Chapter 7

brief explanation of Chapter 7 bankruptcy

This video explains what to do and what NOT to do when preparing to file for bankruptcy.

Filing Bankruptcy Las Vegas, Filing Bankruptcy Henderson, Bankruptcy Lawyer Clark County, Bankruptcy Attorney Henderson, Bankruptcy Lawyer Las Vegas

This video outlines the differences of chapter 7 bankruptcy and chapter 13 bankruptcy, and provides information as to which option will be the best choice for you based on your financial situation.

In today’s up and down economy, honest, hardworking people can go from solvency to insolvency within a matter of weeks. Sometimes bankruptcy will be the appropriate approach to preserve the assets you have and to protect your family from long term or permanent financial damage.

While it can be difficult to view Chapter 7 bankruptcy as a positive life event, I hope that this video will give you some perspective about how to find the silver lining in your decision to file for bankruptcy.

If Ginsberg Law can help you evaluate your financial challenges and avoid judgments, foreclosures, repossessions and other catastrophic events, we would be happy to help you.
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Ravena B. Lottie, Esq. explains 8 crucial mistakes to avoid when filing bankruptcy. Baskerville Lottie & Associates, LLC 404-585-1477.
Do you want the secrets to building an 800+ credit score? Go to CreditBreakThrough.com to learn more.

Your Chapter 7 Bankruptcy case has been discharged, now how do I rebuild my credit? A brief explanation of different steps you can take toward rebuilding your financial life after your Chapter 7 Bankruptcy case.

How can someone file bankruptcy when it cost to file??? If I had $1700 to pay the court expenses I would apply that to paying a bill or staying on top of my bills. See the rest of the question on

A Chapter 7 bankruptcy is the most common bankruptcy filed. Chapter 7 bankruptcy eliminates most debts such as credit cards, medical bills, judgments, mortgage deficiencies, collection accounts, and many other debts. The elimination of debt through bankruptcy is called a “discharge,” which means you are no longer obligated to pay the debt. Filing Chapter 7 bankruptcy eliminates all debts except student loans, child support, overdue taxes from the past three years, and court-ordered restitution. The biggest benefit of filing Chapter 7 bankruptcy is that it only takes 90 days to finish. It’s one of the quickest debt relief options available.

Chapter 7 bankruptcy is known as a “liquidation bankruptcy” because the Chapter 7 bankruptcy court appoints a “trustee” who can sell or “liquidate” your unprotected assets and use the sale proceeds to pay your creditors.

The nice thing about Chapter 7 bankruptcy is that you know which assets are protected and which are not before you file. In most states, you can often keep your car, home, clothing, jewelry, household items, and 100% of retirement accounts. The property you get to keep after filing for bankruptcy depends on your state’s “exemptions”. Each state has an exemption law that delineates the type and amount of property a debtor can keep away from his creditors. All states allow you to keep 100% of your retirement accounts.

Your rights to receive certain benefits, such as social security, unemployment compensation, veteran's benefits, public assistance, and pensions are completely exempt regardless of the amount received. No one can take away those future benefits if you file bankruptcy. Bankruptcy protects cars and homes depending on the amount of equity held in the property.

What happens if you are above the exemption amounts or you have unprotected assets? In Chapter 7 bankruptcy, the trustee has the right to sell the property and disburse the proceeds to your creditors. Some trustees allow the debtors to buy back the items from the trustee. Another option is to sell unprotected assets before you file for Chapter 7 bankruptcy. Many Internet postings advise against selling any property before filing for Chapter 7 bankruptcy as it may be seen as keeping an asset out of the hands of a trustee. However, anyone can sell property before filing for Chapter 7 bankruptcy so long as the asset is sold at fair market value.

