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Frequently Asked Questions

My case is a Chapter 7 asset case but I don’t want to lose my property

What happens when you realize after filing that you are not prepared to parts ways with an asset that must be liquidated by the Chapter 7 trustee? As I said, you must cooperate with the Chapter 7 trustee once filed. And in the event the trustee determines you have assets that must be liquidated to […]

Ugh. My Chapter 7 bankruptcy is an asset case. What now?

An asset case in Chapter 7 means that to get the benefit of the bankruptcy, you must cooperate with the trustee in the collection and sale of your property that is not protected under the exemption laws.   The trustee will arrange through your counsel a time for their appraiser, liquidator, real estate agent, or […]

What if the bankruptcy court wants some of my stuff?

If you file a bankruptcy and the court wants some of your personal property to pay some of your debts, how does that work?   In Chapter 7, a trustee is appointed in every case filing to review your asset schedules, question you under oath to determine whether you are being honest, and to collect […]

Do I get to keep my stuff if I file bankruptcy? Bankruptcy Exemptions

This is a big question for those that file bankruptcy. What happens to your property – your money, your personal items, your car, your house, your guns, your retirement, and everything else – when you file bankruptcy?   Like I mentioned earlier, one side of the scales of justice in bankruptcy hold your assets while […]

Can I keep my car in a Chapter 7 bankruptcy? Reaffirming a debt

What happens if you have to file bankruptcy but you owe money on a car and need to keep the car and continue to make payments?   In a Chapter 7 bankruptcy, at first glance, car loans are included in the debts eliminated. But many Chapter 7 filers wants to keep their case and car […]

Do I have to tell the bankruptcy court about all of my property?

Yes. You MUST list all of your debts, assets, expenses, and some other personal financial information in your bankruptcy filing.   You should not, can not, and must not lie, hide, conceal, or otherwise fail to provide the court notice of your property and debts. If you do lie, the bankruptcy court will not grant […]

Which bankruptcy is right for me?

The facts and circumstances of your own individual financial life often lead one bankruptcy to be more appealing than another. This is a question than you should discuss with a bankruptcy attorney if you plan on filing. Here are some general things to consider when filing for bankruptcy.   – Can I file a bankruptcy […]

What happens in a bankruptcy Chapter 13

Chapter 13 bankruptcies are typically 36 to 60 months cases that result in a monthly payment to the bankruptcy court trustee to pay some, but typically not all, of your debts. At the conclusion of the case, the remaining debts that can be permanently eliminated are permanently eliminated.   Chapter 13 is used for a […]

What happens in a bankruptcy Chapter 7

A chapter 7 bankruptcy is typically a 90 day court procedure to eliminate most of your debts. Approximately a month after the filing of your bankruptcy, there is a court hearing where you are questioned under oath to see if you have assets that must be liquidated to eliminate your debts, and in most cases, […]

What kinds of timing problems are can be solved in bankruptcy?

Bankruptcy proceedings serve as a circling of the wagons around your personal situation, preventing your creditors from all ganging up you at the same time. This gives a very powerful timing tool to the bankruptcy.   Things bankruptcy can stop.   DEBT COLLECTION HARRASSMENT: Perhaps the most abusive and irritating thing about falling behind on […]