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Posts tagged "Chapter 7"

Personal Bankruptcy Won't Help Erin Andrews' Stalker

In recent bankruptcy news, after famed sports broadcaster Erin Andrews won a multi-million dollar judgment against Michael Barrett for invasion of privacy and emotional distress, Andrews had to fight the case again in Barrett's personal bankruptcy case. The case stemmed from Barrett secretly recording Andrews naked in a hotel room and then posting the video online for the world to see. During the trial Barrett filed for Chapter 7 bankruptcy protection, but recently the judge in Barrett's bankruptcy eliminated Barrett's hope of getting out from under the multi-million dollar verdict.

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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