If you do sell an asset prior to filing for Chapter 7 bankruptcy, and assuming it was at fair market value, the next question you have to answer is, “what did you do with the money?” This is where people get into trouble. Some people will sell the car at fair market value and then give the money to their father to repay a loan from him. That is a preference payment the trustee can recover. Your father would have to return the money to the trustee. Instead, invest the proceeds in a retirement account, pay your taxes, or spend it on personal needs.

Some people fear Chapter 7 because they worry the trustee will sell their home and other assets even though it rarely happens. The latest statistic from the U.S. Trustee Program with the Department of Justice, which is the federal agency that oversees bankruptcy cases and trustees, is that only 5% of Chapter 7 cases have any assets that can be sold. This means 95% of the people who file for Chapter 7 bankruptcy do not lose anything.

Chapter 7 bankruptcy is a powerful way to get out of debt, and with all powerful tools, there are some restrictions. In October 2005, the bankruptcy reform laws were revised with a new requirement: a “means test.” This test evaluates your income to determine if you are eligible to have your debts dismissed completely under Chapter 7 or whether you need to enter into a debt restructuring plan under Chapter 13.

You may qualify to file Chapter 7 bankruptcy if your income falls below the median income in your resident state based on your family size. For example, in Colorado, if you are a single person who makes less than $50,000 per year, then you can file for Chapter 7. If you earn more than the median income, you may still qualify for Chapter 7 provided you are unable to set aside at least 25% of your income to repay your creditors. If you don’t qualify for Chapter 7, it doesn’t mean you cannot file bankruptcy as there are two other bankruptcies available.

For more information about Chapter 7 bankruptcy, visit HeupelLaw.com or call Heupel Law at (303) 955-7570. Heupel Law is located at 2440 Stout Street, Denver, CO, 80205. To watch this video again, click

Bankruptcy clients need to be honest and complete in their dealings with the bankruptcy court. Watch this video, produced by the Office of the US Trustee, for more information.

I'm Joseph C. McDaniel and I am a Board Certified Arizona Bankruptcy Attorney. My firm is a debt relief agency and I help both people and businesses file bankruptcies. If you're interested in filing a bankruptcy in Arizona or have questions, please call our firm at 602-297-3025 or visit my free Bankruptcy blog at and my website at

This educational video provides an overview of bankruptcy law. This video provides legal information and not legal advice. If you need legal advice, please contact an attorney.

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Attorney Tom Olsen is host of the Olsen on Law Radio Show on FM 96.5 WDBO in Orlando. You can reach Tom at 407-423-5561 or [email protected]. Tom has been answering legal questions on his radio show for 26 years and has been practicing law in Orlando, Florida for over 30 years.

CALL OR TEXT CHRISSY AT 407-808-8398 IF YOU NEED A LAWYER OR ATTORNEY IN CENTRAL FLORIDA INCLUDING ORLANDO, WINTER PARK, WINDERMERE, DAYTONA BEACH, THE VILLAGES, MELBOURNE, ALTAMONTE, LAKE MARY, LONGWOOD, COLLEGE PARK, BAY HILL, OVIEDO, SANFORD, DELAND, DEBARY, DELTONA, LEESBURG, CLERMONT, THORTON PARK, BALDWIN PARK, PONCE INLET, NEW SYMNRA, ORMOND BEACH, ST. AUGUSTINE, KISSIMMEE.

Produced by Professional Media Ideas. Call or text Chrissy Merrill at 407-808-8398 or by email at [email protected]

I'm Joseph C. McDaniel and I am a Board Certified Arizona Bankruptcy Attorney. My firm is a debt relief agency and I help both people and businesses file bankruptcies. If you're interested in filing a bankruptcy in Arizona or have questions, please call our firm at 602-297-3025 or visit my free Bankruptcy blog at and my website at

What happens in a First Meeting of Creditors in a Consumer Chapter 7 Bankruptcy in the District of Arizona Bankruptcy Court?
The first meeting of creditors may be the only hearing in a Consumer Chapter 7 Bankruptcy Case.

It's mandated in the Bankruptcy Code, at 11 USC 341, and because of that it's referred to among bankruptcy lawyers as a 341 hearing.

