Read anything about Chapter 7 and you get, “Your possessions are sold in Chapter 7 bankruptcy.“ That is, flat out, the biggest lie about bankruptcy. It’s a liquidation proceeding and your stuff will be sold to pay creditors, the lie goes on. No wonder people are scared off from getting relief from debts they can’t […]
Bankruptcy Schedules Are More Than Just Paperwork
Bankruptcy paperwork can make you feel like you are drowning in paper. There’s your paper; there’s the paper your lawyer needs. And there’s the paper the court insists on. Why bankruptcy schedules worth the work It’s easy to try to skate. To cut corners. To shut down. But that paper is critical. Nearly every question, […]
What Happens To Your Bank Account in Chapter 13
Those considering filing a Chapter 13 bankruptcy worry about “what happens to my bank account?” Will the trustee take all the money? How do I pay my living expenses after I file? The short answer is: nothing changes. The account remains yours and available for all the expenses of day to day living. Because, in […]
Going To Court In Your Bankruptcy Case
Every bankruptcy debtor must go to court in their bankruptcy case. It’s usually the first and only time that your personal appearance is required. What’s the point of going to court The first meeting of creditors has two basic purposes: to have the debtor validate the information in the bankruptcy papers under oath, and to […]
When Your Bankruptcy Discharge Doesn’t End Your Case
Isn’t my case over? I got my discharge. Why’s the bankruptcy trustee still hounding me?, my client asks. People who’ve filed bankruptcy are focused on the discharge as their goal. With their discharge in hand, they think it’s all over. They lose sight of the fact that the administration of a bankruptcy estate by the trustee runs on a parallel track to […]
When Can I File Bankruptcy Again
Remember the old high school cheer: two, four, six, eight, who do we appreciate? Turns out, that’s not just a cheer, it’s shorthand for the rule on when you can file bankruptcy again. And it points out that when you can file again depends on what kind of bankruptcy you filed last time. Here’s how […]
Getting Excused From Bankruptcy’s Means Test
You can get a pass on the means test without claiming your dog ate your homework. If your debt is not “primarily consumer debt”, you don’t have to pass the means test to file bankruptcy. So, you need to total up the consumer debt you have and compare it to the rest of your debts. […]
How To Pay For Bankruptcy When You’re Flat Broke
One of the cosmic ironies of our legal system is that it costs money to file bankruptcy. Bankruptcy gets you out of debt only if you have the money to file. The costs of bankruptcy include the filing fee collected by the court; the required credit counseling; and, if you’re smart, an experienced lawyer to […]
Out of Luck If You Skip A Creditor?
So, you slipped up and left a creditor out of your bankruptcy schedules. Can you add an omitted creditor after the fact? In the fateful words of a careful lawyer, it depends. Depends on when the amendment is made and what chapter you’ve filed. And the effect of adding a creditor varies. Let’s walk through […]
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