The bankruptcy trustee’s question to the debtor was jarring: “why didn’t your spouse file bankruptcy with you?” For starters, it was the only “why” question in an entire calendar of debtor hearings. Every other question began, “what”, or “do you have”, questions about assets and financial history. This question asked for the motivation of another […]
Search Results for: do you need to file bankruptcy
How Much Should You Pay To Get Out Of Debt?
Shop for a bankruptcy lawyer, and you’ll end up wondering what bankruptcy should cost. When you’re flat broke and under pressure, cheaper sure looks better. If a lawyer will do your Chapter 7 for $600, what’s the point of paying $1000? Or even $2000? Like answers to many legal questions, it depends. Bankruptcy relief depends on […]
Bankruptcy Filing Requires More Than Honesty
The discharge of debts you can’t pay is the goal of a bankruptcy filing. That discharge wipes out debts, making them forever unenforceable. Yet, it isn’t a slam-dunk that your bankruptcy case ends in discharge. The Bankruptcy Code lists 12 situations in which a debtor doesn’t get a discharge. Which is why my colleague Jay […]
Make Sure Your Mortgage Is Current At Bankruptcy’s End
What do you really owe on your home mortgage when you get to the end of your Chapter 13 case? For years, homeowners couldn’t tell where they were or how to get answers. But with the recent changes to bankruptcy rules, you don’t have to wonder where you stand with your mortgage lender. Starting December […]
Find The Hidden Mortgage Interest Tax Deduction In Bankruptcy
Is your Chapter 13 plan paying back mortgage payments that were delinquent when you filed bankruptcy? If so, a mortgage interest tax deduction lurks, unclaimed, in the trustee’s records. Track down that tax deduction, add it to your tax return, and you reduce your federal income tax burden. But it’s difficult because, for reasons I […]
The Difference Between Good Bankruptcy Lawyer and Great Bankruptcy Lawyer
Finding the right bankruptcy lawyer may be the difference between a successful bankruptcy and a nightmare. Choosing a lawyer you can talk to is critical because the basic bankruptcy bargain is full disclosure in exchange for discharge of debts. You’ll be disclosing lots of information normally held confidential. But there’s more. It’s not just a […]
Pay Off Credit Cards Without Interest: Bankruptcy For The Solvent
Once again, Chapter 13 rescued a client. He’ll get out of debt and pay off credit cards with no interest going forward. So many people tell me they could pay off the credit card balance if it wasn’t for the high interest. This client owned a home, had a job, and was solvent on paper, but […]
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. And these days, your “personal appearance” is by Zoom. What’s the point of going to court The first meeting of creditors has two basic purposes: to have the debtor validate the […]
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 skip the bankruptcy 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. Don’t miss […]
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