The 341 meeting is an examination of the debtor under oath and under penalty of perjury. A few years ago the questions at a 341 meeting were posed by the debtor's attorney, but the practice now is that they are posed by the Bankruptcy Trustee, a fiduciary appointed at random from the panel of such trustee's in the district.

Overwhelmed by the thought of filing for bankruptcy? Check out this video for a summary of the bankruptcy procedures from start to finish of a bankruptcy case.

5 Mistakes not to make when you are in debt and plan on filing bankruptcy.

Bankruptcy Tutorial, sponsored by this walks consumers through the process of DIY filing or utilizing a Document Preparer to for your bankruptcy paperwork.
Step One- get a copy of your credit report, gather ALL bills including those others say will not get removed from a bankruptcy. Let the bankruptcy court make those decisions.
Step Two – decide which bankruptcy to file Chapter 7, Chapter 13 or Chapter 11
Step Three- DIY Bankruptcy or hire a Document Preparer, ReStartDocs is a Document Prep service everything can be taken care of virtually.
Step Four- File your paperwork (pay in full or installments)
Step Five- Pre- credit counseling before your bankruptcy hearing, don’t spend more than $50.
Step Six- Attend bankruptcy hearing (insider info on what happened with my hearing)
Step Seven- Post Credit Counseling, again, don’t spend more than $50.
Step Eight – Protect yourself from scams
Step Nine- Resources, free services that can help you recover and rebuild your financial life
Step Ten- Learning about money, more resources


Resouce Links Mentioned in Videos:
- Document Preparers
- Approved Debtors Education list
- bankruptcy information sheet
- Bankruptcy Information by State
- Chapter 7 verse Chapter 13
- bankruptcy filing fees
- Installment payments application for bankruptcy (general form)

- Installment payment application for bankruptcy (updated form)

How to file bankruptcy without a lawyer
Bankruptcy
How to file bankruptcy
Chapter 11
Chapter 13
How to file chapter 7
Chapter 7 bankruptcy
Bankruptcy questions
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Filing bankruptcy
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Filing bankruptcy yourself
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Atlanta Bankruptcy Attorney Roger discusses keeping your house and filing Chapter 7 bankruptcy. The do's and dont's of filing bankruptcy and trying to keep your home.

- Pros and Cons of Filing Bankruptcy Chapter 7

This information is provided for educational purposes only. This is not legal advice and should not be taken as such.

This video discusses the pros and cons of filing for chapter 7 bankruptcy. The pros are that you can discharge most unsecured debts and start fresh after bankruptcy without the burden of those debts. The cons are that you will have a bankruptcy on your credit report for 10 years, and it is possible that you may have to sacrifice some assets.

Chapter 7 bankruptcy is the most common form of bankruptcy that is filed for in the U.S., and its primary purpose is to give individual debtors a fresh start by discharging debts. Discover how individuals get to choose to keep certain exempt property under Chapter 7 with information from an independent CPA in this free video on Chapter 7 bankruptcy.

Expert: Miranda Chook
Bio: Miranda Chook is a CPA with expertise in international operations.
Filmmaker: Bing Hu

When it comes to filing for bankruptcy, you face several options. Choosing the appropriate filing for your situation can seem difficult, as it often depends on the consumer's type of debt, income, and property. While we'll go over a few of the choices here, a local bankruptcy attorney can help you navigate your bankruptcy, and provide counsel on the specifics of your case.

To start with, there are two major types of consumer bankruptcy to consider: Chapter 7 and Chapter 13.

Chapter 7 bankruptcy is typically geared towards consumers with low income and lots of unsecured debt, while Chapter 13 bankruptcy may be better for those with regular income and non-exempt property.

Let's discuss these two options in a little more detail, starting with Chapter 7.

In Chapter 7 bankruptcy, debtors can have most of their unsecured debts discharged.

