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 […]
Six Tips For A Worry-Free Bankruptcy
Your bankruptcy case is filed. But what happens after filing bankruptcy ? After you’ve assembled all the paper, after you’ve answered endless lawyer questions, and after you’ve filed all the bankruptcy schedules in your case with the court. what do you need to do now? Actually, relatively little happens after you’ve filed your bankruptcy. The […]
Debts You Can’t Wipe Out In Bankruptcy
Three kinds of debt survive bankruptcy discharge, because they are unlike the other sixteen non dischargeable debts. Those three exceptions to discharge look, not at the kind of debt such as taxes, or support or student loans. Rather the exceptions look at how the debt arose. These exceptions prevent bad actors from escaping the consequences in bankruptcy. […]
The Strange Rules When A Creditor Is Left Off Bankruptcy Schedules
What happens if you miss putting a creditor on your bankruptcy schedules? In the bustle of preparing to file bankruptcy, a slip up is not uncommon. Notice is one of the fundamental rules of bankruptcy. Everyone to be affected by a bankruptcy case gets notice. That notice provides the creditor with an opportunity to participate […]
$7000 Off The Price Of The Car In Chapter 13
How would you like to reduce your car payment, by lots? In a recent case, Chapter 13 allowed my client to save $7000 off the loan balance based on an examination of the car finance contract. You couldn’t see the issue from the monthly statement. When I got the finance agreement itself, I found the […]
Bankruptcy Alphabet: E is for Exemptions
E stands for exemptions in my Bankruptcy Alphabet. Exemptions describe the possessions you get to keep when you file bankruptcy. E could also stand for Exception, since exemptions are the only place in bankruptcy law where the law is explicitly different from state to state. Exemptions vary The Bankruptcy Code gave the states the right […]
High Income Earners Pass Bankruptcy’s Means Test
ALERT: Being above the median income on the means test is not an automatic bar to filing bankruptcy I’m so used to railing against deliberate campaigns of misinformation about bankruptcy that I forget that there’s a lot of innocent ignorance out there. Start with “qualifying” for bankruptcy. A very earnest and ethical financial counselor was […]
Chapter 13: Know Who Gets Paid First Under Your Plan
Who gets paid in Chapter 13, and in what order, makes a huge different when charting your course. Sometimes, we must realize that reality exists outside of television shows. And when real-world reality hits some debtors, it’s a trainwreck. It comes up for me when Chapter 13 clients and I sit down to write the […]
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 […]
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