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  Do not use any credit cards after an attorney consultation or once you have decided to file bankruptcy. Any charges or cash advances in the months preceding filing bankruptcy, the creditor may file an adversary complaint...

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  Recent Credit Purchases / Cash advances - Consumer debts owed to a single creditor for luxury goods or services if they total more than $500, and they are incurred with 90 days of filing the bankruptcy...

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Before the consultation with our attorneys you should gather the relevant documents and information that will needed if the bankruptcy is to proceed...

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The Chapter 7 means test is a formula applied to determine whether or not the consumer should have enough money available to make some minimal payment to creditors in a Chapter 13 bankruptcy...

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Bankruptcy for individuals   Useful Links:

Ch. 7

A Chapter 7 bankruptcy is a liquidation of all the debtor's non-exempt assets. It has the effect of canceling most types of debt, but you have to let the bankruptcy trustee liquidate (sell) your nonexempt property for the benefit of your creditors. However in most instances people who use Chapter 7 get to keep all their property. Chapter 7 can be used for both individuals and busisness.

Ch. 13 (Only for individuals)

A Chapter 13 bankruptcy can be a good solution for people who need time to pay off certain debts. It is not a liquidation in a Chapter 13, you get to keep all of your property, regardless of its value. However, you will have to pay your unsecured debtors (credit card debts, medical debts, and most judgment creditors) the value of the property you would lose if you filed for Chapter 7 bankruptcy.
If you are facing foreclosure on your home, Chapter 13 may be an option of interest. You can keep your home by proposing a feasible repayment plan that includes your missed payments, as long as you stay current on your mortgage. Click the like for further information.

What chapter is right for me?

Your decision whether to file bankruptcy and under which chapter to file depends on your particular circumstances. In general, Chapter 7 is appropriate when the Debtor has insufficient income to pay a portion of his/her debts, and the Debtor is not seeking to keep non-exempt property. Otherwise, if the Debtor has an income or property and can afford to repay at least some of his/her debts, Chapter 11, 12 or 13 may be appropriate, depending on whether the Debtor is an individual, partnership, corporation, or family farmer. The decision whether to file a bankruptcy case and under which chapter is an extremely important decision and has tremendous financial impact.

What happens when a bankruptcy petition is filed?

The commencement of a bankruptcy case creates an "estate." The estate technically becomes the temporary legal owner of all of the Debtor's property. The estate consists of all legal or equitable interests of the Debtor in property as of the date the case is filed, including property owned or held by another person if the Debtor has an interest in the property. The "automatic stay" is immediately invoked at the instant of the filing of the bankruptcy case, and it prohibits creditors from taking collection action against the Debtor or the Debtor's property without Bankruptcy Court approval. The Court issues a notice of commencement advising all interested parties of the filing of the bankruptcy case. This notice provides the case number, trustee, date of the meeting of creditors, deadline to file a proof of claim (if applicable), and deadline to file an objection to the discharge (if applicable).


Chapter 7

Chapter 13

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State Median Income

Kelly Blue Book (Car Guide)

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