Chapter 7 Bankruptcy

How Often Can You File For Chapter 7 Bankruptcy?

2020-06-12T16:20:36+00:00By |Comment(s):Comments Off on How Often Can You File For Chapter 7 Bankruptcy?

When a person files for chapter 7 bankruptcy, the hope is that they keep their financial affairs in order. Certain steps in the bankruptcy process are design with the specific intent of preventing future bankruptcies. However, it is not unheard of for an individual to need a second go at bankruptcy. If you have filed for chapter 7 in the past and you find yourself in situation where you may need to repeat the process, then there are some things that you should know.

Do you have to wait to file again?

Most people would be surprised to learn that there is no code that specifically sets a time limit on a second bankruptcy filing after chapter 7. However, there are limitations set on the amount of time that you have to

Can I Convert My Chapter 13 Bankruptcy to Chapter 7?

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The major difference between filing Chapter 7 and Chapter 13 bankruptcy is income. Lower income levels are eligible to file for Chapter 7 (which is also normally a simpler process) while higher incomes file Chapter 13. Sometimes the conversion from Chapter 13 to 7 may happen by the debtor and sometimes it is forced by the bankruptcy court, and this is known as a forced conversion. While federal bankruptcy laws do not vary from state to state, some of Hawaii’s state laws and exemptions are quite specific.

How to Qualify

There are eligibility requirements that must be met in order to convert from a Chapter 13 to a Chapter 7. In Hawaii, the bankruptcy case must not have been converted from a different chapter, and the main eligibility requirement is the

Military Chapter 7 Exemption Due to Expire

2020-06-12T16:20:37+00:00By |Comment(s):Comments Off on Military Chapter 7 Exemption Due to Expire

When you start to consider filing for bankruptcy, it’s best to understand all your options before you make any commitments. If you are, or have been, a military service person considering bankruptcy, now may be the time to act. An exemption that applies specifically to you will expire soon, and you may want to take advantage of it.

What Is Chapter 7 Bankruptcy?

The two most common types of bankruptcies are Chapter 7 and Chapter 13. In both cases, a debtor applies to the court for help in paying or otherwise discharging their debts. What distinguishes the two is how the debts are discharged and how much you have to pay back.

In Chapter 13, the debtor submits a payment plan to cover some of their existing debts. A large portion of what

Understanding the Chapter 7 Bankruptcy Means Test

2020-06-12T16:20:38+00:00By |Comment(s):Comments Off on Understanding the Chapter 7 Bankruptcy Means Test

A Chapter 7 bankruptcy means test will determine if your income meets the guidelines for filing chapter 7 bankruptcy. This test is designed to keep higher income filers from filing Chapter 7 bankruptcy to wipe out their debts completely. They may file for Chapter 13 bankruptcy, but this will mean that they need to repay some of their debts, as directed by the trustee. What do you need to understand about the bankruptcy means test and how it will affect your own bankruptcy?

You Don’t Have to Be Penniless to File Chapter 7

When you say, “means test,” most people think that this means that you have to be almost penniless to file Chapter 7 bankruptcy. However, you can earn quite a bit and still qualify for this type of bankruptcy if

Choosing a Honolulu Bankruptcy Attorney

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Are you at the end of your rope with your finances? Finding the right Honolulu bankruptcy attorney could be the answer to your stress. If you have been struggling to pay your bills and getting calls at work and at all hours, you may be ready to consider bankruptcy. The key is to find the right representation for you and for your needs. What do you need to look for in a bankruptcy lawyer?

A Professional Honolulu Bankruptcy Attorney

First, ask friends and family for recommendations and referrals. This is your best source for finding someone that is professional that you can trust with your future financial situation. If you cannot find anyone that can recommend a bankruptcy attorney, you will want to look at your state’s lawyer

How to File for Bankruptcy

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When you are dealing with creditor calls day after day, one thing that you may be considering is filing for bankruptcy. Learning more about how to file for bankruptcy can allow you to make the right decisions for you and your life. To ensure that you make the smartest decision for you and your financial future, you want to be sure that you get an attorney who can walk you through the bankruptcy process from start to finish.

Finding a Bankruptcy Attorney

There are many attorneys who claim to be experts in bankruptcy filings, but you want to be sure that you find one that truly focuses on helping people just like you file for bankruptcy. They will understand the paperwork that needs to be filed and the

What is Chapter 7 Bankruptcy?

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There are two main types of bankruptcy for personal accounts. These are known as Chapter 13 and Chapter 7 Bankruptcy. There are some differences in these kinds of bankruptcy, but by understanding more about one, you can then move on to the other to ensure you know your choices available. What is Chapter 7 bankruptcy?

Chapter 7 Bankruptcy Offers Relief

When you file for bankruptcy, an “Order for Relief” or an “automatic stay” is almost automatically given. This protects you against creditors from trying to collect from you. They cannot garnish your wages, go after your property, cut off your utilities, and they cannot continue contacting you. This can be a time of great relief for some debtors, as they are able to answer the phone without fear.


How to Find a Bankruptcy Lawyer

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When you consider filing for bankruptcy, your first step will be to determine how to find a bankruptcy lawyer. While you could, of course, open up the phone book and go with the first one that you see, this is not the smartest decision. You need someone who you will be comfortable with and that you can trust with this very important legal matter. Where should you start in how to find a bankruptcy lawyer?

Ask Friends and Family

The best way to get an attorney that you can trust is to ask for recommendations from your friends and family. Asking people that you trust can ensure that you can get the most unbiased information possible and find a bankruptcy attorney that you can work with to take care of financial issues.


7 Reasons to Choose Chapter 13

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Many people struggle with the decision between Chapter 7 and 13 bankruptcy.  If you feel that you can repay some of your debt by having the payments restructured to meet your payment abilities, then Chapter 13 is the choice for you.  There are many different benefits to this form of bankruptcy including the following seven key points.

  1. If you have fallen behind on your mortgage payments, but want to keep your home, Chapter 13 bankruptcy will allow you to catch up and bypass foreclosure.
  2. Chapter 13 bankruptcy also has different property exemption regulations than Chapter 7 bankruptcy.  This means that you may be able to keep certain non-exempt property.
  3. Depending on how important your car is to your lifestyle and job, you may find the need to keep it during

The Median Income Test

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When you are applying for Chapter 7 or Chapter 13 Bankruptcy, you will need to take some tests to determine your eligibility.  One of these tests is something called a “median income test.”

What You Need

This test measures your household income and size against the median income for your region.  You will need to use your pay stubs and taxable income from the past six months to determine your average monthly income.  The six month period in question is six months before the end of the month preceding your filing (If you file on December 16th, the period runs from June through November).

In addition to your income information for the six-month period, you will need to include any tax refunds or end of year bonuses, since they

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