Retirement Accounts and Bankruptcy

Retirement Accounts and Bankruptcy

Under the bankruptcy law, whether you use the state or federal exemptions, many types of tax-exempt retirement accounts are exempt in bankruptcy. IRA’s, profit sharing and money purchase plans are all exempt. Roth and traditional IRAs the exemption is limited to $1 million per person. This amount is adjusted every four years. Exempt What they mean by […]

Proof of Claims in Bankruptcy

Proof of Claims in Bankruptcy

A “proof of claim” is a form that your creditors must file to the court to ensure they get a portion of the payments from your bankruptcy estate. Proof of claims must be filed within 90 days after the meeting of the creditors (341 meeting). All unsecured creditors must file a proof of claim to get paid […]

Who to Pay in Chapter 13 Bankruptcy

Who to Pay in Chapter 13 Bankruptcy

If you are filing Chapter 13 bankruptcy, one of the requirements is to have sufficient income to make the payments per the conditions of the plan. You must have enough income to cover your living expenses and your priority payments like child support and alimony plus any secured debt like your home. Your unsecured, non-priority debt […]

Automatic Stay in Bankruptcy

Bankruptcy Attorney

When you file your bankruptcy paperwork with the courts, a process called the “Automatic Stay” goes into effect. It is called automatic because you don’t have to ask for this benefit. The purpose of the stay is to stop all creditor’s actions taken against you to collect on your debt. Actions that will stop include […]