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Chapter 7 Archives

How to stop your car from being repossessed

Even if you have worked hard and paid your car payments on time for years, a financial hiccup that prevents you from paying for your car several times could result in a repossession. However, by filing for Chapter 13 bankruptcy, some individuals may be able to stop a car repossession in its tracks through what is called an "automatic stay."

Advice for buying a car while in Chapter 7 bankruptcy

You might be in the middle of Chapter 7 bankruptcy proceedings, but that does not change the fact that you need to drive an automobile to and from work, take your kids to school and basically get from A to B. When it comes to purchasing a vehicle while in Chapter 7 bankruptcy, however, there are several things that bankruptcy filers will want to keep in mind.

Gawker Media, owner, and employee seeking bankruptcy protection

Hulk Hogan has gained legal control of assets belonging to Gawker's ex-chief editor, who was largely in charge of posting the scandalous sex tape of Hogan engaging in sexual intercourse with the ex-wife of his friend. Hogan won a favorable $100-plus million verdict against the founder and co-owner of Gawker Media, Nick Denton, who was also instrumental in the release of Hogan's tape.

How does exemption work in Chapter 7 bankruptcy?

Although Chapter 7 bankruptcy proceedings are commonly referred to as "liquidation," filers will not be required to liquidate every piece of property they own. In fact, they will be permitted to keep much of their personal property, even certain items of higher value, like their family home and car.

Chapter 7 bankruptcy proceedings in Kentucky

Even the most financially responsible Kentucky residents can fall into monetary hardship. Indeed, unexpected medical expenses, a relative who is down on his or her luck and personal tragedies of every variety can crop up in a heartbeat. These events are completely out of our control and they can send us into down-spiraling economic conditions that are impossible to get out of.

What you should know about Chapter 7 bankruptcy

Chapter 7 bankruptcy proceedings are often seen as the last resort financial solution for Kentucky residents. Although Chapter 7 proceedings are -- in many cases -- the last thing indebted individuals do when they are backed into a debt corner, this is no reason to look at bankruptcy as a negative. Indeed, these proceedings should be viewed as a way of turning a new leaf and getting a new financial lease on life. By resolving the toxic debt that has plagued you for years, you will be taking care of stress, releasing your burdens, simplifying your life and starting fresh.

How does the bankruptcy "means test" work?

If you are a reader of our blog posts then you likely already know that not only are there two common forms of bankruptcy available to individuals (Chapter 7 and Chapter 13). You may also know that your choice of which form to use may not always be completely within your control; one of the decision factors is whether you qualify for Chapter 7 under what is referred to as the "means test."

How does bankruptcy-counseling work?

If you have decided that personal bankruptcy is the right choice for you to get out of that an unmanageable debt situation, before you can discharge your debts under Chapter 7 or arrange a payment plan under Chapter 13 you will need to comply with some additional requirements imposed by the U.S. Bankruptcy Code. These are credit counseling and debtor education.

How a Chapter 7 bankruptcy begins

If you have decided that bankruptcy is your best option for debt relief –  and that a Chapter 7 “fresh start” approach instead of a Chapter 13 payment plan is best for you (and further assuming that you qualify to use Chapter 7 bankruptcy), then your next inquiry will be how the Chapter 7 process works.

Business bankruptcy has trickledown effect on personal bankruptcy

Now that he is a Presidential candidate, Donald Trump’s personal and business affairs are bound to come under the microscope. One of those business affairs that some may have forgotten or others never knew is that Trump filed Chapter 11 bankruptcy four times. Chapter 11 is a type of bankruptcy that businesses use to stay afloat while reducing their debt. But reducing that debt can have an effect on individuals while the company reorganizes.

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