Unsecured debts are those that aren't attached to physical collateral, including credit card debt and medical bills. When a consumer's debts are discharged, they don't have to pay them, they can't be reported as delinquent on credit reports, and anyone who tries to collect them can face bankruptcy court sanctions.

In Chapter 7 bankruptcy, property can be liquidated to pay some debts, but there are exemptions that cover most or all of the property that most bankruptcy petitioners own. Most secured debts, like car loans and mortgages, must be paid, or the property surrendered.

There are several options for managing secured debts:

Reaffirmation, in which the debtor agrees to keep paying off debts. Redemption, in which the debtor pays a flat amount and in turn keeps the property. And surrender, in which the debtor returns the property, and the debt becomes unsecured and often dischargeable.

Most people who file for Chapter 7 bankruptcy have a lot of unsecured debt and have little property of value.

Chapter 13 bankruptcy, on the other hand, is often filed by consumers who have more available income. Chapter 13 gives the debtor time to catch up on past-due amounts, while maintaining current bills. Current bill payments are based on the debtor's current income.

Chapter 13 bankruptcy prioritizes secured debts, and can help save homes, automobiles, and other secured property. Unsecured debts like credit card debt and medical bills can be paid after secured debts. If a debtor pays off secured debts according to the Chapter 13 agreement, then most remaining unsecured debts can be discharged.

Chapter 7 and Chapter 13 bankruptcy meet different needs for different consumers.

To choose the right bankruptcy filing, consumers need to take a close look at their debts, income and property. A local bankruptcy attorney can help, by reviewing your specific financial circumstances, and advising you about which bankruptcy protection might be best for you.

Bankruptcy Attorney Marc Duxbury, Carlsbad, San Diego, Ca explains at length the whole process of means testing and filing of Chapter 7 bankruptcy. A means test is balancing income with the expenses which comprises of the necessities of life. The date of filing of bankruptcy is critical as from that day creditors are stopped from taking possession of the assets. The whole course of bankruptcy proceedings take 90 days from start to finish.
For more details, Marc may be contacted at phone no. 951.225.1604

Just wanted to say life after bankruptcy is good. If you've been thinking about doing it, debating back and forth. My experience was great. Thanks for watching! =)

Thoughts from a Maryland Bankruptcy Attorney


This is the first of a multi part series. Too often filing bankruptcy is viewed as a failure. In a different way of thinking, a bankruptcy filing opens the door to a better life. In this series, Baltimore Bankruptcy Lawyer Ron Drescher explores various ways that filing bankruptcy may be the best thing a person ever does for themselves and their family.

In this part, Ron discusses the relief that filing bankruptcy brings by moving a debtor's credit problems into their past and the sense of organization and control that comes with collecting all the documents necessary to file bankruptcy.


Thoughts from a Maryland Bankruptcy Lawyer

Ronald J. Drescher
Drescher & Associates, P.A
4 Reservoir Circle
Suite 107
Baltimore, MD 21208
(410) 484-9000
Fax (410) 484-8120
[email protected]


FaceTime [email protected]
Skype ron.drescher

Practicing in Maryland, Delaware, Virginia, Pennsylvania

Think your credit is ruined after filing for bankruptcy? Guess again! This video contains 7 important tips on rebuilding your credit after filing for bankruptcy.

A brief review of the three main types of bankruptcy cases for individuals chapters 7, 11, and 13. The most common types of bankruptcy are chapter 7, which are liquidating bankruptcy, and chapter 13 cases, often used by individuals who want to catch up on past due mortgage or car loan payments and keep their assets.

Learn more about bankruptcy at

Check out The Rachel Cruze YouTube Channel for life and money tips!
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Bill asks Dave if he should file bankruptcy.

