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Archives for August 2015

Choosing Between Chapter 7 and 13 if You Owe Money to Your Ex-Spouse

The Main Differences Here between Chapter 7 and 13 Child and spousal support CAN’T be discharged (written off) under EITHER Chapter 7 “straight bankruptcy” or Chapter 13 “adjustment of debts.” But other kinds of divorce obligations—sometimes called “property settlement” debts—CAN be discharged, but ONLY under Chapter 13. Also, if you are behind in your support payments, Chapter 7 CANNOT stop the collection of that arrearage by either your ex-spouse or the support enforcement agency. But … [Read more...]

Choosing Between Chapter 7 and 13 while Continuing to Operate Your Business

Chapter 7 and Chapter 13 Are Quite Different “Straight bankruptcy” Chapter 7 is a “liquidation” procedure. Your assets are reviewed, mostly by you listing them by categories in the bankruptcy “schedules,” with the help of your attorney, and being asked questions about them by the Chapter 7 trustee, both while you’re under oath. The trustee determines whether you have any assets that are not covered by property “exemptions.” If so, they are sold by the trustee and the proceeds divided among your … [Read more...]

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