Tag Archives: Chapter 7

What Is A Chapter 20 Bankruptcy?

What is a Chapter 20 bankruptcy? The fact is there is no Chapter 20 of the Bankruptcy Code. Chapter 20 is an expression used by attorneys to describe a situation where a Chapter 7 bankruptcy is filed for a debtor … Continue reading

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They Went Broke Too! “Real Housewives of New Jersey” star Teresa Giudice.

“Real Housewives of New Jersey” reality TV starTeresa Giudice and her husband have filed for Chapter 7 bankruptcy. The Chapter 7 bankruptcy has been filed in the United States Bankruptcy Court for the District of New Jersey.  The bankruptcy filing shows that  Teresa … Continue reading

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They Went Broke Too! Former Boston Celtics and Miami Heat Forward Antoine Walker.

Former National Basketball Association star Antoine Walker has filed for Chapter 7 protection in the U.S. Bankruptcy Court in Miami. Walker’s filing indicates he has $12.7 million in debt and $4.3 million in assets.  Walker’s schedules indicate monthly living expenses for his family … Continue reading

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They Went Broke Too! Former Detroit Lions Defensive Lineman Luther Elliss

Citing failed business ventures and poor real estate investments, former Detroit Lions defensive lineman Luther Elliss has file for bankruptcy protection. Mortgage debt and tax bills are the former Detroit Lion’s primary liabilities. Elliss filed for Chapter 7 bankruptcy protection listing … Continue reading

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Myth No. 9: If You Own A Home You Must Give Up Your Home If You File For Bankruptcy.

If you already own a home you must give up your home if you file for Bankruptcy. To the contrary both Chapter 7 and Chapter 13 can be used to keep your home. Your home mortgage is a secured debt. … Continue reading

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Myth No. 8: You Can Never Own A Home If You Have Filed For Bankruptcy

You can never own a home if you have filed for Bankruptcy. False. To the  contrary, assuming that you otherwise qualify, (Have a down payment, closing costs, a job, etc.) it is likely that you would be able to purchase a … Continue reading

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Myth No. 7: If you file for Bankruptcy, you will never be able to get any new credit for anything.

You can get credit after you file for bankruptcy. It takes time to re-establish credit, but you can if you want to get credit. I say ” if you want to get credit” because it is a very tempting to start … Continue reading

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Bankruptcy Myth No. 6: You can no longer stop a foreclosure by filing for Bankruptcy.

The bankruptcy myth that you can no longer stop a foreclosure proceeding by filing for bankruptcy is simply no true!    Both a Chapter 7 bankruptcy and a Chapter 13 bankruptcy will stop a foreclosure, but with different long term results. … Continue reading

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They Went Broke Too! William Jefferson

Recently convicted U.S. Representative William “Bill” Jefferson, has filed for Chapter 7 bankruptcy protection along with his wife.  The bankruptcy was filed on August 27, 2009 in the Bankruptcy Court for the Eastern District of Louisiana, which is the bankruptcy … Continue reading

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Myth No. 3: Credit Card Debts Can No Longer Be Discharged In A Bankruptcy.

One of the misconceptions some clients have is that credit card debts can no longer be discharged in a Bankruptcy. This myth comes from changes in the Bankruptcy Code from when the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was … Continue reading

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