You’ve filed bankruptcy. Your creditors are stayed. A bankruptcy discharge is ahead. You’re out from under unrelenting pressure to pay creditors. But don’t let your sense of relief keep you from planning: who should you pay after your case is filed? Paying creditors after filing bankruptcy Two legal realities drive who needs to be paid […]
Search Results for: do you need to file bankruptcy
Did You Tell The Whole Truth In Your Bankruptcy Papers?
You must “tell the truth” on your bankruptcy paperwork, bankruptcy advice sites intone. Most of us shrug that off: we can’t imagine deliberately lying to a court. But carelessness about bankruptcy schedules abounds. If you give the bankruptcy paperwork just a lick and a promise, the resulting schedules aren’t truthful, not because of lies, but […]
4 Compelling Reasons To File The Tax Return Even If You Can’t Pay
Should you file the tax return if you can’t pay the tax? You got to the bottom of your tax return and the amount you owe is bigger than your checkbook balance. Nope. It doesn’t work that way. The IRS does not start harassing nonpayers for money immediately after a return is filed. Or even […]
7 Keys To Keeping Your House: Chapter 13 After You File
You filed filed Chapter 13 bankruptcy to keep your house and stop the foreclosure. You’ve protected your home, for the moment. Bankruptcy gets you a sheltered legal environment to address the problems with your mortgage. You heave a sigh of relief. But the fight to keep your house isn’t over, just because there’s a stay. […]
How The Bankruptcy Liquidation Tests Really Work
Is the Chapter 7 trustee going to sell your house when there’s $5000 in non exempt equity? Do you have to pay the total of the equity in your assets to creditors in Chapter 13 under the liquidation test? Far from it. Just because you have equity on paper does not mean a bankruptcy trustee […]
What’s The Income Limit for Filing Bankruptcy
Actually, there’s no income limit for filing bankruptcy. None, nada, no way. Instead, there’s the infamous means test, an awkward and complex formula, written by Congress, to identify individuals who are entitled to file Chapter 7. Not everyone has to take the means test. The means test doesn’s apply to individuals whose debt is primarily […]
Will recent credit card use sink my bankruptcy
If I’ve used credit cards before filing bankruptcy, do I have to wait? Too many people considering filing think there is some sort of waiting period between financial activity and filing bankruptcy. So, let’s look at the issues in play surrounding recent credit card charges and seeking bankruptcy relief. There’s no 90 day rule Everyone […]
What looks bad to the trustee in prebankruptcy conduct
Wondering what bankrutpcy trustees look for when they ask for bank statements and question you at the 341 meeting? Worried that a bankruptcy trustee will examine your situation and somehow disqualify you from bankruptcy because of something you did (or didn’t do) right before you filed? Not to worry. Your bankruptcy discharge does not depend […]
California drivers score huge bankruptcy win
California law, effective January 1, 2023, will assure those who file bankruptcy that they can keep their car as long as they stay current on payments. No longer does a debtor have to give up their discharge as to the car lender to be sure of keeping the car. The same bill, SB 1099, increases […]
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