September 2016 Archives

Keeping Home in Chapter 7 Bankruptcy

Whether you can keep your home depends on various factors including the amount of equity in the property. The amount of equity you can protect in your residence depends on the exemptions available. If you live in, for example,  Pennsauken New Jersey, you can protect approximately $24,000 each in your home. If you live in Philadelphia Pennsyvania you have the same Federal exemption of about $24,000. In Pennsylvania in the situation where property is owned by a husband and wife and there are no joint debts and only one spouse files the equity can be protected. Some states provide significantly more protection. Most times when a chapter 7 is filed the debtors can keep their home as long as they are able to make their mortgage payments

Kuzina by Sophia Restaurant (located on Rt 70 in Cherry Hill) Files for Bankruptcy

"We're sorry to be out of the business, but in a way we're still in the business," said Khoury, who said the catering firm, Cooking With Sofia, will serve individual customers and also hold dining events for the public. "We want to thank everyone for being our customers all those years." Kuzina by Sofia (located on Route 70 in Cherry Hill) sought Chapter 11 bankruptcy protection in February to restructure its finances, however a trustee moved on July 28 to convert the case to Chapter 7, allowing the firm's liquidation.

Can an Item Be Added to a Bankruptcy That Has Been Discharged?

As discussed in http://info.legalzoom.com/can-item-added-bankruptcy-discharged-27099.html , Debt incurred after a bankruptcy petition is discharged cannot subsequently be added to the bankruptcy.  In no-asset bankruptcies, debts not included in a petition, but incurred prior to discharge are discharged.  In bankruptcies where assets were liquidated, a debtor must either re-open a bankruptcy to include a missing creditor or be responsible for the debt in full.  An attorney can assist in reopening a case and  filing an amendment with the court and a filing fee will need to be paid.  If a creditor is not included in a Chapter 13 bankruptcy, the debt is not discharged and must be paid in full.

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