Tag Archives: assets
How Courts Evaluate Whether to Convert a Chapter 7 to a Chapter 11
An individual seeking Chapter 7 bankruptcy protection must demonstrate a lack of disposable income to repay debts, but that isn’t the end of proving eligibility. The bankruptcy code allows a court to convert a Chapter 7 to a Chapter 11 under certain circumstances. This is typically done at the request of creditors who show they […]
Keys to a Successful Chapter 13 Reorganization
In a Chapter 13 bankruptcy — also known as a wage earner’s plan — a portion of the debtor’s outstanding unsecured debts are paid over a period of three to five years, with the remainder then being discharged. Chapter 13 is often an attractive option for debtors with steady incomes because it allows them to […]
How Does Filing for Divorce Affect Your Bankruptcy?
Bankruptcy and divorce unfortunately sometimes go hand in hand. Severe financial pressure in a marriage is one of the leading causes of divorce, and the breakdown of a marriage can have ruinous financial effects. Depending on your finances and the state of your relationship, bankruptcy and divorce proceedings can each significantly impact their respective outcomes. […]
Giving Up Real Estate in a Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, the trustee may sell a portion of the debtor’s property in attempts to repay creditors. Not everything has to be turned over to the bankruptcy trustee, however, as California bankruptcy laws allow the debtor to keep exempt property. Property that is exempt is considered to be the “necessities of modern […]