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IN THIS VIDEO: Dave Ramsey, The Dave Ramsey Show, Financial Peace University, FPU, The Total Money Makeover, budget, envelope system, emergency fund, baby steps, radio show, debt freedom, EntreLeadership, mortgage, ELP, daveramsey.com, money, finance, economy, investing, saving, retirement, cash, mutual fund, stock market, business, leadership, credit, drtlgi

Attorney Evan A. Nielsen (licensed in California) discusses briefly what you can expect when filing a Chapter 7 bankruptcy.

Feel free to call us if you have any additional questions or would like to schedule your free bankruptcy consultation. Call (480) 888-7111.

Check out our website for more information at nielsenlawgroup.net.

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Most people who are suffering with financial problems and who need to think about filing bankruptcy have similar questions and concerns. An easy to read and easy to understand book about bankruptcy called, What you Should Know Before Filing For Bankruptcy, provides resources for those suffering financial problems.

Visit milwaukeebankruptcy.com for more information.

Las Vegas bankruptcy attorney Ryan Alexander explains some of the advantages of a Chapter 7 Liquidation bankruptcy and how a bankruptcy works.

This is the 2012 update to Ryan's popular 2009 video, which was the most viewed bankruptcy video in Nevada.

Bankruptcy, whether Chapter 13 or Chapter 7, has some great and not-so-great things to consider before deciding to file. Watch this video to discover whether this strategy is right for your current financial situation. It's not for everyone, and not everyone will qualify for the most popular option, either.

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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

This is a video we did when we finally came out of the closet about our bankruptcy. We felt the same shame and embarrassment that many feel. We did this video to help others who may be facing bankruptcy or who have questions about what bankruptcy is really like.

What are some common mistakes to avoid when filing a bankruptcy?

• Wasting to much time
• Taking out additional loans
• Reaffirming debt
• Paying back loans to friends and family members.
• Transferring assets

Iowa bankruptcy attorney Jeff Mathias, Ten Tips for filing Chapter 7 Iowa Bankruptcy. Statewide practice. Two trips to Des Moines, one for the office appointment and one hearing. Call Jeff- 1-800-997-1395 See Jeff's and
Des Moines, Iowa bankruptcy attorney Jeff Mathias handles Chapter 7 bankruptcy cases for Iowa statewide. You can keep your home and car and get a fresh start. There is a better tomorrow out there for you and your family! Email or Call Jeff at 1-800-997-1395 for quick help.

How To File Bankruptcy using Bankruptcy software from

If you follow either our video Bankruptcy Without a Lawyer tutorial here, or written tutorial at you will be able to discharge your debts through online bankruptcy within 100 days using EZBankruptcyForms software.

The steps provided in our tutorial will make the DIY bankruptcy process managable, but you will still need some sort of 2016 bankruptcy software to assist you in filling out the paperwork. EZBankruptcyForms online bankruptcy software is up-to-date and is compliant with all bankruptcy courts.

EZBankruptcyForms.com has received the Gold Medal Award for bankruptcy software, which you can read about here:

EZBankruptcyForms.com. How to File Chapter 7 Bankruptcy Online.

West Palm Beach and Boca Raton Bankrutpcy Attorney, Eric Klein, explains the types of questions a trustee will ask at a 341 meeting.

For more information on bankruptcy, please call 561-353-2800 or visit

Klein Law Group
4800 N. Federal Highway
Suite 307B
Boca Raton, FL 33431

Filing Bankruptcy - Chapter 7 and Chapter 13 Bankruptcy Explained


Host Patricia Wangsness interviews John Farver from Farver Law Firm

Patricia Wangsness: Our guest today is Bellevue attorney, John Farver. John has been practicing law for 24 years. His practice revolves around assisting consumers solve financial problems often brought on by the current financial downturn. While there are many different ways to deal with a financial crisis, often, solutions to their difficulties is bankruptcy.

Patricia Wangsness: John, what is bankruptcy and what does it mean to consumers in today's world?

