The majority of Chapter 7 bankruptcies filed in the United States are no-asset cases. When a Chapter 7 bankruptcy is considered a no-asset case, it simply means that the debtor does not own any nonexempt assets that can be sold to pay creditors. Read on to learn more about Chapter 7 no-asset bankruptcies.
Question I filed a Chapter 7 bankruptcy last year. I have a mortgage on my house, but I didn’t reaffirm the loan during the bankruptcy. Instead, I simply continued making my monthly payments. However, my lender has stopped sending me the monthly mortgage statements. Can it do this? How can I get it
If you are a homeowner who has fallen behind on your mortgage payments and are facing foreclosure, your plans should include figuring out whether filing bankruptcy might be a good way to save your home or at least temporarily stop the proceedings to buy you some time. Read on to learn how bankruptcy
You can keep your social security benefits if you file for Chapter 7 bankruptcy, regardless of where you live. This is because social security benefits are exempt property, which means they are protected in bankruptcy. It is a good idea to maintain your benefits in a separate account, however, because
If you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you get to keep your pension and retirement plan funds, with a few limitations. If you are considering bankruptcy, you should learn about these limits.
If your home has no equity (meaning the balance of your mortgage or other liens exceeds the value of the house), it is safe in Chapter 7 bankruptcy. This is because the trustee is not interested in selling a property that will not benefit your unsecured creditors.
For most people, the main goal of filing for Chapter 7 bankruptcy is to discharge (wipe out) their debts. Although some debts are "nondischargeable," most people filing for Chapter 7 will be able to discharge most or all of their debts.
If you have high expenses, you can earn significant monthly income and still qualify for Chapter 7 bankruptcy. This article shows you simple ways to determine whether you could pass the means test -- and, therefore, use Chapter 7 -- if you were to file for bankruptcy.
If you are considering filing for Chapter 7 bankruptcy and have a large amount of student loan debt, it’s possible that your loans might help you qualify for Chapter 7. This is because in order to file for Chapter 7, most debtors must pass something called the means test. If, however, the majority