This is one of the saddest blogs I think I will ever do. People hate seeing the doctor no matter what. Males are especially notorious for not going to the doctor. I don’t have to tell women the dignity you lose at the hospital because they already know. Men don’t go to the doctor until it’s absolutely necessary- and if it is something embarrassing, they would almost rather die! NO lie!

Section 548 lays out the Bankruptcy Code’s basis for a fraudulent transfer. Section 548 limits the period to 2 years immediately preceding the commencement of the Chapter 7 Bankruptcy case. However, there are some state based claims Chapter 7 trustees can sometimes latch on to and pursue

There are unsecured debts in Chapter 7 Bankruptcy that do not get discharged. Nobody has to object or say a word, debtor remains liable on the debt. Section 523 of the Bankruptcy Code lists a number of exceptions to discharge. In other words, the general rule is debtor’s unsecured debts get discharged or wiped out. However, Section 523 lists those debts that do not get discharged regardless of whether creditor objects or not.

Yes, there are. While Section 541(a) of the Bankruptcy Code broadly outlines the extent of the bankruptcy estate, and it includes almost all assets of the debtor, there are assets that are not part of the bankruptcy estate. By that, I mean the assets never become part of the bankruptcy estate, and therefore, do not get administered by the trustee.

This is the whole purpose of filing Chapter 7 Bankruptcy to begin with. Getting rid of overwhelming debt. Many people want to know, well what can I include in a Chapter 7 Bankruptcy? Can I get rid of medical bills? What about trade payables? What about utilities even?

How many of us have lost income at one point or another? I bet we all have. Losing income is about as American as apple pie and baseball. How many plants have closed and gone over seas? How many times has an employer eliminated over time? How often have you changed careers and started over at lower pay? It’s call life, the humility of being alive.

I’ve written in earlier blogs about the decision-making involved in deciding whether filing a chapter 7 bankruptcy case or a chapter 13 bankruptcy case is the best choice for a particular client.
There are many factors that go into this decision-making. Among the factors is one that I want to look at closely in this blog: debts that may not be discharged in a chapter 7 case can be discharged in a chapter 13 case. The bankruptcy code governs the differences between Chapter 7 and Chapter 13, including how debts are adjusted and discharged.

Sometimes the unexpected happens.  Sometimes the expected happens with unexpected consequences.  When a loved one passes away and he or she had debt, what happens?  Are you responsible for the debt?  Can you get rid of that debt by filing bankruptcy?  Ah, the worlds of probate and bankruptcy collide at the worst time and your head is spinning. 

No, just because you are married, if one spouse files a Chapter 7 Bankruptcy, that will not negatively affect your spouse. Your spouse has not filed Chapter 7 Bankruptcy, you have. The Chapter 7 Bankruptcy will go on your credit report, not your spouses.

If you are a renter, or know you will become one, one of your concerns filing Chapter 7 Bankruptcy will be can I rent after I file Chapter 7 Bankruptcy? We people with high anxiety worry about being able to rent and the ultimate fear of will I be out on the street? With the gift of high anxiety comes the “worst case” scenario thinking. We always go to the extreme. You know- if I file Chapter 7 Bankruptcy, I will be living on the street because no one will rent to me.

This part sucks. Having debt in your name is one thing, but when you have someone else on the hook for the same debt- well, that sucks.  Occasionally, people think well if I file bankruptcy then the debt is wiped out as to me and my co-debtor right? Wrong! The reason banks want co-signors is if you default, co-signor is still on the hook and has to pay. Remember, if you file a Chapter 7 Bankruptcy, YOUR liability for the debt goes away, but your co-signor’s does not.

It is one of the big triggers for Chapter 7 Bankruptcy. Not every relationship stays together. This, is a fact of life. Not shocking stuff right? But, the aftermath of a divorce can leave you financially and emotionally devastated. The question naturally becomes, do I get a divorce first or start my Chapter 7 Bankruptcy first?

After about a decade of steady decline, bankruptcy filing rates have leveled off since about 2015. Many observers take that to mean the filing rates will start going back up, which has not happened since a spike in filings following the 2005 bankruptcy reforms.

The filing rates are usually higher in non-judicial foreclosure states like Minnesota. Other than bankruptcy, homeowners in these states have few options once the mortgage company begins foreclosure proceedings.

Bankruptcy filings declined again in 2017, but only by 0.07 percent. That’s the smallest decline since 2010, and it signals that the number of filings may soon inch back up. The growing number of retail and other business bankruptcies may accelerate this trend. Small brick-and-mortar, mom-and-pop businesses in Minnesota and elsewhere simply cannot compete anymore.

That last point is an important one. Moneylenders like to promote the myth that only people who recklessly overspend and are financial failures file bankruptcy. This myth discourages people from seeking Chapter 7 and other bankruptcy relief. In some cases, overspending is a problem. But in most cases, there are other issues involved. Typically, these issues are beyond the debtor’s control.

Legally no. There is no legal requirement that you must have so much debt before you qualify for a Chapter 7 Bankruptcy. In theory, you could file Chapter 7 Bankruptcy on $500.00 in debt. Now, you wouldn’t do this because it wouldn’t make any sense.

Yes, Chapter 7 Bankruptcy is public information. To get this information you would have to know the website to go to, create an account, and link a credit card to it so you can be charged for documents you download. One of the more pervasive concerns Americans, suffering from overwhelming debt have is, is bankruptcy public information and who will know I filed Chapter 7 Bankruptcy? We get that concern completely. But, like most concerns, the way it works in reality is not what you think.