John Farver: Patricia, bankruptcy today for consumers is a way for, as the code puts it, an honest debtor to get a clean fresh start. Someone who is underwater financially and can't see a way to climb out. There are two types of bankruptcy for consumers. The first one is Chapter 7 and that's what everybody thinks of as a bankruptcy. It's a total liquidation. You discharge all of your unsecured debts and nine times out of ten, you keep most of your property. So, you wipe out debts that don't have any security such as a home loan or a car loan and that usually puts you in a position to then catch up on your car loan or your home loan or at least get a fresh start financially.

John Farver: A Chapter 13 bankruptcy is also a consumer bankruptcy and it is more of a consumer repayment plan kind of like a Chapter 11 is for businesses. You go to the court and say, I want to pay as much as I can of my debts over a three to five year period and this is how much money I have left over every month out of my net income once I've paid all my costs of living and the debts I'm going to pay outside the plan. This is how much I have to give the bankruptcy court every month. The bankruptcy court takes that and pro-rates it and distributes it to your creditors. Then, at the end of the plan, which is a minimum of three years and a maximum of five years. Whatever is left to the creditors is discharged -- unsecured creditors, again. The difference between an unsecured creditor and a secured creditor is that a secured creditor has security as collateral.

Patricia Wangsness: What are the indicators that tell you when a client is a good candidate for bankruptcy?

John Farver: Well, I look at a couple things. Of course you look at their income, you look at their circumstances and people who come to me for bankruptcy advice have had some changed circumstances in their life, usually fairly recently. They're struggling, a spouse loses their job, the person loses their job, their house is being foreclosed on, something that puts them in deep financial stress or crisis. Then I look at what the total amount of their unsecured debt is and what their intentions are. Do they want to save their house, do they want to save their car and what can we do about the unsecured debt. We were talking earlier about people who come to me and also ask me to negotiate with their lenders and see if the lender will take a smaller percentage, a different payment plan, different interest rates and yes, we can do that, short of filing bankruptcy if all of your creditors go along with it.

Patricia Wangsness: What does bankruptcy cost and when do clients have to pay since obviously, money is short at that time?

John Farver: In my firm and I can't talk for all firms because you can certainly go to a pretty cut-rate place and have it much less expensive. I charge $2000 which includes the court filing fee and all costs of the services that I need to buy to get your schedules ready and have you file and get through the bankruptcy. It has to be paid before we do any work and the reason for that is, once you file bankruptcy, I become an unsecured creditor just like your credit card holders. Knowing that that's going to happen, you have to pay up front. A Chapter 13 bankruptcy is more expensive but most bankruptcy attorneys for a Chapter 13 will take their initial fee up front, say $2500, but with a Chapter 13, you can be called back into court during that three or five year period to make changes to the plan or ask this court to allow your client to have more of the money that he needs to take care of an emergency, such as problems with your automobile.

John Farver: That's Chapter 13 but on a Chapter 7, pretty much standard so you know when you're going in, pretty much, how much it's going to cost so you charge a flat fee and the nice thing about that is the client knows up front, how much it's going to cost.


Washington State Bankruptcy Expert
Filing Chapter 7 Bankruptcy
Filing Chapter 13 Bankruptcy

Topic: Filing Bankruptcy - Chapter 7 and Chapter 13 Bankruptcy Explained

Farver Law Firm
400 108th Ave NE Suite 500,
Bellevue WA 98004

Phone: 425-445-7351

If you're a small business can you file for chapter 7 bankruptcy? get all the facts here!

Long Beach, California bankruptcy attorney Laura Claveran says that after 2005, there are many requirements for filing Chapter 7 bankruptcy.

For instance, you must pass the Means Test. This means that your Family Median Income (FMI) has to meet certain levels. Watch the video now to learn more.

For more information about filing bankruptcy in California, visit our educational website at If you have questions, I want you to call me at (562) 494-2828. I welcome your call.

Claveran Law Firm
5199 Pacific Coast Hwy., Suite 508
Long Beach, California 90804
(562) 494-2828

Check out The Rachel Cruze YouTube Channel for life and money tips!
________________________________________________________________
Josh calls Dave because he feels like all of his options have run out, should he file bankruptcy?

