When you file a bankruptcy case, what exactly allows you to legally stop paying creditors? What do they get in return? Bankruptcy Is Simply a Legal Option Filing bankruptcy is one legal option to consider if you are having serious financial problems. It may or may not solve your financial ... Read More »
What’s “Chapter 20”?
If you owe too much debt but still need Chapter 13, “Chapter 20” may be your best solution. How Much Is Too Much Debt? Chapter 13 “adjustment of debts” has debt limits. A person or couple can’t be in a Chapter 13 case with more than $394,725 in total unsecured ... Read More »
Independence from Debt
This 4th of July make your move towards financial freedom. Get informed. You’ll feel tons better once you know your options. Is This Your Life Today? If you’re reading this most likely you’ve got some rather serious financial problems. Most likely your debts are ... Read More »
Three Types of Debts
Your debts can be “secured,” “priority” or “general unsecured.” How they're treated in bankruptcy depends on which type they are. The purpose of bankruptcy is to deal with your debts. You want to know: Will you still owe anything to anybody after filing bankruptcy? What happens to debts you ... Read More »
The U.S. Constitution and Code on Bankruptcy
Bankruptcy is federal law, based on the U.S. Constitution and found in the Bankruptcy Code at Title 11 of the U.S. Code. If you’re considering bankruptcy and are trying to read up on it, this may help make sense of it. The U.S. Constitution The Constitution gave Congress the power “to ... Read More »
Bankruptcy As a Good Moral Choice
How do you decide when it's morally appropriate to break your promises to pay your debts? We Humans Are Moral Creatures Your decision about whether to file bankruptcy could sensibly be just a weighing of its economic costs and benefits. But there’s more to life than dollars and cents. Whether in ... Read More »
Bankruptcy Simplified
Bankruptcy gives you two main options--Chapter 7 and 13--and then options within those, for taking charge of your financial life. What is Bankruptcy? Bankruptcy is a legal option for dealing with your debts. It enables you to face your financial life in an honest and realistic way. It ... Read More »
The New Median Income Amounts for the Chapter 7 “Means Test”
Besides the many 3-year cost of living increases happening on April 1, 2016, new median income amounts also start applying on the same day. Last week we finished a series of about a dozen blog posts related to an every-3-year cost of living adjustment of many of the dollar amounts that are ... Read More »
A Chapter 13 Debt Limit Increase
As of April 1, 2016 you can have a little more debt and still qualify for a Chapter 13 "adjustment of debts." Why Debt Limits in Chapter 13? You can have an unlimited amount of debt when you file a Chapter 7 “straight bankruptcy.” However, there are debt limits when filing a ... Read More »
A Chapter 7 “Means Test” Calculation Adjustment
As of April 1, 2016 you can have a little more "disposable income" and still pass the "means test" to qualify for Chapter 7 bankruptcy. Means Test The “means test” determines whether you have enough income after your expenses (that is, enough “disposable income”) to ... Read More »
