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Chapter 7 Archives

What is the goal of a bankruptcy filing?

Millions of Americans have had to face severe financial challenges over the last several years. For some, the prospect of filing a personal bankruptcy action may have popped up as an option. But, from the court's perspective, what should an Escondido resident's goal be when filing for bankruptcy?

Do you qualify for Chapter 7 bankruptcy?

Anyone who is familiar with previous posts here probably knows quite a bit about the pros and cons of filing for Chapter 7 bankruptcy. By filing for Chapter 7 bankruptcy an Escondido resident can discharge debt, fend off collectors and hopefully point their financial trajectory in a more positive direction. But, the first step is to determine the answer to a not-so-simple question: do you even qualify for Chapter 7 bankruptcy?

Avoid the wrong moves before filing for bankruptcy

Most of our Escondido readers probably think that, if they are in the financial position where they need to consider filing for bankruptcy, they have probably already made too many mistakes to justify. However, anyone who is familiar with previous posts here knows that is not always the case. People find themselves filing for bankruptcy for many different reasons, including the sudden onset of medical costs or the loss of employment. Personal bankruptcy is not always about irresponsible spending.

Are spousal support and child support discharged in bankruptcy?

Millions of Americans, including many Escondido residents, pay either spousal support or child support as required by a court order. For most people who are subject to these orders, the monthly payments are simply another financial obligation that needs to be accounted for in their budgets. But, for others, they may get behind on making the payments, leading to thousands of dollars owed in arrears. For these individuals, they may think that a personal bankruptcy filing could do away with the obligations. But is that actually an option?

Maintaining the validity of discharged debt

Any of our readers who are familiar with previous posts here know many of the pros and cons of filing for bankruptcy as a debt solution. Chapter 7 bankruptcy, in particular, can result in the complete discharge of many debts owed by an Escondido resident. However, once that discharge of debt occurs, it is important that there is faith that throughout the process there were no indications that the filer's financial status had changed.

What is a Chapter 7 "no asset" case?

Any of our Escondido readers who are familiar with previous posts here know that Chapter 7 bankruptcy can be an excellent debt solution when all other options just don't seem right. This type of personal bankruptcy is known as "liquidation" bankruptcy, because the filer is supposed to list all of their assets, which are then sold and the proceeds applied toward outstanding debt. But what if a bankruptcy filer doesn't have any assets? Or, what if all of the filer's assets fall under the wide range of bankruptcy exemptions?

Filing for bankruptcy becomes a reality for many cancer survivors

Most people are familiar with the various public campaigns to raise awareness and funds in regards to cancer and cancer treatment. The highly-popular National Football League, for instance, has a campaign throughout the month of October when players and coaches were various bits of pink in their uniforms and clothing to show support for breast cancer awareness. However, what is not widely known - and definitely not widely discussed - is that for someone going through cancer treatment after a diagnosis, the financial burden can be considerable.

Discharging debt with Chapter 7

Anyone who has read previous posts here knows that there are many different factors to consider before making the decision to file for bankruptcy. But, after the decision is made to go through with a bankruptcy filing, the next question to answer is which type of bankruptcy filing will apply in your unique situation.

How to weigh the time aspect of a filing for bankruptcy

Most of our Escondido readers know that filing for bankruptcy can be a just the start of a complicated and oftentimes lengthy process. But, what our readers may not know is that the Chapter 7 bankruptcy process can be a bit faster than other types of bankruptcy.

What does filing for bankruptcy mean to you?

By the time an Escondido resident decides that it is time to file for bankruptcy, most of the hardest decisions have been made already. These are decisions based on weighing the pros and cons of filing for bankruptcy, such as balancing how great it will be to be out from under the dark cloud of debt versus the short-term and long-term effects on the filer's credit score. But, after the decision has been made, there are a great many more steps to be taken.