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Chapter 7 Archives

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.

When bankruptcy may be the best option

When a Virginia resident files for bankruptcy, it could lower his or her credit score by 100 points or more. This may make it hard to get a mortgage or gain approval on future credit card applications. As the effects of bankruptcy could linger for many years, it is often seen as a last resort for those who have no other options. However, bankruptcy may be the best move in some cases.

Rapper 50 Cent files for Chapter 11

Virginia residents have probably heard about how rapper 50 Cent filed for bankruptcy on July 13. Although there have been many famous entertainers who have had to take this course, his filing under Chapter 11 makes his case somewhat unique. Individuals typically file under either Chapter 7 or Chapter 13, and Chapter 11 bankruptcy is generally used by businesses.

Removing liens through bankruptcy in Virginia

On June 1, the Supreme Court ruled that a debtor could not void a junior lien through a Chapter 7 bankruptcy. This reaffirmed a ruling from a 1992 Supreme Court case that said a debtor could not strip down a partially underwater mortgage. In the 2015 case, it was initially decided by an appellate court that since the debtors were completely underwater, the law allowed a junior lien to be eliminated through Chapter 7 bankruptcy.

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Bowen Ten Cardani, PC

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