If you are going to file for Chapter 7 bankruptcy, you must take the “means test” first to prove that your case is not taking advantage of the system. Taking advantage of the system refers to filing Chapter 7 in order to erase all your debts EVEN THOUGH you have the ability to pay them off over time under a Chapter 13, which is more a repayment plan. If it is determined that your income is above a certain level during the means test, then you are expected to file a Chapter 13 bankruptcy, not a Chapter 7.
Filed under Chapter 7, Getting started, Preparing for bankruptcy by 
As you may already know, filing for Chapter 7 bankruptcy can temporarily stop your home from being foreclosed on. This is because when you file for Chapter 7 bankruptcy, an “automatic stay” will be issued immediately to prevent creditors (including mortgage lenders) from taking further actions to collect their debts. But after the automatic stay is up, how can you permanently avoid foreclosure of your home? One way to permanently avoid foreclosure under a Chapter 7 is to file a “reaffirmation agreement.”
More on The Reaffirmation Agreement for Stopping Foreclosure
Filed under Foreclosure issues, Reaffirmation agreements by
With the economy in a recession, job layoffs common and prices for necessities rising, it is no surprise that bankruptcy filings across the country are at an all time high. Not surprisingly, our firm frequently receives calls from prospective clients who need to file bankruptcy but who are flat broke.
More on Do I Really Need to Hire a Lawyer to Prepare my Bankruptcy Case?
Filed under Chapter 13, Chapter 7, Preparing for bankruptcy by
A recent Tampa bankruptcy case has led to federal prosecution for bankruptcy fraud and likely jail time for a wife who trusted her husband. The Tampa Tribune reports that Joanne Cone is facing a possible five years in prison for conspiring with her husband to concel assets from the bankruptcy court.
More on False Statements by Husband on Bankruptcy Petition Leaves Wife Facing Jail Time
Filed under Chapter 7, Discharge issues, Scams and Fraud by
When is the right time to file for Chapter 7? Clark and Washington's Jamie Allen explain why Chapter 7 can provide the most benefit to you when are not expecting your financial situation to get much worse.
Filed under Chapter 7 by
