Jump to Navigation

Chapter 7 Archives

What is the Chapter 7 "means test"?

When people in Eastern Tennessee consider bankruptcy, one of the first questions they ask is whether they should file under Chapter 7 or Chapter 13. Under Chapter 7, many of the family's debts will be discharged, that is, the debt will never have to be repaid in full. Under Chapter 13, the debtor files a plan under which all existing debts will be paid over time and the total balance due may be reduced. Many people naturally find Chapter 7's discharge procedure to be an attractive alternative, but not everyone is eligible to file under Chapter 7. In 2005, Congress, fearing that too many debtors with reasonable incomes would choose Chapter 7, imposed what is called a "means test." The means test is intended to ensure that persons with above-average incomes cannot use Chapter 7.

Mortgage modification firm settles charges of lending abuse

Many residents of Tennessee suffer from financial difficulties have attempted to modify their home mortgages to forestall both foreclosure and Chapter 7 bankruptcy. Unfortunately, some firms offering mortgage modification services attempted to take advantage of persons who see mortgage modification as a pathway to financial health. A recent settlement between Massachusetts and a large non-bank lender shows some of the abuses that borrowers may face.

Let us help you make short work of medical debt

A previous post on this blog discussed encouraging statistics showing that the number of bankruptcies has dropped, and some of this drop may be that more residents of Southern Tennessee and Northern Georgia have better health insurance that protects them from sudden and unexpected medical expenses.

How do I qualify for Chapter 7 bankruptcy?

This blog recently discussed some of the relief Chapter 7 bankruptcy may provide for individuals struggling with overwhelming debt. Those considering bankruptcy options to help them enjoy a fresh financial start may wonder how they can qualify for Chapter 7 bankruptcy. Eligibility for Chapter 7 bankruptcy is based on the Chapter 7 means test. To qualify for Chapter 7 bankruptcy, the filing party must satisfy the two-part test.

Legal options may be available to stop wage garnishment

When struggling with overwhelming debt, one of the worst circumstances that an individual can face is having their wage garnished. Wage garnishment can be extremely stressful for individuals already struggling to manage debt, get caught up on payments and get ahead of their financial struggles and challenges.

Chapter 7 exemptions may address concerns of filers

The decision to file for personal bankruptcy is likely not one that is taken lightly and can include some understandable anxieties and apprehensions. It is helpful for individuals considering filing for Chapter 7 liquidation bankruptcy to be familiar with the process and understand how Chapter 7 bankruptcy exemptions work because this may help ease some of their concerns.

What's Your Situation:

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Subscribe to This Blog's Feed Visit Our Bankruptcy Website

Our Office Location:

Richard Banks & Associates

393 Broad Street, N.W.
Cleveland, TN 37364-1515
Map & Directions

Phone: (423) 244-0009
Toll Free: (866) 596-8527
Fax: (423) 478-1175

FindLaw Network

Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.