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Posts tagged "Personal Bankruptcy"

Non-dischargeable debts in bankruptcy

Many people in Rockland County understand that a Chapter 7 bankruptcy proceeding can be used to discharge, that is, write off, many different kinds of debts. Many people choose Chapter 7 to rid themselves of excessive consumer debt, such as credit card debts. In choosing Chapter 7, however, a person should be aware that a chapter 7 discharge order may not apply to several kinds of debts.

Michael Vick pays creditors 99 cents on the dollar

People who choose a Chapter 7 bankruptcy usually intend to obtain a complete discharge of all obligations. Those who choose Chapter 11 have some intention to repay at least some of their debts. Former New York Jets quarterback Michael Vick owed slightly more than $17 million when he filed his bankruptcy petition in 2008, but he chose Chapter 11 because he was reluctant to "stiff people who never stiffed [him]."

What happens in a Chapter 13 bankruptcy?

As noted in our last post, the federal Bankruptcy Code provides two types of bankruptcy procedures that are often used by individuals to eliminate or reduce their indebtedness. We summarized the steps in a Chapter 7 bankruptcy, the procedure that is used to eliminate debt through the sale of the debtor's non-exempt property and making partial payments to creditors. At the conclusion of a chapter 7 proceeding, the unpaid portions of all non-secured debts are discharged.

What happens in an individual Chapter 7 bankruptcy?

Most people in and around Rockland County who are contemplating bankruptcy know that the federal Bankruptcy Code provides two types of bankruptcy proceedings for individuals which are commonly used: Chapter 13 and Chapter 7. Few people, however, know what happens during a Chapter 7 proceeding.

Buying or renting a home after filing a Chapter 13 petition

New Yorkers who are considering filing a Chapter 13 bankruptcy petition are frequently deterred by fear of the unknown. One of the biggest unknowns is the effect that filing a Chapter 13 petition - frequently called a wage earner or, more generally, a consumer bankruptcy - will have on a person's ability to buy or rent a home. The filing of a Chapter 13 petition does not ipso facto prevent a person from buying or renting, but the process often becomes more laborious.

What is the 'means test' in a bankruptcy proceeding?

Most New Yorkers who consider filing a bankruptcy petition must choose between filing under Chapter 7 or Chapter 13. Under Chapter 7, virtually all unpaid debts are discharged. But, under Chapter 13, the debtor must submit a plan to pay-off debts over time.

What is the automatic stay in bankruptcy?

Most residents of Rockland understand that filing for bankruptcy is one way to manage an overwhelming amount of debt, but very few understand how that happens. One of the most important provisions of the United States Bankruptcy Code is the so-called "automatic stay." This post will explain the mechanics of the automatic stay and show how it can be used to manage all sorts of debts.

What are the big differences between Chapter 13 and Chapter 7?

Most Garnerville and Rockland County residents who follow this blog probably know that Chapter 7 and Chapter 13 are types of personal bankruptcy but that they are different. While Chapter 13 bankruptcy and Chapter 7 differ in many ways, there are a couple which really stand out.

Prominent doctor's bankruptcy case has important lessons

A well-known New York doctor, whose patients have included the former governor of New York as well as noted television figures, recently filed for individual bankruptcy. The doctor states that while at one point he was a successful "anti-aging" doctor, he has fallen on hard times, in large part because of a heated and protracted divorce battle with his now ex-wife. He claims he owes $5 million in litigation and defense costs.

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