Bankruptcy

In a previous blog on this site, the topic of how to qualify for a Chapter 13 bankruptcy is discussed. This article identifies what specific information would need to be provided to the court to determine if you qualify. Bankruptcy courts provide a form which asks for the following information so the necessary calculations for…

Under Chapter 13, bankruptcy law requires the repayment of some debts in full and others in part. Debts that must be paid in full include:   Priority debts:   1. Unsecured debts, such as child support, alimony or support payments, and non-dischargeable taxes.   2. Secured debts that survive the repayment plan: Secured debts, such…

Chapter 13 bankruptcy cases are intended for individuals not businesses. But such individuals must qualify based on the size of their income as well as some other factors. In order to qualify for Chapter 13, you will have to show the bankruptcy court that you will have sufficient  income, after deducting certain allowed expenses and…

Chapter 13 bankruptcies provide an attractive alternative for wage earners and home owners who are seeking relief from temporary financial difficulties. Not everyone can or should file a Chapter 13 case. There are certain requirements relating to income which must be met, i.e., the Debtor must have regular income.  Chapter 7 bankruptcy may be a…

With regard to Chapter 7 bankruptcy cases specifically, attorney fees owed to the Debtor’s counsel for services prior to filing the case must be paid before filing your Chapter 7 case. The reason for this is simple: once the Chapter 7 action is filed, any outstanding debts may be subject to discharge. Accordingly, bankruptcy attorneys,…

Chapter 7 bankruptcy actions give debtors who complete such a case a chance to get a fresh start financially by obtaining discharge of overwhelming debts which prevents such debtors from staying current with their monthly bills. These cases entail a process where the bankruptcy trustee appointed by the court uses funds gained from liquidating the…

n the prior post in which the topic of bankruptcy discharges in Chapter 7 cases was discussed, it was mentioned that some debts cannot be discharged via bankruptcy. This means that debtors will have to pay some, if not all of certain debts. The following kinds of debt are not subject to discharge: 1. Child…

Generally when someone abandons property, it is assumed that they have decided to leave their own property for someone else to take like a tenant who decides to leave their old lawn mower at their old rented home for use by the next occupant. The term “abandonment” in normal conversation conveys a sense that the…

Once you’ve decided that filing for bankruptcy is the right solution for your financial dilemma, it’s time to choose which type of bankruptcy is appropriate. For most individuals or small business owners, the most obvious choices are Chapter 7 or Chapter 13 bankruptcy. The choice between these two chapters will ultimately depend on your own…