Category Archives: Chapter 7

Court rules that debtors can strip off liens with a Chapter 7 bankruptcy case

By doug | Published: June 14, 2012

Consumers in Georgia and Florida got a big boost from the Eleventh Circuit Court of Appeals in Atlanta (left) recently, when that court became the first appellate level body to approve — and the first to even discuss — lien-stripping in Chapter 7 bankruptcy. The topic has caused controversy among bankruptcy judges for decades. The […]

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File Chapter 7 bankruptcy and skip the means test!

By doug | Published: February 10, 2012

There is a simple way to avoid filling out the means test when you are filing a Chapter 7 bankruptcy case. If a debtor has primarily business debts, there is no need to complete the means test! Or, to put it in more precise bankruptcy language, if a debtor has “primarily non-consumer debts,” just check […]

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Leigh Steinberg — the “real” Jerry Maguire, has filed for bankruptcy

By doug | Published: January 26, 2012

The need to file a bankruptcy case can happen to anyone. Just recently ESPN brought the news that once high-flying sports agent Leigh Steinberg, known as the inspiration for the “show me the money” character of Jerry Maguire in the movie of that name, has filed a Chapter 7 case in California. In his heyday, […]

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Chapter 7 bankruptcy eligibility in New Hampshire

By doug | Published: December 7, 2011

Starting with cases filed in May 2012, the Chapter 7 “means test” eligibility figures have changed slightly for residents of New Hampshire considering bankruptcy. The new thresholds for annual family income are: Family size = 1, threshold is now $53,177; Family size = 2, threshold is now $63,626; Family size = 3, threshold is now […]

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Chapter 7 eligibility changes for Massachusetts residents

By doug | Published: November 21, 2011

Starting with cases filed in May 2012, the Chapter 7 “means test” eligibility figures have changed slightly for residents of Massachusetts considering bankruptcy. The new thresholds for annual family income are: Family size = 1, threshold is now $55,185; Family size = 2, threshold is now $66,200; Family size = 3, threshold is now $82,873; […]

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What chapter are we in, anyway?

By doug | Published: September 14, 2011

Talk to a bankruptcy lawyer, and it won’t be long before he’ll start spouting off about “chapters,” as if he was the deranged leader of Oprah’s book club: “First you’ve got Chapter 7, then Chapter 13, and there’s always Chapter 11, and even chapters 9, or 12 and 15 . . . ” Potential bankruptcy […]

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How long will this bankruptcy take, anyway?

By doug | Published: September 12, 2011

It’s one of the most popular questions at my office, and perhaps rightfully so: “How long does a bankruptcy take?” It’s also not really the right question to be asking, but let me explain: If someone is asking “How long does it take to get started?”, the answer is simple: usually right away. Call for […]

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Payday loans — a bad deal that can be fixed through the bankruptcy court

By doug | Published: August 4, 2011

When you’re running out of cash, it’s not uncommon for folks to turn to payday loan centers for the little extra they need to get by until their next check arrives. It’s almost always a bad deal. They know its a bad deal, too (hey, 400% interest can’t be good, right?), but they are stuck, […]

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Last call for bankrupt Borders stores in Methuen, Salem, NH

By doug | Published: July 15, 2011

If you would like to see the bankrupt Borders bookstores in Methuen and Salem, N.H. remain open, you better put a bid in on them before Sunday night. As of now, it looks like the whole chain might be headed to a Chapter 7 liquidation sale, which would eventually close the Methuen and Salem stores […]

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Presto, change-o! Converting a bankruptcy case

By doug | Published: July 12, 2011

When you file a bankruptcy case, the debtor must choose a particular chapter of the bankruptcy code (chapters 7, 11, 12 and 13 are the most common), and the rules of the chose chapter are then applied to the case. The initial choice of chapter is not forever binding, however. Indeed, debtors have a great […]

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