Is discharge of the debts possible if a person dies or becomes disabled...
Fairly often people ask what would happen if they file a bankruptcy case and die or become disabled during the case. They wonder if their debts can still be discharged. The answer is yes, although...
View ArticleWhat is “notice only” in bankruptcy schedules?
In your bankruptcy petition, you would describe all of your actual or potential debts, but you don’t have necessarily need to have a specific dollar amount for each creditor or creditor’s agent. You...
View ArticleDo you have to be in default on your loans to file bankruptcy?
No. However, be sure that you don’t favor some creditors over the others before the bankruptcy case is filed – for example, don’t send a huge payment to credit card A while credit card B gets a minimum...
View ArticleHow much do you pay back in Chapter 13?
In any Chapter 13 case, monthly payments are sent to a bankruptcy trustee over a period of three to five years. Some creditors usually get repaid fully, for example, IRS and your car lender if you are...
View ArticleIf you are in a Chapter 13 bankruptcy, can you include taxes in the payment...
Yes. You can repay unsecured income taxes at 0% interest through the Chapter 13 plan and avoid interest and penalties. Secured taxes (tax liens) can be repaid at low interest. Some of the old personal...
View ArticleIf you file bankruptcy, do you have to file with your spouse?
If you are married, you don’t have to file together with your wife or husband. You can file separate cases, or you may resolve your debts through the bankruptcy case while your spouse tries another...
View ArticleIf you have unfiled taxes for prior years, will these tax liabilities go away...
No. Prior to the changes in bankruptcy laws in 2005, the scope of the discharge of taxes was considerably broader. Discharge of debts in a Chapter 13 case was aptly called a “super” discharge. While...
View ArticleFree information for the public from the federal government (about credit...
Did you know that federal government issues a lot of user-friendly articles and handbooks for the public? These are mostly free, and available via publications.usa.gov Articles and handbooks are...
View ArticleCan you file your bankruptcy case in any court of your choice?
No. It is true that bankruptcy law is a federal law, and is applicable everywhere throughout the country. Bankruptcy petitions are filed in federal courts. However, even a federal court has to have...
View ArticleCan the court deny your bankruptcy petition?
The short answer is “yes.” Many bankruptcy cases are closed without discharge. Here are the common reasons: – not all of required paperwork was submitted to the court or the trustee – paperwork was...
View ArticleDo you have to go to court and see the judge if you file bankruptcy?
Usually, no. In most cases, the only court meeting you have to attend is the Meeting of Creditors, which is conducted by the bankruptcy trustee. The judge is not present, and the meeting is normally...
View ArticleCan we live without credit cards?
Yes. Really, we can. This is a question prospective clients often ask in one form or another. After all, if you file a bankruptcy petition, your credit cards would usually be cancelled by the banks,...
View ArticleWill the bankruptcy trustee watch your YouTube videos and check out your...
Maybe. The bankruptcy trustee‘s job is to make sure that he examines your financial situation carefully to see if your creditors should be paid – and if yes, how much. The trustee will prepare a report...
View ArticleHow long will bankruptcy stay on your credit report?
According to a report by Fair Issaac, a company that issues FICO credit scores, Chapter 7 bankruptcy remains on a person’s credit report for up to 10 years from the date the case was filed. In...
View ArticleWhat happens to joint or co-signed loans or leases when you file bankruptcy?
If you have any any joint or co-signed loans or leases, typically your liability for them will be cleared when you file bankruptcy, if the debt is of type that can be discharged. For example, if you...
View ArticleCan you file bankruptcy if you filed before?
Yes, as long as the previous case has been closed. However, you many not have the full benefits of bankruptcy protection and bankruptcy discharge, depending on how long ago you filed previously, how...
View ArticleWith the holidays approaching, let’s say “No” to consumerism and giving gifts...
We have been conditioned by stores and banks that we “have” to purchase gifts, and expensive gifts at that, for friends and relatives for every possible occasion: Christmas, New Year, birthdays,...
View ArticleAre your retirement funds in danger if you file bankruptcy?
Generally, no. Most retirement accounts are not considered to be part of the bankruptcy estate, and are out of the creditors’ reach. This includes traditional 401(ks), IRAs, government retirement...
View ArticleCan bankruptcy void and remove judgments?
In many cases, yes. A bankruptcy judge can issue a specific order voiding a lien or other outcome of the judgment. Even without such specific order, if the debt that resulted in the judgment is...
View ArticleBankruptcy Success Story: David and Maria
David* and Maria*, a couple in San Jose, California found out first hand just what a powerful and positive solution filing bankruptcy can be. David and Maria have been married for over 20 years and...
View ArticleDo rising real estate values matter if you are thinking about filing bankruptcy?
Not that long ago, the values of many homes here in California Bay Area have dropped dramatically and the real estate bubble has burst. Or has it? The real estate market has been bouncing back in many...
View ArticleAre your Social Security benefits protected or endangered by filing bankruptcy?
The answer is: “Usually, neither.” In most cases, there is no effect on Social Security benefits and once in a while bankruptcy actually helps to protect the benefits that are due to you. As a...
View ArticleThe worst types of debt: payday loans, co-signed loans, student loans
Most people have had debt of some kind during their lives. While in the perfect world it may be great to be debt-free, for most of us some debt may be very hard or impossible to do without (for...
View ArticleYou versus the Joneses: does other families’ income matter if you are filing...
This may come as a surprise, but other families’ income does make a difference in your bankruptcy case. Here is why: in the Means Test in your bankruptcy filing, the court compares current median...
View ArticleDo you have old debts? Then you may be affected by new law
The post Do you have old debts? Then you may be affected by new law appeared first on About bankruptcy.
View Article21 things NOT to do at the 341 Meeting of Creditors
If you file a bankruptcy petition, you will normally be required to attend one court meeting, called 341 Meeting of Creditors. This meeting is a very important step to getting your debts discharged....
View ArticleWhat can you do about wage garnishment?
With a judgment in hand, a creditor can garnish the person’s wages. Typically, a creditor can take 25% of net earnings from each pay check until the entire debt – plus collection fees – is paid off....
View ArticleCourt’s filing fees for bankruptcy cases due to increase on June 1st, 2014
The judiciary periodically adjusts court fees for filing new bankruptcy cases. As operational costs increase and courts’ budget becomes tighter, it’s no wonder that the adjustments have been increases...
View ArticleDoes the court monitor or dictate your expenses in bankruptcy?
People often wonder if the bankruptcy court will tell them how to spend money, or prohibit or limit any expenses. The short answer is, no. It is true that the bankruptcy court looks into whether the...
View ArticleBankruptcy horror stories (Part 1): Bankruptcy can be a disaster if…
The post Bankruptcy horror stories (Part 1): Bankruptcy can be a disaster if… appeared first on About bankruptcy.
View ArticleBankruptcy horror stories (Part 2): Bankruptcy can be a disaster if…
The post Bankruptcy horror stories (Part 2): Bankruptcy can be a disaster if… appeared first on About bankruptcy.
View ArticleHow to improve credit after bankruptcy
The post How to improve credit after bankruptcy appeared first on About bankruptcy.
View ArticleDo you have to explain to the court your reasons for filing bankruptcy?
The post Do you have to explain to the court your reasons for filing bankruptcy? appeared first on About bankruptcy.
View ArticleDisabled clients in bankruptcy
The post Disabled clients in bankruptcy appeared first on About bankruptcy.
View ArticleScam artists are targeting people who have trouble paying their bills
The post Scam artists are targeting people who have trouble paying their bills appeared first on About bankruptcy.
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