Find A Financial Peace class near you!


Check out Chris Hogan’s book “Retire Inspired”


Do you want to take control of your money? Get “The Total Money Makeover” book here.


Download the FREE EveryDollar App and start telling your money where to go.


Do you need help with your taxes? Find an Endorsed Local Provider near you!


Need help selling or buying a home? Click the link to find an Endorsed Local Provider in your area.


Do you have questions about investing? Let one of our Endorsed Local Providers help.


IN THIS VIDEO: Dave Ramsey, The Dave Ramsey Show, Financial Peace University, FPU, The Total Money Makeover, budget, envelope system, emergency fund, baby steps, radio show, debt freedom, EntreLeadership, mortgage, ELP, daveramsey.com, money, finance, economy, investing, saving, retirement, cash, mutual fund, stock market, business, leadership, credit, drtlgi

What is Chapter 7 bankruptcy? Nashville attorney James Flexer provides answers to your bankruptcy questions.

The Law Offices of James Flexer have been serving Middle Tennessee since 1981 with offices in Nashville, Murfreesboro, and Columbia, Tennessee. Visit flexerlaw.com for more information or call us today to schedule a free consultation with one of our expert attorneys to see if filing bankruptcy is right for you.

***Download our FREE report: 6 Big Mistakes to Avoid Before Filing Bankruptcy to avoid some all-too common mistakes some people may make before they file for bankruptcy.


Nashville: 615-255-2893 | 1900 Church St, Suite 400, Nashville, TN 37203
Murfreesboro: 615-496-4811 | 105 North Maple, Suite B, Murfreesboro, TN 37130
Columbia: 931-375-0006 | 13 Public Square, Columbia, TN 38401





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Disclaimer: This is not legal advice. The information contained herein does not indicate an attorney-client relationship. The information herein pertains to Local Bankruptcy Rules in the State of Tennessee. We are a federally designated debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.

Chapter 7 and Chapter 13 personal bankruptcy. Created by Sal Khan.

Missed the previous lesson? Watch here:

Finance and capital markets on Khan Academy: Back in the day (like medieval Europe), you would actually be thrown in jail if you couldn't pay your debts (debtor's prison). That seemed like a pretty awful thing to do (not to mention that lenders are much less likely to be paid by someone rotting in prison), so governments created an out called bankruptcy (which, as you'll see, is a pseudo-painful reset button on your finances).

About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.

For free. For everyone. Forever. #YouCanLearnAnything

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Filing for a bankruptcy is a humbling and life-changing experience. Going from a 780-790 credit score to a 620 credit score was not easy.

Starting over after the bankruptcy can be a new lease on life. If Donald Trump can recover ... so can you and I

Tips for your meeting with the Chapter 7 Bankruptcy Trustee

Brooklyn Bankruptcy Attorney : What banks Don't Want You To Know!

Brooklyn Bankruptcy Lawyer.


The banks use the law to protect their rights and to collect money that you owe them. What many people don't' realize are that there are also laws that protect them.The following are the top 6 thinks that banks would rather you don't know.

Brooklyn Bankruptcy Attorney

6. If you are late in paying your credit cards you have rights under the Fair Debt Collection Act.
The Fair Debt Collection Act is a federal law that gives you certain protection.For example if a collection agency calls you, you have the right to tell them not to call you anymore and they must stop.Another example, collectors can't call you all hours of the day and night.They have limits. Still another example, when sending you collection letters they must provide certain notices to you. If they violate these requirements, lawyers such as myself can sue them, at no expense to you, and obtain money from them for you.

5. If you are late in paying your creditors they can't simply garnish your salary or take money from your bank account.
Bill collectors may threaten you with garnishing your salary or taking the money from your bank account, but they can't do that without first serving you with a summons and then getting a judgment from the court.

