hearing and meet with the trustee appointed to oversee the case. At the creditors’ meeting, the trustee checks the debtor’s identification and asks a series of questions about the bankruptcy paperwork. Creditors who attend can ask about financial matters, although it’s rare for creditors to appear. It’s common for debtors to worry about the meeting, but most are quick and […]

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Will Bankruptcy Change in 2021?

With the COVID crisis, many individuals are finding themselves in a situation where bankruptcy is the only viable option to obtain a fresh start and climb out of debt. Many consumers have found themselves laid off or their hours cut back, and their financial obligations are piling up. New legislation was introduced in Congress in December of 2020 titled the “Consumer Bankruptcy Reform Act of 2020.” This proposed legislation would completely overhaul the current bankruptcy […]

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