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    Tag: Chapter 7 Bankruptcy

    • THE “MEANS TEST” IN BANKRUPTCY (Chapter 7) – Part III

      THE “MEANS TEST” IN BANKRUPTCY (Chapter 7) – Part III

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      Part III of Three Related Articles [See related articles on this blog: The Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA), “Part I, Rationales”&“Part II, Changes in Bankruptcy Law”] After passage of the BAPCPA in 2005, anyone wanting to file for Chapter 7 bankruptcy relief was faced with the new requirement of having to pass…

    • BANKRUPTCY ABUSE PREVENTION & CONSUMER PROTECTION ACT OF 2005 (BAPCPA) Part II

      BANKRUPTCY ABUSE PREVENTION & CONSUMER PROTECTION ACT OF 2005 (BAPCPA) Part II

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      Part II – Changes in Bankruptcy Law [See related articles on this blog: The Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA), “Part I, Rationales” &Part III The “Means Test in Bankruptcy”] The enactment of the Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA) in April, 2005, wrought significant changes in the law embodied in…

    • THE BANKRUPTCY ABUSE PREVENTION & CONSUMER PROTECTION ACT OF 2005 (BAPCPA) Part I

      THE BANKRUPTCY ABUSE PREVENTION & CONSUMER PROTECTION ACT OF 2005 (BAPCPA) Part I

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      Part I–Rationales [See related articles on this blog: “The Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA), ‘Part II, Changes in Bankruptcy Law’, and “Part III, The Means Test in Bankruptcy”] The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was a “bankruptcy reform” measure passed by Congress during the fifth year of the Bush…

    • Business Bankruptcy

      Business Bankruptcy

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      A business bankruptcy can take a number of forms. In a Chapter 7, a corporation may file bankruptcy in order to seek the orderly liquidation of its enterprise. In a Chapter 7 bankruptcy, generally the corporation is liquidated and ceases its business functions. The assets of the business are sold and distributed among the creditors…

    • Filing for Bankruptcy can help you reinstate your driver’s license

      Filing for Bankruptcy can help you reinstate your driver’s license

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      There are several instances in which filing for bankruptcy can help you regain your driver’s license. In the state of Florida, if you are driving without insurance and you are involved in a car accident the Department of Highway Safety and Motor Vehicles (DHSMW) may suspend your driver’s license. However, filing for Chapter 7 or…

    • Chapter 7 Bankruptcy

      Chapter 7 Bankruptcy

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      Chapter 7 of the Bankruptcy Code allows debtors to have their debts forgiven through liquidation. During this process, nonexempt assets are sold and the proceeds are distributed to creditors. Unlike Chapter 13 bankruptcy, where a debtor retains their property and pays back a portion of their debts, Chapter 7 bankruptcy discharges remaining debts so the…

    • Chapters In Bankruptcy: A Short Primer

      Chapters In Bankruptcy: A Short Primer

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      RE: CHAPTER 7, 11, & 13 BANKRUPTCIES This article is intended to provide background information on, and will discuss three chapters of the United States Bankruptcy Code – Chapter 7 (“liquidation” or “discharge” bankruptcy); Chapter 11 (“reorganization” bankruptcy); and, Chapter 13 (“wage-earner” bankruptcy). Chapter 7 Bankruptcy: Chapter 7 of the United States Bankruptcy Code provides…

    • PUERTO RICO & BANKRUPTCY

      PUERTO RICO & BANKRUPTCY

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      The island of Puerto Rico is officially a Commonwealth of the United States. Puerto Ricans are citizens of the United States who share many of the same rights and benefits of their fellow citizens living on the mainland. Until February, 1898, Puerto Rico had been under the colonial rule of Spain for centuries. In that…

    • ITT TECH: AN EPIC FAILURE ON MANY LEVELS

      ITT TECH: AN EPIC FAILURE ON MANY LEVELS

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      Many people in the United States would be surprised to learn that the profit motive in “higher education” is not something that just magically appeared during the second half of the 20th century. A large number of for-profit colleges, institutes, and “universities” were founded in the decades after the end of the Second World War.…

    • Valuation of Assets in Bankruptcy

      Valuation of Assets in Bankruptcy

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      Valuation of property or assets in bankruptcy is an important element of any bankruptcy, including Chapter 7 and Chapter 13 bankruptcy. The proper standard of valuation has been the subject of considerable debate and litigation. Some of the controversy surrounding valuation of assets in bankruptcy has been ameliorated by the passage of the 2005 Bankruptcy…

    • Bankruptcy Waiting Periods

      Bankruptcy Waiting Periods

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      CHAPTERS WAITING PERIOD 7 TO 7 8 YEARS FROM PREVIOUS FILING 13 TO 13 2 YEARS FROM PREVIOUS FILING (CASE MUST BE CLOSED) 7 TO 13 4 YEARS FROM PREVIOUS FILING 13 TO 7 6 YEARS FROM PREVIOUS FILING UNLESS 100% OF THE UNSECURED WERE PAID IN THE PRIOR CHAPTER 13 OR AT LEAST 70%…

    • CHAPTER 7 BANKRUPTCY TREATMENT OF SECURED PROPERTY

      CHAPTER 7 BANKRUPTCY TREATMENT OF SECURED PROPERTY

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      STATEMENT OF INTENTIONS IN BANKRUPTCY In a Chapter 7 bankruptcy, the debtor must complete and sign a form called the Statement of Intentions. The Statement of Intentions indicates which of the available options the debtor chooses towards his or her secured property. The primary examples of secured property are an automobile loan or a mortgage…