Brooklyn Bankruptcy Attorney

4.If you are sued by your creditors you have the right to respond.
If you receive a summons from your creditors you should not ignore them.You have the right to answer and have them prove their case.You also have the right to discovery, for example have them answer questions or present someone to testify. If you can even hire a lawyer, such as myself to represent you.

3. If they your creditors get a judgment against you it is extremely unlikely that they are not going to come to your home and take your belongings.
If an unsecured creditor, such as a bank issuing a credit card gets a judgment against you it is extremely unlikely that they will send the Marshall or Sheriff to you home to take your belongings.That is because by law you are entitled to keep certain possessions. Further, your personal possessions very likely don't have much value and it would not be worth their effort to have your stuff taken and sold. However, If you have a secured creditor such as in the case of a car loan and you fall behind they very likely would repossess the car.
Brooklyn Bankruptcy Lawyer

2.If you are behind in paying your mortgage you may be able to catch up by filing Chapter 13 Bankruptcy.
Chapter 13 allows you up to 5 years to repay your arrears. If your Chapter 13 repayment plan is approved by the Bankruptcy Court the bank must accept your payments.
And now,

1. If you file Chapter 7 Bankruptcy your unsecured creditors such in the case of credit cards won't be able to garnish your salary or take money from your bank account and best of all, you won't be responsible for paying them.

When you file a Chapter 7 Bankruptcy an automatic stay is issued by the court that immediately stops your creditors from all collection activity, including garnishments and freezing your bank accounts.Once the discharge is issued by the court your credit card debts will be eliminated.

We have helped thousands of clients with bankruptcy for the past 25 plus years. If you live in New York or New Jersey and would like to know more about bankruptcy call us to schedule a free consultation.

Check out The Rachel Cruze YouTube Channel for life and money tips!
________________________________________________________________
Deanna asks Dave if she should file bankruptcy.

Find A Financial Peace class near you!


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(Winter Park, Florida) Eric Lanigan explains some of the base differences in bankruptcy Chapter 7 and Chapter 13.

Everyone wants to know when is it preferable to file a Chapter 13 Bankruptcy instead of Chapter 7 Bankruptcy?

This video offers five financial situations that you may be in that will be a part of your bankruptcy decision.

Chapter 13 bankruptcy or Chapter 7 bankruptcy may be confusing if you don't understand the basics. (Winter Park, Florida) bankruptcy attorney Eric Lanigan explains the top 5 deciding factors to determine which type of bankruptcy to file.

Reasons: No. 1: You're behind in your mortgage or your car payment. No. 2, you have a tax obligation or student loan. No. 3, you have non-exempt property. No. 4, you have a co-debtor on your debt. No. 5, you own investment or rental property.

Bankruptcy filing can be confusing. Contact the law firm of Lanigan & Lanigan, P.L., and find out what's right for you. There are several steps to determine this and the Lanigans will give you information so that you can decide whether to file Chapter 7 or Chapter 13 bankruptcy. Call if you would like to schedule a consultation (407) 740-7379. Parking is available on-site in the back of Lanigan & Lanigan law offices which are located at 831 W. Morse Ave., (Winter Park, Florida).

- How To File Chapter 7 Bankruptcy Without A Lawyer

This information should not be construed as legal advice. It is being provided for informational and educational purposes only. You should consult with an experienced bankruptcy attorney in your jurisdiction to review your particular circumstances.

Want to know how to file chapter 7 bankruptcy without a lawyer? It is not advisable but it can be done with great diligence.

You can obtain all of the necessary forms, papers and instructions for filing a chapter 7 bankruptcy case from your local bankruptcy court. You can either obtain hard copies of the forms at the court clerk's office or go online to your local bankruptcy court's website to obtain the forms.

After you obtain the forms, carefully read all instructions when you prepare your papers. The best course of action is to consult with an experienced bankruptcy attorney first to have your case reviewed and analyzed.