Bankruptcy

Chapter 7: Eliminate Your Debt

The typical person or couple that files a Chapter 7 bankruptcy 1) owes a large amount of money, at least $10,000 in credit card, medical, or other debts 2) does not own and is not mortgaging a home 3) only has basic property like an automobile, and 4) makes an average income. If you have a high income, you can’t file a Chapter 7 bankruptcy. You don’t qualify. If you own more property than average and that property has a lot of equity, the property may be sold to pay creditors.read more »

Chapter 13: Save Your Home - Consolidate Your Debt

While a Chapter 7 bankruptcy ‘wipes the slate clean,’ and completely eliminates your debt, it may not be the best option for every individual or couple. If you are behind on your mortgage, but have significant property like a car that is fully paid off, filing a Chapter 7 might put this property at risk of being sold in order to pay off your debts. Rather than simply eliminating your debt, a Chapter 13 bankruptcy ‘consolidates’ it into a repayment program of 3 to 5 years that the court supervises.read more »

Chapter 11: Reorganize Your Business

Chapter 11 bankruptcy was designed to allow businesses to reorganize their debt in order to continue operating, although there are circumstances in which some individuals are required to file under Chapter 11. When you see a major corporation like Lehman Brothers ‘file for bankruptcy,’ most of the time this is a reorganization, although some become Chapter 7 proceedings. The Chapter 11 process is similar to that of the Chapter 13.read more »

All About Bankruptcy

Bankruptcy basics

There are several kinds of protection for those in debt under the bankruptcy code. The bankruptcy code is a “book” divided into chapters. The chapters in the book are the chapters used in bankruptcy.read more »

FORECLOSURE CRISIS

Testimony of Mark S. Scarberry December 5, 2007 -------------------------------------------------------------------------------- Statement of Mark S. Scarberry Before the Senate Committee on the Judiciary Hearing on “The Looming Foreclosure Crisis: How To Help Families Save Their Homes” December 5, 2007 Mr. Chairman and members of the Committee, I am Mark S. Scarberry, Professor of Law at Pepperdine University School of Law and currently the Robert M. Zinman Resident Scholar at the American Bankruptcy Institute (ABI).read more »