People often ask about "lookback" periods in bankruptcy. What are they? While the word lookback is not mentioned anywhere in the Bankruptcy Code, Bankruptcy has several different lookback periods which people often refer to regarding a case. I will discuss them below. The Six (6) Month Bankruptcy Lookback The 6-month lookback refers to calculation of budget eligibility for people filing bankruptcy that have "primarily consumer debts".   Consumer debts are those used primarily for household/personal things.  For example, credit cards used [...]

A big concern people rightfully have when filing a bankruptcy case is whether they can keep their house, cars, savings, and other assets. In a Chapter 7 case, a Trustee is appointed to sell or liquidate any assets which are not exempt under applicable laws. In most Chapter 7 cases, all the assets are exempt and the Trustee won't sell anything. But sometimes you may have too much equity in your house or excess value in other assets which cannot [...]

Most Debts Are Discharged In Bankruptcy The principal reason for filing bankruptcy is to obtain a discharge of the obligation to pay on your debts. Most debts can be discharged in bankruptcy, but not all of them. Some are automatically not discharged, while others require action by the creditor in order to make them not dischargeable. Some debts which can be discharged in a Chapter 13 case, cannot be discharged in Chapter 7  or  Chapter 11. Debts Not Discharged In [...]