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Chapter 7 Bankruptcy Archives

Chapter 7 bankruptcy may not as widely used as you may think

The Bankruptcy Abuse Prevention and Consumer Protection Act -- BAPCPA -- of 2005 cut off a significant number of Americans from pursuing Chapter 7. However, many people in Connecticut might be surprised to learn that not only do they still qualify for Chapter 7 bankruptcy, but that they could greatly benefit from filing. According to one expert, it is a vastly underused tool for dealing with debt.

Should I file for Chapter 13 or Chapter 7 bankruptcy?

The absence of a repayment plan is one of the biggest ways in which Chapter 7 differs from Chapter 13 bankruptcy. There are many other differences as well, including an income cutoff regarding eligibility to file for Chapter 7 bankruptcy. In Connecticut, individuals who earn under a certain income threshold may qualify for Chapter 7 while still being curious about the benefits of Chapter 13. Here are a few key differences to consider.

Can I file for Chapter 7 bankruptcy?

Discharging debt through bankruptcy is extremely appealing for those who are currently unable to make ends meet. While this is possible through both Chapter 7 and Chapter 13 bankruptcies, most people find the first option more appealing as the latter first requires careful adherence to a repayment plan for a period of three to five years. However, not everyone qualifies for Chapter 7 bankruptcy. 

Should someone buy a car during Chapter 7 bankruptcy>

One of the biggest questions people have about bankruptcy is how it might affect their future ability to purchase items, particularly on credit. One of the specific issues Connecticut filers may wonder about is their ability to buy a car during Chapter 7 bankruptcy. The answer to this question is not always straightforward, as there is a difference between being able to buy a car and it being a good idea.

How do retailers liquidate assets under Chapter 7 bankruptcy?

As retailers such as Toys R Us close their doors around the United States, many people have questions about how the closing sales will function. Much of how these sales will play out in Connecticut and throughout the country is determined by bankruptcy liquidation, also known as Chapter 7 bankruptcy. This may be the fate of Toys R Us as the retailer filed for Chapter 11 bankruptcy protection in September in hopes of restructuring their operations and cutting debt.

Chapter 7 bankruptcy can ease the financial woes of seniors

Consumer bankruptcy filings in Connecticut continue to be vigorous despite the relative recovery in the economy. For example, personal Chapter 7 bankruptcy filings have grown among senior citizens who are 65 and older.  The main reason for that increase is the high cost of medical debt, which has hit the older population particularly hard due to the prevalence of fixed or static incomes among them. 

Lularoe sellers filing for Chapter 7 bankruptcy

Some Connecticut readers may be familiar with the online retailer Lularoe. The company offers women's apparel and accessories, sold through local merchants running a home-based business. The company enjoyed substantial success in recent years, but it appears that some female Lularoe merchants are struggling to ply their wares.

Avoiding accusations of Chapter 7 bankruptcy fraud

For most Connecticut residents, filing for bankruptcy is an unfamiliar process. Faced with the need to identify, list and value all accumulated assets, many people will make a number of mistakes. In some cases, those mistakes can be misconstrued as acts of fraud. That's why it's critical to work with a qualified Chapter 7 bankruptcy attorney throughout the process.

Were these consumers made aware of Chapter 7 bankruptcy?

When a Connecticut resident is in need of bankruptcy services, the initial stages of that process involve a consultation with a bankruptcy attorney. That professional will review the consumer's financial information, and provide a recommendation about which type of bankruptcy is appropriate. Very often, consumers with no sizable assets are advised to pursue Chapter 7 bankruptcy, which can lead to the elimination of many forms of unsecured debt.

Chapter 7 bankruptcy as an estate planning option

For most Connecticut residents, estate planning and bankruptcy are two distinct sets of needs, with very little crossover between the two. That said, there are circumstances in which Chapter 7 bankruptcy can play a powerful role in the estate planning process. With proper planning, it is possible to pass down wealth from one generation to the next, without placing those assets at risk for loss.

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