Category Archives: Chapter 7

Russell DeMott is a bankruptcy attorney in South Carolina, and he has posted a hilarious article on the internet outlining the differences between Chapter 7 bankruptcy trustees and Chapter 13 bankruptcy trustees. Attorney DeMott’s thesis is that Chapter 7 trustees act like voracious wolverines, chewing through all the debtors they come across in a desperate […]

Confused about the different “chapters” of the bankruptcy code? Here’s a very quick cheat sheet on Chapter 7, which is what the majority of people file. It’s a quick proceeding — by lawyer’s standards anyway — typically over and done in four months or less. If your family income is under the state average for […]

Debtors with relatively high incomes who suddenly lose their job have some unique hurdles to clear if they need to consider bankruptcy. This is because the “means test” that calculates whether or not a debtor is eligible for a Chapter 7 discharge is a backwards-looking thing; all calculations are based on your earnings in the […]

If you file a Chapter 7 bankruptcy case, are your creditors likely to object to it? Typically, the answer is no, although every bankruptcy attorney has war stories about the exceptions. And despite what you’d probably guess, objections are less likely to come from major credit card companies than they are from creditors whom you […]