Monthly Archives: December 2013

Posted by Steven A. Harris | Bankruptcy

Re-Affirmation Agreements in Bankruptcy When you file a Chapter 7 bankruptcy a bankruptcy estate is opened.  Your bankruptcy estate consists of such things as personal and real property.  You can protect your equity in these assets through what are called bankruptcy exemptions.  Alabama allows you to have $5,000 in real property exemptions ($10,000 if filing …

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Posted by Steven A. Harris | Bankruptcy

Bankruptcy Means Test In order to qualify for a Chapter 7 bankruptcy without a presumption of abuse you must generally meet certain requirements.  First, if your current monthly income (CMI calculated by taking all household income for the last six months combined and divided by 6) is less than the median monthly income for your …

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Posted by Steven A. Harris | Bankruptcy

The Major Players in the Bankruptcy Process With the changes that have taken place in the Bankruptcy Abuse Prevention and Consumer Act of 2005, the people involved in a bankruptcy proceeding, and their roles and responsibilities, have been altered.  Below you will find the players and what role they play in the bankruptcy process. 1. …

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Posted by Steven A. Harris | Bankruptcy

Surrendering or Keeping Your Home in Bankruptcy When a Chapter 7 bankruptcy is filed, it is sometimes called a liquidation bankruptcy since your property can be liquidated in order to pay your creditors.  When your bankruptcy is filed, a person called a Trustee is appointed to your case and their job is to determine if …

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