Your bankruptcy case will make much more sense if you know the roles of the people involved, starting with debtor, creditors, and clerk. The Debtor This is the “person” filing the bankruptcy case. An individual can file a case, as can a married couple. The ... Read More »
When File a “Chapter 20”?
If you need more help on payment terms with debts that can’t be discharged, filing Chapter 13 right after Chapter 7 may be your best option. Last week we introduced the so-called “Chapter 20”—filing a Chapter 13 case right after completing a Chapter 7 one. The focus ... 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 »
Be Careful About a Recently Dismissed Bankruptcy Case
Don’t get tripped up in a rule designed to prevent bankruptcy abuse. Don’t Lose the Precious “Automatic Stay” One of the most important benefits you get from filing bankruptcy is protection from your creditors. That legal protection is called the “automatic ... Read More »
When It Makes Sense to File Bankruptcy Too Soon to Discharge Debts
You can file a new bankruptcy very soon after a prior one, without getting a discharge of your debts. So how could that be worth doing? The last blog post was about how long you must wait after a prior bankruptcy to file a new one. The timing rules refer to getting a discharge of your debts ... Read More »
If You Filed Bankruptcy Before, When Exactly Can You File Again?
To file a bankruptcy case after filing one earlier, sometimes you must wait 8 years but it may be only 6 or 4 or 2 years, or even 0 years. To Get a Discharge—a Legal Write-off—of Debts There are various rules about qualifying to file bankruptcy. Some of those rules involve ... Read More »
Your Simple Debts, Your Complicated Debts
Chapter 7 gives you a fresh financial start by legally erasing most of your debts. That’s great if your debts are simple ones. Simple Debts and Complicated Ones You have debts that are overwhelming you. If you go through a procedure called Chapter 7 “straight bankruptcy,” in ... Read More »
Debts Not Listed in Your Bankruptcy Documents
If one of your creditors is not included in your "schedules" you risk continuing to owe that debt after your bankruptcy is finished. Legal Obligation to List All Creditors Overall you are required by law to list all your debts and their creditors on your bankruptcy schedules. You can’t ... 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 »
What’s the Size of Your Family for the “Means Test”?
Use the right “number of people in your household” to qualify for Chapter 7. Sometimes obvious, but not always. Our last blog post last week was about which state to use for the “means test” when you have connections to more than one state. The way you answer that question can be crucial ... Read More »
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