Legal Articles, Bankruptcy

Redeeming Personal Property in a Chapter 7 Case

Many debtors—and a few attorneys—are unaware that the Bankruptcy Code provides a way for debtors in a chapter 7 case to "redeem tangible personal property intended primarily for personal, family, or household use, from a lien securing a dischargeable consumer debt, if such property is exempted [by the debtor] . . . or has been abandoned . . . [by the trustee], by paying the holder of such lien the amount of the allowed secured claim of such holder that is secured by such lien in full at the time of redemption." 11 U.S.C. § 722. There is quite a bit to unpack here, but at bottom, almost any non-commercial physical personal property subject to a security interest can be exempted and redeemed in a chapter 7 case.

Roommates, Bankruptcy, & the Means Test

Debtors are often pleasantly surprised to learn that, in Minnesota, roommates generally count toward their household size for purposes of the means test, permitting certain debtors who would otherwise fail the means test, and thus not qualify for a chapter 7 case (permitting almost immediate discharge of all debts, not otherwise dischargeable, without any repayment required, as with a chapter 13 case), to qualify.

A Word About the Effect of Prior Bankruptcy Filings

Bankruptcy counsel frequently field questions from debtors who’ve previously filed bankruptcy. Sometimes this involves a prior case completed years ago, but more often it involves a debtor who has filed a recent case that was dismissed—often in connection with a chapter 13 case by reason of failure to confirm a plan or to make plan payments.

How a Good Lawyer Saves You Money (Despite Nominally Higher Fees)

Choosing the right attorney for your chapter 7 or chapter 13 case can ultimately save you money, even by comparison to filing pro se (without counsel). In many cases, this means selecting the right chapter under which to file your case. There are certain advantages uniquely associated with chapter 7 or chapter 13 (the most common) proceedings.

Equifax Data Breach

The Equifax Data Breach impacts roughly 143 million people. Lear more about your rights under the Fair Credit Reporting Act!

Discharge of Student Loans in Bankruptcy

Student loans are difficult but not impossible to discharge in bankruptcy. While courts are reluctant to discharge student debt a student burdened by his student loan has options. For more information on this subject contact the law office of Mitchell Reed Sussman & Associates at 800 - 233 - 8521

Student Loan Forgiveness : Fact or Fiction?

It is a common misconception that student loans can not be wiped out or eliminate. The truth is there are many ways to resolve student debt. This article discusses one of them. For more information on this subject contact the law offices of Mitchell Reed Sussman & Assoc. 800 - 233 - 8521

Too good to be true? Can you really, legally wipe away all of your debt and start over debt free with a Chapter 7 Bankruptcy in Illinois

The benefits of a Chapter 7 Bankruptcy in Illinois The possibility to start over fresh and gain financial freedom The possibility to eliminate out all of your credit card debt and/or medical debt and keep everything that you own

FINANCIAL FREEDOM COULD BE JUST AROUND THE CORNER...

Chapter 7 Bankruptcy may be your dream come true of getting out of debt and starting over....

I wish I had known this when I was younger....

There is a way to get out of debt and start over

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