The letter K is for the stuff you keep through bankruptcy. The cartoon image of someone going through bankruptcy has them wearing a barrel instead of clothes. It’s a funny image but it’s not real. Most debtors keep far more of their assets than you’d image. Here’s why. Exemption law protects assets The Bankruptcy Code […]
Chapter 13 Keeps You In Control
You can’t decide between bankruptcy chapters until you really understand how Chapter 13 works to keep you in control. Control of your assets, control of your payment plan, control of who gets paid. You want to be at the helm of your case. Chapter 13 can do that. Chapter 13 protects more than assets Chapter […]
The Real Rules To Sell Stuff Before Bankruptcy
Thinking about filing bankruptcy? Need cash? Folk wisdom supplies many “rules” about the period leading up to actually filing bankruptcy: Don’t sell anything Don’t pay anyone Don’t make any money This kind of thinking will have you frozen in time and space like this insect in amber. Only, this folk “wisdom” is all wrong. Here’s […]
When Can I File Bankruptcy Again
You can file bankruptcy tomorrow, so long as you don’t currently have a bankruptcy case pending. When you can get a discharge in that case is a different story. The Bankruptcy Code limits the frequency of getting a discharge, not the filing and completion of the bankruptcy case. My friend Gene Melchionne wrote a marvelous […]
Bankruptcy Alphabet: R is for Retirement
In my bankruptcy alphabet, R stands for Retirement. Retirement plans and IRA’s are safe in whatever chapter of bankruptcy you file. Your rights in an employer’s pension plan or a union pension plan are not even part of the property of your bankruptcy estate. The Supreme Court held almost 20 years ago that ERISA qualified […]
Bankruptcy Alphabet: O Is For Omitted
O stands for Omitted in my Bankruptcy Alphabet. Whether it’s creditors or assets that are left out, omissions can create trouble in a bankruptcy filing. So, O could also stand for Oops. When creditors are left out Omitted creditors usually create problems only for the person filing the bankruptcy. Bankruptcy works on notice, and, at […]
What Debts Were Discharged In My Bankruptcy?
After your bankruptcy, one of the hardest questions is figuring out just which debts were discharged. Eliminating debts was the whole point of filing bankruptcy. You’ve got a court order, but no list. You and your creditors understandably expect to find a single document telling them what debts are no longer enforceable and which survive the bankruptcy. No such […]
Get A Bankruptcy Discharge Even Without Making All Your Payments
You can get a Chapter 13 discharge even without making all the plan payments you promised. There are hoops to jump through and facts to marshal to get that discharge, but it’s possible. The Bankruptcy Code provides for a hardship discharge in Chapter 13 to those whose failure to complete their plan is due to circumstances […]
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 […]
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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