Bankruptcy almost always comes on the heels of mounting debt or financial crisis. That means there isn’t much money left to go toward court costs, attorney fees, and other expenses related to the bankruptcy process. In the face of monthly payme…
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Some people know that a Chapter 13 bankruptcy can save their most treasured assets. They may have heard that Chapter 13 can be “better” than Chapter 7. Depending on your circumstances, that could be true, or false. How can you tell if you…
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A Chapter 7 bankruptcy begins upon filing a bankruptcy petition. Once the petition is filed, the court will issue a case number and an automatic stay is invoked. The automatic stay prohibits creditors from collection activity. This affords the Debtor…
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The confirmation hearing is a date set by the court to approve the plan. When filing Chapter 13 bankruptcy two dates are set for hearing. The first is the 341 hearing also known as the First Meeting of Creditors. The purpose of the first meeting is t…
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An issue that frequently confuses clients is what debts are actually discharged in bankruptcy. This issue arises because all debts or liabilities a client has must be schedules on the Debtors’ petition. Approximately 3 months after filing bankruptc…
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In order to prepare a petition under Chapter 13 or Chapter 7 bankruptcy, the client will need to provide certain documents. Although each case is different some of the typical documents needed are as follows: Required Documents for Chapter 13 or Chap…
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If you owe the government money (social security overpayment, student loans, etc. . . ) and they owe you a tax refund, the government can keep your tax refund to satisfy part of the debt you owe. This is called a set-off. A valid set-off is not subje…
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Whether you can keep your tax refund in Chapter 13 bankruptcy depends on several factors. As a general rule you must turn over your federal tax refunds to your chapter 13 bankruptcy plan every year you are in the bankruptcy. You may always keep your…
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In deciding between Chapter 7 or 13 bankruptcy one needs to consider several factors. Eligibility to file Chapter 7 or 13 is the main consideration. For example if your income is above the median income you may not pass the means test. The means test…
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Creditors can object to a bankruptcy although as a practical matter most creditors do not object. A creditor must have a valid reason under the code to file an objection. In order to object to its debt being discharge. In order to object to its debt…
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