Certain debts cannot be discharged (where you are no longer liable) in bankruptcy. These include certain liens, tax claims, government fines and penalties, punitive damages and debts involving fraud, spousal and child support, and most student loans.
What happens if my income is higher than the median state income? Am I limited to a Chapter 13 reorganization filing? Not necessarily, according to bankruptcy experts. There is an additional complicated analysis, called the “means test,” that makes it possible for some high-income filers to still qualify for a Chapter 7 filing. A bankruptcy attorney can help with this extremely complicated process.
Most states have statutes commonly called homestead laws that help home owners protect their homes. While the specifics vary, in general, these laws prevent creditors from forcing you to sell your home to cover outstanding debt or repay loans.
We understand that filing for bankruptcy isn’t a decision people come to lightly. If you aren’t sure whether filing is right for you, let’s discuss how the different types of bankruptcy could work for you.
Depending on the type of bankruptcy you file, you may end up in court before the trustee or a judge. A bankruptcy lawyer can help you through court proceedings and stand by your side at all times.
Bankruptcy should be a last option for most people, but it is a salvation for many with no other alternatives. A bankruptcy discharge can remain on your credit report for as long as 10 years.
Did you know that bankruptcy can eliminate most of your debts? This is known as a discharge of debts, and removes any legal obligation you have to pay the debts. The best way to get a discharge of debts is to have a bankruptcy attorney take care of the process for you.
Bankruptcy law can be complicated and it’s rife with unusual terms. For example, a 341 Meeting refers to the process of allowing creditors to question the debtor under oath if section 341 of the Bankruptcy Code is deemed applicable.
If your spouse or partner is considering bankruptcy, you might want to consult a bankruptcy attorney as well. Why? If they follow through, their action may affect future joint financial decisions and investments, such as purchasing a home or car.
One of the requirements when filing for bankruptcy is credit counseling with a government-approved counseling agency. You can do this any time up to six months prior to filing, so consider getting your counseling sooner rather than later.
Did you know that bankruptcy cases in the U.S. are monitored by federal law and heard in the federal district court? However, any exemptions that are allowed to the debtor are usually controlled by state law rather than federal.
Can I protect bank accounts or other property by giving it away before I file for bankruptcy? A bankruptcy trustee has the power to undo contracts and negate gifts or donations if it is determined that the activity was only intended to protect assets from being seized during bankruptcy.
In most cases, a lawyer is going to be necessary when filing for Chapter 11 bankruptcy. This is a complex process, and the debtor needs to ensure that all the right documents are completed and filed on schedule and in a timely manner.
It is true that a bankruptcy can seize the property of a debtor to sell and divide to creditors. However, in nearly nine out of ten cases, a personal bankruptcy has no seized property.
Are your utilities at risk of being turned off? Filing for bankruptcy can get your utilities restored.
Not sure whether bankruptcy is the right decision for you? A good place to start is with your main assets, such as your house or car. If you’re being threatened with foreclosure of your house, eviction, or seizure of your car, then you may be able to file for bankruptcy.
When was the last time you assessed all of your debts? In order to keep yourself financially stable, you should know how much money you owe.
Do I need an attorney to file for bankruptcy? That’s not a requirement; however, the bankruptcy process is fairly complicated and relying on an expert familiar with the forms and expectations and requirements of the bankruptcy trustee significantly increases your chances of a successful bankruptcy case.
If you file for bankruptcy, you can’t be discriminated against for doing so. The law prohibits employers or government agencies from discriminating against people who file for bankruptcy.
Did you know that debts have a statute of limitations? Past this point, a debt collector no longer has the right to sue you for the debt. The statute length depends on the state and the kind of debt, but a bankruptcy attorney will be able to sort through everything.
The history of bankruptcy laws in England indicate just how much opinions about financial troubles have changed in modern times. Under Common Law, and for a time in America, people who went bankrupt were treated as criminals and even imprisoned.
There are four different kinds of bankruptcy: Chapter 7 (known as liquidation or straight bankruptcy), Chapter 11 (reorganization), Chapter 12 (reserved for family farmers and fishermen), and Chapter 13 (known as debt adjustment). A bankruptcy attorney will go over your options with you to select the right one.
