Tag Archives: Chapter7

Is My Bankruptcy Filing Public? Will Everyone I Know Find Out?

Bankruptcy can carry with it a certain stigma, despite how useful it can be in helping people dig themselves out of their financial struggles. And when considering bankruptcy, you might wonder: will other people be able to find out that you filed? Are bankruptcy filings public? Yes, actually. Most court records, including bankruptcy filings, are public. But, that does not mean that just anyone can access all of your personal information. Typically speaking, your friends, family and acquaintances are not going to find out about your bankruptcy filing unless you tell them yourself. There is a public access system known as PACER that contains information about bankruptcy filings throughout the U.S. But to access this system, you are required to register and pay per page of documents you obtain. As such, the average citizen will not be able to see your bankruptcy filing. However, your creditors and co-debtors will find…
Read More »

Posted in Chapter 7 Bankruptcy | Tagged , | Leave a comment

Am I Eligible for Chapter 7 Bankruptcy?

How do you know if you are eligible to file for Chapter 7 bankruptcy? There are a few criteria you must fit. They include a specific income amount and your results from a means test. Here is a short breakdown of the ways that your specific financial situation can prevent you from filing for Chapter 7: Income: If you have enough to repay your debts in a timely fashion, you are not eligible for Chapter 7 bankruptcy. Instead, Chapter 13 bankruptcy would be your route forward. The rule that determines eligibility is one that measures your current monthly income against the median income for a family of your size in your state. If your income is less than or equal to the median, you are likely eligible for Chapter 7. If your income is more than the media, you must pass the “means test.” See our page on the “means…
Read More »

Posted in Chapter 7 Bankruptcy | Tagged | Leave a comment

Why Are More Older Americans Filing for Bankruptcy?

Did you know that 8 percent of bankruptcy filers are aged 65 or older? This number has been trending upwards since 2008. One reason was the recession, which hit the elderly age group hard. And in some states, creditors are allowed to garnish up to 25 percent of a debtor’s disposable income, so bankruptcy can become an attractive option for people who fall behind on their bills. But perhaps the most common cause of senior bankruptcy is medical debt. Medical debt is the number one source of personal bankruptcy filings in the U.S. and given the high cost of healthcare for elderly people, it is easy for a debt spiral to drag down the finances of seniors with healthcare needs. According to the Consumer Financial Protection Bureau, debt collection is the most-complained about product or service for consumers over 62. The incessant calls and predatory nature of these companies can…
Read More »

Posted in Chapter 7 Bankruptcy | Tagged , , , , | Leave a comment