Monthly Archives: December 2020
How Much Will My Payments Be in Chapter 13 Bankruptcy?
In a chapter 7 bankruptcy, your income matters. Make too much, and you may not pass the means test, the test to see if you make too much to file a Chapter 7 bankruptcy. If you do, you will have to file a Chapter 13 bankruptcy. But your income still matters in Chapter 13… Read More »
Avoid These Problems Before You File for Bankruptcy
If you are thinking of filing for bankruptcy, your bankruptcy lawyer will have to look over your documentation, paperwork, and finances, to see if you can file, to determine what chapter bankruptcy is best, and to see if there’s anything in your documentation or finances that could cause problems in your bankruptcy. While bankruptcy… Read More »
Myths and Misconceptions About Chapter 11 Bankruptcy
The chapter 11 bankruptcy process is perhaps one of the most unknown in the bankruptcy world. Many of us know people who have filed for Chapter 7 or Chapter 13 bankruptcy. But few of us know anyone who has filed Chapter 11, putting aside all the stories of large companies and retailers that are… Read More »
What Does a Bankruptcy Trustee Do?
In a traditional court case, there are two sides, and a judge (and sometimes, a jury). There is no such thing as a trustee. Yet in bankruptcy, we speak often about who a trustee is or what a trustee does. Understanding the role of the trustee will help you understand what to expect in… Read More »
Should Your Business File for Bankruptcy?
In most cases with the law, a company can do whatever a person can do. That includes filing for bankruptcy. Should your small business file for bankruptcy? Is bankruptcy a way out of your business’ debts? Let’s clarify that we are talking about whether your business should file for bankruptcy—not whether you should file… Read More »
Will I Lose My Business if I file for Bankruptcy?
When you file for bankruptcy and you take an inventory of things you own, you often will look at your physical possessions, and, of course, your financial assets, like bank accounts or investments. But if you own a business, that is an item of value also. For many consumers, their business is how they… Read More »
Discharging Income Taxes in Bankruptcy
Of all debts, back owed taxes are the scariest. The thought of IRS collection, combined with the tendency of income taxes to accrue interest, is frightening. Debtors often need to discharge back owed taxes to help them get the fresh start they need. On the other hand, the government has an interest in making… Read More »
Can You Get Rid of an Unsecured Lien on Your Home in Bankruptcy?
When property is secured by a lien, such as a home that is secured by a mortgage, the mortgage continues to be valid. You may never have a personal obligation to pay off the loan, but the property can still be taken by the bank after the bankruptcy if the loan is behind or… Read More »
What Debts Are Not Discharged in Bankruptcy?
The point of filing for bankruptcy is to get a fresh start. That fresh start requires that bankruptcy wipe out your outstanding debts, which, as a general rule, it does. But there are some debts that get special treatment and that are not discharged in a bankruptcy. Non-Dischargeable Debt The following are debts or… Read More »
Why File for Chapter 13 Bankruptcy?
Unlike with a Chapter 7 bankruptcy, in Chapter 13 bankruptcy, you will make a payment to some of your creditors over a period of 3-5 years. At the end of your payments, you will get a discharge of whatever you have not paid. In any scenario, you will not have to pay everything that… Read More »
