Before filing a Chapter 7 bankruptcy, you need to gather several documents for your attorney. These documents help your attorney analyze your situation and prepare a bankruptcy petition for you. This checklist provides an overview of the type of information needed. Paperwork Needed to File Chapter 7 Bankruptcy Income record A complete income record for…
Most chapter 13 debtors do not have to pay all of their debts in full through their bankruptcy. But each person’s situation is different. To determine how much you would have to pay depends on several factors, like the types of debts you have and how much money you make. The Minimum Amount Chapter 13…
If you owe child support, a bankruptcy will not change your obligation to pay the child support, and it will not discharge any delinquent amounts owed. That does not mean, however, that your other debts cannot be discharged. What is Priority Debt? Child support, or any other domestic support, is considered a “priority” debt in…
The definition, according to the Webster Dictionary, is “to end the service of (someone) in a formal or official way.” According to the Black’s Law Dictionary, a discharge is “any method by which a legal duty is extinguished; esp., the payment of a debt or satisfaction of some other obligation.” In Bankruptcy, a discharge is…
Bankruptcy exemptions are laws that allow you to protect certain property when you file a bankruptcy. In a Chapter 7 bankruptcy, exemption laws determine what property you can keep. In a Chapter 13 bankruptcy, exemption laws may be a factor in determining how much you have to pay back to your unsecured creditors. Most exemptions…
Yes, you can file bankruptcy twice, however, if you want to receive a discharge of your debts in a subsequent bankruptcy, you must wait a certain period of time. How long you have to wait depends on the chapter of bankruptcy you previously filed and the chapter you want to file in the future. Timeframes…