David Romito

What Assets Can You Keep in a Chapter 7 Bankruptcy?

If you are contemplating filing a Chapter 7 Bankruptcy, you probably realize that the laws are surely not going to let you keep all kinds of valuable assets. You might have heard that, more specifically, there is a limit to what types, and dollar amounts... Read >

Is A Chapter 7 Bankruptcy Right For Me?

If you are having serious difficulty keeping up with your monthly payments, you might be considering bankruptcy. You may have heard that bankruptcy entails serious credit issues, and that it should be avoided at all costs. Although a bankruptcy will cer... Read >

‘After School’ Bankruptcy: Obtaining your Transcript

A surprisingly common scenario is as follows: You recently attended, and maybe even graduated from, a college or university that is now holding your transcript and other such official documents. Unfortunately, however, you have not been able to fulfill ... Read >

Recovering From Bankruptcy: It’s Easier Than You Think

One of the biggest concerns in contemplating the filing of a Chapter 7 bankruptcy is how to go about reestablishing credit after the discharge is (hopefully) received and the bankruptcy case closed. Of particular importance is that the debtor regain the ... Read >

Chapter 7 Bankruptcy Process and Procedure: A Synopsis

There is more than a grain of truth in the expression "fear of the unknown". And where bankruptcy is concerned, a little trepidation is certainly understandable; after all, how many people are well versed with the procedures involved in a bankruptcy fi... Read >

Married but Filing Bankruptcy Individually

One of the trickier issues in filing an individual bankruptcy is how to handle the situation in which the debtor is married, but his or her petition is individual as opposed to joint, i.e. the spouse does not join in the bankruptcy filing. Of particular ... Read >

Reaffirmation Under the New Bankruptcy Law

Whether or not to reaffirm a secured debt, under §521(2)(A) of the Bankruptcy Code, used to be a no-brainer. Because the act of reaffirmation did far more for the creditor than it did for the debtor, the advice most commonly - and properly - given by ba... Read >

“Debt Elimination” Programs: Too Good to be True?

In today's difficult economic times, nothing sounds more alluring to someone overwhelmed with credit card debt than a program that purports to eliminate that debt, cheaply, easily, and without need of litigation or bankruptcy. Unfortunately, the purveyor... Read >

Chapter 7 vs. Chapter 13: Which one is right for me?

Chapter 7, sometimes referred to as "straight", or "liquidation" bankruptcy, is designed for debtors in financial difficulty who do not have the present ability to pay their existing debts. With a Chapter 7 filing, debtors will almost invariably pay back... Read >

Bankruptcy and the High Cost of Credit Cards

Think of credit cards as a double edged sword - while offering great convenience as well as many other advantages, credit cards can at the same time be very costly if used carelessly. That is, if you opt to carry a balance from month to month rather than... Read >

“Abuse” under Section 707(b) of the Bankruptcy Code – An Explanation

Much has been written about the ‘abuse' section of The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. That section, 707(b), is the one that might well be referred to as the ‘teeth' in that new bankruptcy law. Practitioners and debt... Read >

The US Trustee’s role in a Chapter 7 Bankruptcy case

Ok. You're considering filing for bankruptcy relief under Chapter 7 of the bankruptcy code. You may have heard about the ‘means test' and how the US Trustee can file motions or complaints under Section 707(b) to dismiss a case or force it to be conver... Read >

The Chapter 7 Discharge: What Debts Are NOT Eliminated?

Many people are familiar with the most common categories of debts that may be discharged in Chapter 7 bankruptcy. These include credit card account balances, medical bills, old utility and phone bills, and unsecured personal loans. What are not so well ... Read >

Role of the Chapter 7 Bankruptcy Trustee

When a chapter 7 petition is filed, the U.S. trustee appoints a "disinterested" (that is, impartial) case trustee to administer the case and liquidate the debtor's nonexempt assets. Specifically, the trustee has the duty, under 11 U.S.C. §704(a)(1), to ... Read >

Chapter 7 Bankruptcy Exemptions

Federal and state bankruptcy laws reflect the public policy value that no one should be deprived of all of their property. The federal bankruptcy laws, as well as the state laws where you reside, therefore, both allow for certain "exemptions." Federal e... Read >