Going to court for your first meeting of creditors? What are they going to ask me?, you wonder. My bankruptcy clients imagine a quiz on the contents of their bankruptcy papers. Or worse, an inquisition on why they needed to file bankruptcy. That’s not likely. The first meeting of creditors is much more likely to […]
4 Easy Tips To Prepare For Bankruptcy
Ready for life after bankruptcy? Even before your case is filed, you can start preparing for your life after bankruptcy. These four steps will probably make the bankruptcy case be smoother, too. Change banks Your money on deposit in “your” bank may not be solely yours. If you have a loan or other debt to your […]
What You Left Out Of Your Bankruptcy Schedules
One of the first questions a bankruptcy trustee will ask you at the hearing in your bankruptcy case is: did you read the schedules before you signed them? The obvious, and expected, answer is YES. And if your answer is “yes”, then the trustee can conclude that you stand behind the information that the schedules […]
List It Or Lose It: Why It’s Critical To Tell All
Transparency is the essential ingredient in bankruptcy. The name of the game is disclosure. In exchange for full disclosure in your bankruptcy papers of assets , debts, and financial history, you get a discharge. Do it right, everyone with notice of your case is bound by the discharge. Disclosure costs you nothing and it insulates you from […]
$7000 Off The Price Of The Car In Chapter 13
When the client finally got me a copy of the car finance contract, it saved them $7000 on the price of the car. They’d tried just giving me the monthly statement. But that statement on the car loan didn’t show the bombshell that I found when I finally examined the contract: Included in the […]
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 […]
What To Disclose In Bankruptcy Papers
If the headline drew you in, like the Geico gecko, you can complain you’ve been duped. There’s no decision involved: in bankruptcy papers, you disclose everything. Period. Disclosure is the price of the bankruptcy discharge. Shortchange the system by leaving out inconvenient facts and you risk both the omitted asset and the discharge. Understand the […]
Debt Limits Increase For Chapter 13 Bankruptcy
New debt limits for Chapter 13 become effective on April Fool’s Day, 2019. The new numbers are effective for cases filed April 1, 2019 and will control for the next 3 years. And those limits are: Unsecured debt = $ 419,175 Secured debt = $$1,257,850 The current limits effective through March 31, 2019 are unsecured debt […]
Cut Tax Penalties In Bankruptcy
Get in tax trouble and the penalties often grow huge. What starts as a manageable problem can soon tower over you. Breathe deep; there is a solution. Chapter 13 bankruptcy can cut tax penalties down to size. All tax penalties discharged in 13 Old or new, large or small, Chapter 13 discharges all unsecured tax […]
Can I Sell Stuff Before I File 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 […]
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