When you are considering filing bankruptcy, you might be curious about what laws will pertain to your case. When you start your legal research, you can go as simple or as deep as you would like. You can find bankruptcy laws in many publications. Areas of a search may include: Federal rules about the bankruptcy procedure […]
26
Sep
Sep
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 […]
24
Sep
Sep
You have the right to convert your bankruptcy case from a Chapter 13 to a Chapter 7 unless you have received a Chapter 7 discharge within the last eight years. You can file a motion with the bankruptcy court to have it changed. A creditor or trustee can also file a motion to have your case converted. […]
30
Aug
Aug
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 […]
26
Aug
Aug
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 […]
13
Aug
Aug
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 […]
09
Aug
Aug
When you file Chapter 13 bankruptcy, you keep all of your possessions and make court-approved payment plans to catch up on your debt. If during the payment plan you pay off all of your secured debt, then there will be nothing to discharge. If your plan allows for less than the full payments of your […]
06
Aug
Aug
If you have gotten behind in your debt and worry you might lose your home or vehicle, Chapter 13 bankruptcy may be a good option for you. In Chapter 13, you get to keep all of your property and catch up on your debt. You will have to pay your debt over a court-approved plan […]
02
Aug
Aug
We get behind in our debt in a number of ways. Job loss, divorce, or illness are the three main reasons. Also, it could just have been mismanagement of your money or an unexpected large expense that puts you behind and struggle to catch up. Overwhelming Debt If you are having trouble making your minimum […]
26
Jul
Jul
When you buy a vehicle on credit, that vehicle will almost always be collateral for the loan. If you get behind in your payments, the lender has the legal right to repossess your car. The loss of your vehicle will make it difficult to go to work or to look for a job. Causing even […]