Chapter 7

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Chapter 7 Bankruptcy: What to Expect After Filing 

2019-10-16T14:43:23-05:00

Chapter 7 bankruptcy is the most common type of bankruptcy filed in the United States. However, many people who file bankruptcy petitions under Chapter 7 are not familiar with the legal process and have little to no idea what to expect. It is important to understand the Chapter 7 process - the good and the potentially bad - so there are no unexpected delays or complications in your case. Before you file, you should always learn about the process from an Atlanta bankruptcy lawyer at Cornwall Law Firm. The Automatic Stay After you file your petition, you will experience an immediate [...]

Chapter 7 Bankruptcy: What to Expect After Filing 2019-10-16T14:43:23-05:00

Why Filing Chapter 7 Bankruptcy can be Positive

2019-05-07T15:15:25-05:00

The Benefits of Filing Chapter 7 Bankruptcy You have probably heard plenty of negative things about bankruptcy. Depending on where you have gotten your information, you may have heard that it will ruin your credit forever, that you may not be able to find a good job afterward, or even that your bankruptcy will show up on a background check. While some of these claims are loosely based on facts, the truth is that when it comes to bankruptcy, people tend to overemphasize the negative. In reality, the process of bankruptcy has some truly positive aspects. Below we will discuss some [...]

Why Filing Chapter 7 Bankruptcy can be Positive2019-05-07T15:15:25-05:00

Can I Keep My Home in a Chapter 7 Bankruptcy?

2018-11-28T09:59:41-05:00

Short Answer to the Question "Can I Keep My Home in a Chapter 7 Bankruptcy?" One of the first questions that everyone has when considering bankruptcy is "Can I Keep My Home in a Chapter 7 Bankruptcy?" When you file for Chapter 7 bankruptcy, it just depends on how much equity is available in your home, how much of a homestead exemption is available in your situation, and whether or not you are current on the mortgage payments. Another thing to keep in mind is even if you are able to keep your home when you file bankruptcy, do you want [...]

Can I Keep My Home in a Chapter 7 Bankruptcy?2018-11-28T09:59:41-05:00

What is a Chapter 7 Means Test?

2019-02-28T15:21:14-05:00

When you file for bankruptcy, you will be required to take a means test. This is a test that will determine if your income is low enough to qualify you for a Chapter 7 bankruptcy. This test is formulated to prevent high-income people from filing for this type of bankruptcy. If you fail the Chapter 7 means test, you can then file for a Chapter 13 bankruptcy instead. A Chapter 7 means test does not require you to be penniless to pass. You can still earn a significant income and qualify for a Chapter 7 bankruptcy if you have numerous expenses, such as [...]

What is a Chapter 7 Means Test?2019-02-28T15:21:14-05:00

What is Chapter 7 Bankruptcy?

2018-11-28T09:44:18-05:00

Why You Should Consider Chapter 7 Bankruptcy  Chapter 7 bankruptcy is much different from Chapter 13 bankruptcy in that it does not involve filing a repayment plan. Instead, the trustee for the bankruptcy will gather and sell the debtor’s assets that are not exempt and use the proceeds of the sales to pay any creditors according to the Bankruptcy Code provisions. Some of the property could be subject to mortgages and liens that pledge certain property to creditors. The Bankruptcy Code allows the debtor to keep some exempt property, but the remaining assets will be liquidated by the trustee. You need [...]

What is Chapter 7 Bankruptcy?2018-11-28T09:44:18-05:00
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