341 Meeting of Creditors | What to Expect
341 Meeting of Creditors In Chapter 7 bankruptcy, there’s a mandatory hearing. This is an opportunity for the people you owe to ask you questions, that you must answer under oath. It’s like a deposition, the kind you see on TV. It’s not always a mob of angry people torches and pitchforks, though I’ve seen... Read More
California Bankruptcy Exemptions | Can I Keep In Chapter 7
California Bankruptcy Exemptions: What Can I Keep in Chapter 7 People really do lose things in Chapter 7 bankruptcy. No, really. Just because your cousin’s mailman filed Chapter 7 and kept their 17 houses and baseball card collection, that doesn’t mean you’ll keep your car. Each state has rules about what you can keep in... Read More
Means Test for Chapter 7 Bankruptcy | Qualifying
Means Test for Chapter 7 bankruptcy What is the bankruptcy means test? The bankruptcy means test is a document about 2-15 pages. It’s a long form that is the gatekeeper to Chapter 7 bankruptcy. It looks at two things. Firstly, do you earn less than the magic number. Secondly, if you earn more than this... Read More
Chapter 7 Bankruptcy | Fresh Start
Chapter 7 Bankruptcy What is Chapter 7 There are two types of bankruptcies that that people like you and me can do. The more common of the two is Chapter 7 bankruptcy. This is the kind of consumer bankruptcy intended for lower-income people. But if you qualify, you don’t repay your debt. But beware: you... Read More