Timing Can Be Crucial for Passing the Means Test
With smart timing you can take advantage of the unusual way that your "income" is calculated for the Chapter 7 means test.
Example of a Simple Chapter 7 “Asset Case”
Chapter 7 "asset" cases may sound scary. They needn't be. We walk you through a very straightforward example to demystify this.
Chapter 7 Trustee’s Abandonment of Property
Just because you own something that's not exempt doesn't always mean that the Chapter 7 trustee will take it. The trustee could abandon it.
When a Chapter 7 Trustee Doesn’t Liquidate Non-Exempt Property
Just because you own something that isn't exempt does not necessarily mean that your Chapter 7 trustee will liquidate it. Maybe not.
“Property of the Estate” May Include Life Insurance Proceeds
The 180-day rule applies to life insurance proceeds in a Chapter 7 case. But life insurance proceeds are often exempt, or protected.
“Property of the Estate” Includes an Inheritance
If you are expecting an inheritance, or even if you are not, the special rules about them are worth your attention to prevent bad surprises.
“Property of the Estate” Excludes Property in a Spendthrift Trust
If you are the beneficiary in a spendthrift trust, most likely a bankruptcy trustee can't touch whatever property is in that trust.
“Property of the Estate” Excludes Powers You Exercise for Another’s Benefit
If you have a power of attorney over someone's assets, or any similar power, those assets are not affected by your bankruptcy case.
“Property of the Estate” in Chapter 7 Bankruptcy
To find out if you can keep everything you own in a Chapter 7 case, the first step is finding out what's in your bankruptcy estate.
The U. S. Trustee–Administrator and Enforcer
You hear in bankruptcy about the "trustee," and maybe about the "U.S. Trustee." They're clearly easy to confuse. Who's the U.S. Trustee?
5 More Things to Know to Protect Your Property through Exemptions
There's a lot more to using property exemptions than just matching them to your assets. There are benefits worth taking advantage of.
5 Things to Know to Protect Your Property through Exemptions
Most of the time you get to keep everything you own when you file bankruptcy. It's all covered by property exemptions. But not always.
The Chapter 7 Trustee Challenging an Asset’s Value
What happens when your bankruptcy trustee thinks you undervalued an asset? How does the trustee determine what you own and its value?
The Chapter 7 Trustee Looking into an Asset
What happens when something you own is not or may not be exempt (protected)? What does the trustee do about this and what is the end result?
The Trustee in a Consumer Chapter 7 Case
Besides your creditors, the main person you need to be careful about in a "straight bankruptcy" Chapter 7 case is the trustee. Who's that?