Many, many types of debts are discharged when an individual files Chapter 7 bankruptcy. The most common type of debts discharged in bankruptcy are credit card debts, medical debts, lawsuit debts, and department store debts. These debts are discharged and those creditors are not allowed to harass the person filing bankruptcy. The bankruptcy discharge prohibits […]
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Filing bankruptcy is a last resort for most people. People in debt try to avoid bankruptcy by “tightening their belts” to reduce monthly expenses so the debts can be repaid over a period of time. Other people try increasing monthly income by working overtime or a second job. Some sell their jewelry, cars, or other […]
Read MoreThe Bankruptcy Code provides six basic types of bankruptcy cases. Each type of bankruptcy case is codified in a distinct “chapter” of the Bankruptcy Code. 11 U.S.C. § 101 et seq. Each type of bankruptcy case is identified by the Bankruptcy Code “chapter” number that contains the substantive bankruptcy law applicable to that respective type of […]
Read MoreTo qualify for relief under Chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity. 11 U.S.C. § 101(41) & 11 U.S.C. § 109(b). According to attorney Robert Schaller, bankruptcy relief is available under Chapter 7 regardless of the amount of the debtor’s debts or […]
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