Chapter 7 refers to the specific part of the United States bankruptcy code that deals with this particular type of bankruptcy. In a Chapter 7 bankruptcy, a person's debts, those that are dischargeable that is, are completely "discharged" or eliminated. Individuals are generally able to keep their houses, cars and all other property as part [...]
Unlike in a Chapter 7 bankruptcy, where a debtor may have certain non-exempt assets liquidated, in a Chapter 13 bankruptcy, the debtor maintains possession of assets. There is no liquidation of assets in a Chapter 13 bankruptcy. This distinction serves an important purpose for individuals who need to seek relief under the Bankruptcy Code but [...]
It is important in drafting your bankruptcy that you list all of your assets... especially if you want to keep them! What do you mean by "assets"? Generally speaking, the term "assets" refers simply to all of your property. It does not matter if the property is worth a lot, or just a little. If [...]
Every time you go online, turn on the television, or open a phone book, there are dozens of adds for lawyers and law firms. But how to look past the expensive advertising and determine which attorney to hire? In selecting a lawyer, there a number of things to consider, but these six are the most [...]
Welcome to zaleskilaw.com.I'll be using this space to provide answers to some basic bankruptcy questions, discuss unusual situations, and explain important changes in bankruptcy law. If you have a topic you'd like to see addressed here, send me an email.Thanks for stopping by.-SZ