Consumer Bankruptcy Chapter 7

Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are... more +
Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are eligible for Chapter 7 or Chapter 13 depending on the nature of their debts and assets. less -
News & Analysis as of

Retirement Plans Are Your Saving Grace in Bankruptcy

Why do I say retirement plans are your saving grace in bankruptcy? Because you can (almost always) keep all of the money in them if you file bankruptcy, not losing it to your creditors. Let's look as what that means for you....more

Bad Faith Constitutes "Cause" For Dismissal Under Section 707(a)

Until recently, the creditor of a chapter 7 debtor whose debts were not primarily consumer in nature was unable to rely on Eleventh Circuit precedent to support its position that its debtor's chapter 7 bankruptcy case should...more

Social Security Income and its Impact on Filing for Chapter 7 Bankruptcy Protection

Many social security income (SSI) recipients question whether or not their monthly SSI will keep them from being able to file for Ch. 7 bankruptcy. The answer, as with most bankruptcy filings, will depend on each specific...more

Supreme Court Issues Decision in Law v. Siegel, Eliminating Ability to Impose Surcharge on Exempt Property Unless Explicitly...

On March 4, 2014, the Supreme Court issued a unanimous opinion in Law v. Seigel, Case No. 12-5196, 571 U.S. ___ (2014) holding that the bankruptcy court used its equitable powers in contravention of Bankruptcy Code section...more

U.S. Supreme Court Reins in Bankruptcy Court Authority Under § 105(a)

On March 4, 2014, the United States Supreme Court issued its decision in Law v. Siegel, 571 U.S. __ (Mar. 4, 2014) and held that the bankruptcy court exceeded its authority under section 105(a) of the Bankruptcy Code and its...more

Can I File for Chapter 13 Bankruptcy Even if I Qualify for Chapter 7?

Some individuals pass the means test for Chapter 7 bankruptcy. Yet they also have income that might allow them to repay their creditors under more favorable terms. This option might be preferable to individuals who wish to...more

Not All Property Acquired Post-Petition is Safe from Creditors

Although property obtained by a debtor after filing for bankruptcy is usually safe from creditors, a recent case from the Ninth Circuit Bankruptcy Appellate Panel allowed a Chapter 7 Trustee to sell real property obtained by...more

OCC Issues Guidance Regarding Secured Consumer Debt Discharged In Bankruptcy

On February 14, the OCC issued Bulletin 2014-02, which clarifies supervisory expectations for national banks and federal savings associations regarding secured consumer debt discharged in Chapter 7 bankruptcy proceedings. The...more

Should you avoid bankruptcy?

For many people, bankruptcy is something to be avoided at (almost) all costs. Is that a good policy for you to follow? Let's take a look....more

Paying Attorney’s Fees Not Reason to File Chapter 13

Of the three most common chapters of the Bankruptcy Code, Chapter 7 offers an insolvent individual the freshest of starts; yet it is not without its pitfalls. Under Chapter 7 a debtor is not permitted to pay his attorney in...more

I filed bankruptcy but forgot to list a debt I owe!

If you filed a Chapter 7 bankruptcy, the one that gets rid of your debts quickly, but forgot to list a debt you owe, what happens? Will you have to pay that debt? Let's take a look...more

What Property Can I Keep in a Chapter 7 Bankruptcy?

Although the basic concept of Chapter 7 bankruptcy involves liquidating assets to repay creditors, the law is not intended to leave individuals or businesses without any assets. This is why filers can exempt certain assets...more

Caveat Debtor: Disgorging Inheritance in Chapter 13 Cases

A recent case out of the 9th Circuit, In re Dale, revives a controversial subject for Chapter 13 debtors: whether an inheritance received more than 180 days after commencement of the case is part of the bankruptcy estate. ...more

Common Causes of Bankruptcy

Personal bankruptcy can become necessary for a variety of reasons. People who have not gone through it often wrongfully assume that bankruptcy is always the result of overspending and financial mismanagement. However, the...more

Specialized Forms of Bankruptcy in Georgia

The three most common types of bankruptcy — Chapter 7, Chapter 13 and Chapter 11 — account for nearly all business and personal bankruptcy filings in Georgia and the rest of the United States. There are also several other...more

Northern District of New York Bankruptcy Court Rules On Issue of First Impression Concerning Lien Stripping in A Chapter 7 Case

“Lien stripping” often takes two forms. A debtor’s attempt to void the unsecured portion of a lien when there is some but not enough equity in collateral to fully cover a lienholder’s entire debt is commonly referred to as a...more

Right Or Wrong, Dewsnup Is Law

A Chapter 13 debtor sought to void a federal tax lien under Section 506(d) of the Bankruptcy Code to the extent that it exceeded the value of his assets. The Seventh Circuit joined the Tenth Circuit in holding that the U.S....more

Need Bankruptcy Quickly? We Can Do That.

Let’s face it. No one wants to file for bankruptcy. Even though many times bankruptcy is the solution we need, we put it off until one day we get hit with a wage garnishment, a debt collection lawsuit, a bank levy, or even...more

What if Your Income Is Too High for Chapter 7 but Your Debt Is Too High for Chapter 13?

For individual debtors, Chapter 7 and Chapter 13 are the most common personal bankruptcy filings in Georgia and likely in every other state as well. Both types have certain eligibility requirements, and in some cases, people...more

Wait until you're sued to file bankruptcy, or file earlier?

Many people wait until they're sued by a creditor to file bankruptcy. After all, filing bankruptcy stops all creditor actions against you, including lawsuits. But if your financial life is "going South", should you wait that...more

How Does Bankruptcy Affect Your Business?

Jeff Field & Associates focuses primarily on personal bankruptcy, but there can be some overlap between personal and business bankruptcy. If your business is established as a limited liability company under Georgia...more

Sixth Circuit Clarifies Burden of Proof on Lien Validity and Confirms Availability of Defensive Avoidance Powers

On December 17, 2013, the United States Court of Appeals for the Sixth Circuit issued an opinion in the matter of Grant, Konvalinka & Harrison, P.C. v. C. Kenneth Still, (Case No. 12-6374) resolving two bankruptcy issues of...more

Using the Possibility of Bankruptcy to Negotiate with Creditors

People struggling with debt often too easily discount the possibility of negotiating with their creditors. To them, the bargaining power seems so unequal that they cannot comprehend why their creditors would ever be willing...more

What Role Do Creditors Play?

There are a lot of things you and your bankruptcy attorney can do to help the process move as smoothly as possible. Unfortunately, however, not everything is within your control. Depending on the type of bankruptcy relief you...more

Tax refunds and bankruptcy. Do they go together?

Now that it's the year 2014, are you expecting a refund on your taxes for 2013? If so, are you also thinking about filing bankruptcy? Let's see how that might work....more

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