The Automatic Stay! What Happens When I File a Chapter 7 Bankruptcy Petition?

automatic stay

A voluntary Chapter 7 Bankruptcy case is commenced upon the filing of a petition with the bankruptcy court.  A bankruptcy petition is a formal written request, bearing your signature, requesting relief from the bankruptcy court for relief. Pursuant to Section 301 (b), “the commencement of case under this chapter constitutes an order for relief under…

Read More

What Does It Mean When the Chapter 7 Trustee Abandon Assets?

trustee abandon assets

Chapter 7 trustee’s right to abandon assets in a Chapter 7 Bankruptcy A Chapter 7 trustee’s right to abandon assets in a Chapter 7 Bankruptcy filing is governed by Section 554 of the United States Bankruptcy Code.  The Code states there are two ways the debtor’s assets are abandoned in a Chapter 7 bankruptcy case. …

Read More

No Shame in Bankruptcy

No shame in bankruptcy

You’ve thought about it, over and over.  You’ve probably even picked up the phone and started to dial it, only finding yourself making excuses why you shouldn’t do it.  Embarrassment? Shame?  Just an overall gut-feeling that something seems wrong.  We are, of course, talking about that phone call to the lawyer’s office to discuss your…

Read More

Filing Bankruptcy? Do it Immediately

Timing to file bankruptcy

If you have to file for bankruptcy, the sooner you file the better.  The longer you wait, the more it’s going to cost you.  The issues become more complex thus you end up paying your lawyer more.  Your credit score will take a beating too, as you miss making payments to creditors.  Only in a…

Read More

Are Gambling Debts Dischargeable in Bankruptcy?

gambling debt

Online Casinos, Gambling Debt and Bankruptcy Maybe you like playing the ponies or placing a wager on your favorite sports team.  With advances in technology and recent changes in the law, you don’t have to travel far to gamble your paycheck.  In fact, you may not even need to get out of your pajamas.  Just…

Read More