Lesson: Chapter 7 Bankruptcy

In this lesson, delve into the intricate details of Chapter 7 bankruptcy with Nick Palazzolo, CPA, as he breaks down the subject with ease and clarity. Understand eligibility tests through engaging examples that bring concepts to life, from monthly income comparison to the means test, and grasp the difference between dischargeable and non-dischargeable debts. Nick's walkthrough includes a practical exploration of cases not eligible for Chapter 7, the mandatory credit counseling and financial management courses for individuals, and the implications for both voluntary and involuntary filings. The lesson also sheds light on special exceptions, like student loans and intentional torts, and wraps up with a deep dive into the reaffirmation of discharged debts, a complex decision that requires thoughtful consideration. Whether you're curious about the specifics of liquidating non-exempt assets or the nuances of different types of debts, this lesson provides a comprehensive overview that’s both informative and accessible.