Tag Archives: Chapter 7 Bankruptcy

Signs You May Benefit from Chapt 7

Signals that You May Benefit from Chapter 7 Bankruptcy You may be struggling with debt and frequently think that maybe, just maybe, in another month or so, you will get caught up. Instead, another month goes by and you are lagging further behind. It is possible that you are trying so hard to maintain that you overlook the signs that you are on your road to bankruptcy. Here are a few indicators. You avoid answering the phone out of fear that it will be a debt collector. Creditors being making calls when you are more than 30 days late. If you are receiving calls, you are in financial trouble. You have received notice that certain debts are being turned over to debt collection agencies. Your consistently overdraw your checking account. You hide where you park your car out of fear it may be repossessed. You are using your credit cards…
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Actions to Avoid Prior to Filing Bankruptcy

Whether you plan to file for bankruptcy under Chapter 7 or Chapter 13, there are definite actions you need to avoid in order to be sure your debts are discharged or that the court will approve your reorganization plan. These are suggestions and not intended to be a complete list. Your bankruptcy attorney will provide you more detailed information. Avoid transfers of assets that may appear to be preferential. If you repay loans to family members within one year prior to filing your bankruptcy petition, or completely pay some creditors in the 90 days preceding your filing, the trustee has the option of filing an adversary proceeding and asking for the funds to be returned to your estate. The funds will then be used by the trustee and distributed among all your creditors. Quit using your credit cards 70 to 90 days before filing. If you max out your charge…
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Preparing to File for Chapter 7

Chapter 7 bankruptcy is designed to give people who are buried in debt a chance to dig themselves out of the hole and get a fresh start. There are some steps you can take prior to filing your petition that may help you avoid pitfalls and get the most benefit from the bankruptcy process. Be sure all of your tax returns are filed. Your previous two years of tax returns must be filed and copies submitted no later than the date scheduled for the meeting of creditors. The trustee may ask for more information about your taxes and your tax returns. Get copies of your credit reports. If you fail to include a debt in your bankruptcy petition, it will not be discharged even if it is a dischargeable debt. Your credit reports may include debts you forgot about. Gather together relevant information for filling out Schedules. Along with the…
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