Articles Posted in Chapter 7

A bankruptcy trustee is assigned to every chapter 7 and chapter 13 bankruptcy case after it is filed. The United States Trustee at the Justice Department is tasked with appointing and supervising bankruptcy trustees. By and large, trustees are lawyers or professionals with extensive experience in bankruptcy. The duties of a bankruptcy trustee vary depending…

Sometimes a debtor should allow the chapter 7 trustee to sell his or her house. The chapter 7 trustee can keep the mortgage company from immediately foreclosing. By stalling foreclosure the trustee is able to maximize the value of the house on the open market. When the house is sold the debtor walks away with…

When a consumer gets to the point of filing bankruptcy, they often are living paycheck to paycheck. Making car payments, keeping food on the table for the family, and making sure the lights stay on are the important interests that bankruptcy debtors often wrestle with. So, making sure that they can keep their wages protected…

Most people think that credit card debt and student loans are the most problematic type of debt today. However, the booming increases in medical debt can be just as much of a problem for the average consumer. In fact, studies have recently shown that an estimated 1 in 5 American adults may be contacted by…

As time passes and the Great Recession is further in the rear view mirror, home values are increasing and the economy is slowly showing positive signs. But for the average person, that may offer little consolation when a foreclosure notice is posted on their door. Foreclosure rates in California and Sacramento may be lower than…

For many people in debt, filing bankruptcy is not the first attempt at fixing their financial situation. Some people put their head in the sand. Others try to make minimum payments for a while. Still others try moving money around with a complicated network of balance transfers. But sometimes when a debtor has paid a…

California and the Sacramento area are beautiful places and offer many benefits to seniors and retirees. Unfortunately, many older folks in the area are under a terrible burden of debt that makes it difficult for many struggling seniors to take control of their lives. Many factors contribute to this reality. The most common are a…

Living and working in the Sacramento area makes it very difficult for regular folks to get by without a car. Oftentimes, a Chapter 7 bankruptcy filing helps debtors in the area get rid of credit card debt and personal loans to relieve some of the pressure. But if the debtor needs to keep the car…

The Sacramento area boasts a vast and active real estate market. In addition, house values can be volatile, as can the job market. As a result, many consumers in the Sacramento area can end up behind on their mortgage payments, seemingly without options, and searching for solutions. This is a common question from consumer debtors:…

A chapter 7 bankruptcy filing provides a couple of options to deal with a secured debt like an auto loan. “Redemption” and “Reaffirmation” are options that allow the debtor to keep the car during and after the bankruptcy is complete. “Surrender” is the option that allows the debtor to return the car back to the…