bankruptcy blog

When you file Chapter 13 bankruptcy, you will develop a court-approved repayment plan to your creditors. To determine the amount paid every month and if it will last for three to five years depends on your income, assets, living expenses, family size, and the amount of debt that you have and are behind in. Problems  … Read more

In certain circumstances, you can keep your income tax return while you are in your Chapter 13 bankruptcy case. If you can prove that you need your tax return to make your plan payments while keeping up with your living expenses, you may be able to keep it. If you are expecting a large tax  … Read more

One of the requirements for a successful bankruptcy case is to attend the 341 meeting, also called the meeting of the creditors. Approximately 20 to 40 days after you submit your bankruptcy papers, you and your spouse, if filing jointly, will need to attend this meeting. Your attorney, trustee, and any creditors that have questions  … Read more

One of the main concerns is when people want to file bankruptcy, whether they will pass the “means test” to qualify for a Chapter 7 bankruptcy. All consumers filing for bankruptcy protection must be able to pass this requirement. Means Test The Chapter 7 means test qualification uses your average income from the last six  … Read more

Unfortunately, in our society, there are those that prey on vulnerable people. When you are overwhelmed in debt and looking for financial relief, you may come across such people looking to take advantage of you. Problems It is a common practice for scammers to use personal information from court bankruptcy filings to contact you regarding  … Read more

Consumer debt is on the rise as the credit card debt in the United States increases. Debt settlement agencies continue to grow as people search for financial relief. Many debt settlement agencies are legitimate and could help debtors pay off the debt at a possibly reduced rate. Other agencies may be less helpful, and you  … Read more

When you realize you will not be able to catch up on your debt and are looking for answers about your bankruptcy, you may consider saving the lawyer fees by representing yourself. You are legally allowed to handle your own bankruptcy case in court. You can also legally perform your own dentistry, the question is,  … Read more

The bankruptcy code has two chapters for personal bankruptcy, Chapter 7 “liquidation” and Chapter 13 “reorganization” bankruptcy. An experienced bankruptcy attorney can help you determine which type is best for your unique situation. Chapter 7 Chapter 7 is bankruptcy in its simplest form. Chapter 7 is also called regular, straight, or liquidation bankruptcy. You can  … Read more

If you are considering bankruptcy and you’re self-employed, you may have more paperwork involved than the average filer. Proof of income will be your biggest challenge to provide to the bankruptcy court. If your figures are inaccurate, the judge may believe you are attempting to defraud the bankruptcy system. The court will need accurate income  … Read more

Before you can file for bankruptcy, you must attend a credit counseling court by a bankruptcy court-approved provider. You can find these providers listed on the US bankruptcy court website. When you complete the course, you will receive a certificate for you to file with the bankruptcy court with your bankruptcy petition. Counseling Certificate The  … Read more