Which Bankruptcy Type Is Right for You? Chapter 13 and Chapter 7 Bankruptcies Explained
If you’re like most people, you don’t wake up every day expecting to lose your job, but sometimes, things happen that are beyond your control. If you have lost your job, depending on your situation, filing for bankruptcy may be the best option to help you move forward. If you’re struggling with debt, the best thing you can do is to meet with an experienced bankruptcy attorney. IF I DON’T HAVE A JOB, CAN I STILL FILE FOR BANKRUPTCY? Yes, you can file for bankruptcy if you’re currently unemployed. No law prohibits people who are unemployed from filing. Job loss is one of the most common reasons people file for bankruptcy. However, unemployment can have an effect on your case, so consider your entire financial situation before filing for bankruptcy. CHAPTER 13 Chapter 13 bankruptcy is a reorganization bankruptcy designed for people with a steady income who can pay back a portion of their debts through a
repayment plan that typically lasts 3–5 years. People who don’t qualify for Chapter 7 often qualify for Chapter 13, which allows debtors to catch up on mortgage debt, get rid of a second or third mortgage, pay down car loans, or pay back nondischargeable debts such as child support. In a Chapter 13 bankruptcy, some debts must be paid in full, such as student loan payments, child support, and back taxes. Other types of debt can be paid in part and in some cases, not at all. You don’t lose your property in Chapter 13, but you must have a sufficient income in order to make your required monthly payments. If you don’t have a steady income, you likely won’t be able to propose an approved repayment plan. Until you can find another job, Chapter 13 probably isn’t an option for you. CHAPTER 7 Chapter 7 bankruptcy wipes out unsecured debts such as credit cards and medical bills. In order to qualify for Chapter 7, you must first pass the means test. The
means test determines whether your income is low enough to qualify for Chapter 7. In Chapter 7 bankruptcy, you are required to give up any nonexempt property you own. In other words, you must give up any property not protected by state or federal law. In most states, you can exempt some equity in your home, car, clothing, furniture, and other household items. If you own any valuable nonexempt property, the bankruptcy trustee may take it and sell it in order to pay back money to your creditors. In most cases, creditors don’t receive much money because most people don’t have any nonexempt property to sell. In Chapter 7, you don’t have to propose a repayment plan or have a steady income in order to qualify, and being unemployed won’t hurt your case. If you’re unemployed and are considering filing for bankruptcy, meet with an experienced bankruptcy attorney who can advise you as to whether bankruptcy is the best option.
Avocado Mayonnaise
Employee Spotlight
Inspired by The Kitchn
This month we want to shake it up a bit. Instead of spotlighting just one employee, we want to spotlight ALL our employees! That’s right. In March, the coronavirus started a strange series of events for the entire United States and our new reality. At a time when it would have been easy to panic, our team stepped it up in a huge way. We’ve been planning to have the capability to be a virtual office for a year and a half, but the remaining 10% really showed their true colors. We couldn’t be more proud if we tried! They learned, implemented, troubleshooted, and even trained our clients on all new policies and procedures. A huge thank-you is definitely in order to our entire Dellutri Law Group family for the last couple of months.
Ingredients
• 2 ripe avocados • 1 tsp chipotle peppers in adobo sauce • 1 tsp Dijon mustard • 1 tsp lemon juice, freshly squeezed • 1/2 tsp salt • 1/4 cup olive oil
Directions
1. In a food processor, blend avocados, chipotle peppers in adobo sauce, Dijon mustard, lemon juice, and salt for 1 minute. 2. Scrape the mixture down the sides of the bowl. 3. Turn the processor on again and slowly pour in olive oil. 4. Blend for 1 minute or until smooth.
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