Author Archives: Michael J. Berger
Which Types of Debts Can Be Discharged in Chapter 13 but Not in Chapter 7?
Chapter 7 and Chapter 13 are forms of bankruptcy that offer relief from debt in order to gain a fresh financial start. However, there are differences between them that are important to deciding which type of bankruptcy to pursue. Although Chapter 7 generally results in a full debt discharge, there are certain debts that only […]
Options for Selling Assets in a Chapter 11 Bankruptcy
The purpose of Chapter 11 bankruptcy is to allow a troubled company to restructure its debt with the goal of restoring its financial solvency. One way to achieve that goal is the sale of some of the company’s assets. However, bankruptcy law places restrictions on such sales. Debtor companies need to carefully weigh their options […]
Claiming the Homestead Exemption in a California Bankruptcy
When a debtor files a Chapter 7 petition, the U.S. bankruptcy trustee is authorized to sell certain of the debtor’s assets to pay the creditors. However, much if not all of those assets can be shielded from liquidation through the use of exemptions allowed by federal or state law. One of the important exemptions for […]
How Long Does it Take to Restore Your Credit After Bankruptcy?
Some people would rather struggle with debt — perhaps for years — because they believe that filing for bankruptcy will destroy their credit rating. While it is true that bankruptcy has an initial negative impact on your ability to get credit, the long-term effects of bankruptcy are beneficial. Bankruptcy is in fact designed to give […]
What Are Your Options if You Can’t Make Your Payments Under Chapter 13?
The core of a Chapter 13 bankruptcy is the establishment of plan calling for you to repay a portion of your unsecured debt on a monthly basis over a three- to five-year period. These plans are designed to be manageable, but things can happen in life that cause you to struggle to make your payments. […]
Debts That Cannot be Discharged in Bankruptcy
The purpose of bankruptcy is to give people a method for eliminating most of their debts and to get a fresh financial start. When you successfully complete your Chapter 7 or 13 case, you are freed of all debts that are eligible for discharge, such as medical bills, credit card debts and personal loans. Some […]
Powers and Duties of a Chapter 11 Debtor in Possession
A Chapter 11 bankruptcy allows a business facing insolvency to reorganize its debts so that it can have a chance to return to financial health. In most cases, the business continues to be operated by its owner, but under the supervision of the bankruptcy trustee. The owner becomes a debtor in possession. The role of […]
Adversary Proceedings Regarding Discharge of Debts
The major goal of a bankruptcy is the discharge of all or some of your debts, thereby giving you a fresh financial start. However, there may be grounds for a creditor or the bankruptcy trustee to object to the discharge of certain debts. This sometimes results in an adversary proceeding, which is a case within […]