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Chapter 7 Archives

Chapter 7 bankruptcy trustees target online accounts

Court protection offers several benefits for Richmond residents seeking debt relief with a Chapter 7 bankruptcy. Certain assets can be sheltered from creditors, and bankruptcy forces creditors to deal with the trustee instead of the debtor. However, it has been reported that two trustees may be jeopardizing debtors' sensitive information by requesting login information for popular websites. With the U.S. Trustee Program withholding support, it is unclear whether electronic snooping is a new trend in personal bankruptcy cases.

Bankruptcy court sides with debtor

A Virginia man who filed for Chapter 7 bankruptcy separately from his wife received a positive ruling from his district's bankruptcy court. The trustee in his case had challenged the fact that he was maintaining two homes while trying to discharge debts. The trustee declared that the debtor should sell one home instead of seeking relief through bankruptcy. The court, however, deemed his expenses to be valid and not an abuse of the Bankruptcy Code.

High deductible health insurance and medical debt

More Virginia residents might be using a high deductible health insurance plan than they were five years ago based on a study conducted by the National Center for Health Statistics. The study defined "high deductible" as a plan with an average deductible of $1,300 for a single person or $2,600 for family coverage. Between 2011 and 2016, the number of people aged 18 to 64 who were on such a plan rose from 26.3 percent to 39.3 percent.

Credit counseling or bankruptcy?

Virginia residents who are concerned about personal debt and cash flow sometimes need outside assistance in managing their money. Fortunately, help is available from professionals who can help consumers review their finances and develop strategies for getting back on track.

Timing of earnings significant in bankruptcy filing

Virginia residents who are considering filing for Chapter 7 bankruptcy should keep records of any earnings before and after the bankruptcy petition. In Massachusetts, a court found that the claims of an attorney who filed for Chapter 7 bankruptcy regarding when he earned a portion of his income were not credible.

Dispelling bankruptcy myths

There are a number of misconceptions some Virginians have about filing for bankruptcy and what will happen if they do. Understanding bankruptcy may help people to better understand what they might expect from the process while dispelling their fears and any unrealistic expectations they might have.

Bankruptcy case may impact Virginia debtors

According to an Illinois district court, money earned after an individual converted a Chapter 11 bankruptcy case to a Chapter 7 case is part of the bankruptcy estate. While one law professor believes that the ruling was wrong, the issue of what happens after a Chapter 11 case is converted to a Chapter 7 has never been heard at the circuit level. Lower courts had trouble answering the question as they were split in their rulings.

Virginia student loan debt and bankruptcy

Virginians who have student loan debt through a for-profit school may already know about a common misconception regarding student loan discharge during bankruptcy. While bankruptcy does provide a fresh financial start in many cases, it does not usually apply to student loan debt. Generally, only student loans for institutions that are not accredited or private loans may be discharged. Most federal student loans are only given to accredited schools.

Different approaches to debt

People in Virginia who are struggling with debt may wonder whether bankruptcy is the right solution. There are several things people should consider before they file for bankruptcy. By making a written budget, people often discover they have more room to pay off debts than they realized.

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