Bankruptcy

Call: 888-297-6203 #1 Myth: There is no longer bankruptcy relief available. Almost all of the bankruptcy relief that was available before the law changed in 2005 is still preserved in the current bankruptcy statute. It is a little more complicated and pricey than it was before the "reform," but it still functions. #2 Myth: If you are employed, you cannot declare bankruptcy. The new "means test" is intended to prevent some filers from filing under Chapter 13 if their income is higher than the median income for households of their size in their state of residence. You must [...]

Call: 888-297-6203 It only causes further confusion if one realizes that bankruptcy can discharge liens, taxes, and other debts. The laws governing taxes and bankruptcy are numerous and intricate, like other legal issues. What if the five-year Chapter 13 plan doesn't allow a person to pay off my non-dischargeable tax debt? The general rule is that the priority taxes owed as of the filing must be paid in full under a Chapter 13 plan. Sometimes, the sum is simply too high to be paid within the five-year window allowed under Chapter 13 bankruptcy. Think about making the IRS [...]

Call: 888-297-6203 Getting sued frequently causes panic followed by the feeling that you need to declare bankruptcy immediately. Does this imply that one must declare bankruptcy? There are no definitive answers to the topic since the legal theories behind litigation might differ greatly.  A complaint may be as straightforward as a collection action or as complicated as a corporate tort lawsuit. However, it's quite unlikely that one has to declare bankruptcy today, this week, or even this month. However, you could choose to respond to the lawsuit. Should One respond to the grievance? If we don't respond to the complaint, the [...]

Call: 888-297-6203 One of the most effective weapons in the bankruptcy toolbox for getting a real new start in bankruptcy is the debtor's ability to avoid certain liens on his assets. Liens generally move through bankruptcy undisturbed by the discharge, according to the usual norm. Only the debtor's personal obligation is discharged in bankruptcy. If the debtor owns any property, it continues to be subject to any liens that may still be in place against it. The creditor with the lien can still pursue the property after the bankruptcy, but they are unable to use the discharge to [...]

Call: 888-297-6203 Any debtor who files for bankruptcy must appear in person once, regardless of the chapter they choose. At the initial creditors' meeting, that appearance is made. Since the judge isn't there, it isn't truly "court"; rather, it is a conference with the trustee and any creditors who wish to attend. It's most likely not even in a courtroom, but rather in a meeting room. The majority of consumer lawsuits have no creditors at all. The initial creditors' meeting Each case's creditors' conference is scheduled by the court, typically 30 days following the filing. After the part [...]

Call: 888-297-6203 Every person who files for bankruptcy is allowed to maintain the minimal assets thought to be required for the debtor's post-bankruptcy “new start.” The debtor's "exempt property" is that item. The schedules submitted to start the case list the debtor's property as exempt. They become legally binding 30 days after the creditors' meeting if no challenges are made to those claims. The bankruptcy estate no longer owns the exempt property. For the following reasons, the majority of Chapter 7 cases are no-asset cases, meaning that the debtors do not transfer any assets to the trustee. First, [...]