By Glenn A. Brown, DMD, MBA on March 7, 2010
What is the difference between a Chapter 7 and Chapter 11 bankruptcy?
Businesses usually have a couple of choices when filing bankruptcy. Chapter 7 bankruptcy is reserved for those companies that are struggling so badly that they cannot remain in business. The business is usually liquidated, then all assets left over are distributed between shareholders and [...]
Posted in Articles, Bankruptcy, Business Bankruptcy, Excerpts, FAQ | Tagged bankruptcy discharge, Business Bankruptcy, chapter 11, Chapter 7 bankruptcy, FAQ
By Glenn A. Brown, DMD, MBA on February 17, 2009
Chapter 7 bankruptcy (aka straight bankruptcy) is typically the best option for consumers with little or no income and assets, or whose income will not cover their necessary living expenses or their debt.
In order to determine whether you can file for chapter 7 bankruptcy you must first undergo a bankruptcy means test. This test will [...]
Posted in Bankruptcy | Tagged Chapter 7 bankruptcy, fresh start, straight bankruptcy
By Glenn A. Brown, DMD, MBA on December 30, 2008
Our bankruptcy law firm often gets the question..”What is an automatic stay and will it stop foreclosure proceedings?”
Let’s assume you are receiving letters from your mortgage company threatening to foreclose on your home. From the moment you file for bankruptcy protection, your creditor must stop their foreclosure and collection efforts. Yes! Their calls to your job, threatening [...]
Posted in Blog | Tagged automatic stay, bankruptcy protection, Chapter 13 Bankruptcy, Chapter 7 bankruptcy, Debt Relief, save your home, stop foreclosure, US Bankruptcy Code
By Glenn A. Brown, DMD, MBA on December 24, 2008
The short answer to this question is “Yes.” Many of today’s bankruptcy filings result from significant credit card debt. Given the state of the economy and recent layoffs, consumers are finding it difficult to make the minimum payments on their credit card accounts. The problem does not end there. In many instances, when consumers default [...]
Posted in Blog | Tagged Chapter 7 bankruptcy, credit cards, unsecured debt
By Glenn A. Brown, DMD, MBA on December 9, 2008
This is not always true. If you work hard and rebuild your credit and FICO score, you can qualify for a new loan in the future. Chapter 7 will be reflected on your credit report for 10 years.
Posted in Bankruptcy Myths | Tagged Bankruptcy Myths, Chapter 7 bankruptcy, filing for bankruptcy, philadelphia pennsylvania, wilmington delaware
By Glenn A. Brown, DMD, MBA on December 9, 2008
“My neighbor filed for Chapter 7 bankruptcy and was approved. I’m sure I will be approved, too.”
This statement is false. In order to qualify for Chapter 7 bankruptcy, every debtor must undergo a “means test.” The means test will compare your family’s median income to that of other families in your state. If your [...]
Posted in Bankruptcy Myths | Tagged Bankruptcy Myths, Chapter 7 bankruptcy, filing for bankruptcy, means test, philadelphia pennsylvania, wilmington delaware
By Glenn A. Brown, DMD, MBA on December 9, 2008
This statement is totally subjective. Chapter 7 bankruptcy is likely the most widely used of all bankruptcy options. With that said, this does not necessarily mean that Chapter 7 is the best option for you. Whether or not Chapter 7 is ideal for you depends, in large part, on your personal debt and assets. It [...]
Posted in Bankruptcy Myths | Tagged Bankruptcy Myths, Chapter 7 bankruptcy, filing for bankruptcy, philadelphia pennsylvania, wilmington delaware