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Two Basic Types of Consumer Bankruptcy

Two basic types of consumer bankruptcy cases are provided for under the Bankruptcy Code. The cases are traditionally given the names of the chapters that describe them. Chapter 7, entitled Liquidation, contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions [...]

By |2016-11-14T23:35:09-05:00August 15th, 2010|Bankruptcy Blog|0 Comments

Chapter 7 Bankruptcy Discharge

A discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor. Because a chapter 7 discharge is subject to many exceptions, debtors should consult competent legal counsel before filing to discuss the scope of the discharge. Generally, excluding cases that [...]

By |2016-11-14T23:35:10-05:00July 25th, 2010|Bankruptcy Blog|0 Comments

What Is Current Monthly Income Mean in Bankruptcy?

The "current monthly income" received by the debtor is a defined term in the Bankruptcy Code and means the average monthly income received over the six calendar months before commencement of the bankruptcy case, including regular contributions to household expenses from nondebtors and including income from the debtor's spouse if the petition is a joint [...]

By |2010-07-12T05:05:11-05:00July 12th, 2010|Bankruptcy Blog|0 Comments