Blog Posts in August, 2010
Posted on Aug 30, 2010 By Majed
No. You are still in control of your finances once you file for Chapter 7 or Chapter 13. In a Chapter 7 your assets will be liquidated save for certain exemptions. Conversely with a Chapter 13 ...
Continue reading "Will the Trustee monitor my spending?" »
Posted on Aug 27, 2010 By Majed
The short answer is yes. A Chapter 13 debtor can put off foreclosure proceedings by filing and then come to an agreed-upon repayment schedule with their mortgage lender to save their house. In ...
Continue reading "Can Bankruptcy Stop my Foreclosure?" »
Posted on Aug 25, 2010 By Majed
Bankruptcy is available to any individual debtor that is eligible under the means test and follows the bankruptcy guidelines. However some bankruptcy filings are denied by the court due to some common ...
Continue reading "Will my Bankruptcy Petition be Approved?" »
Posted on Aug 23, 2010 By Majed
Although a bankruptcy filing is a matter of public record and is available to the public via court dockets, it is highly unlikely that your bankruptcy will be published in the local newspaper. One ...
Continue reading "Will my bankruptcy be published in my local newspaper?" »
Posted on Aug 20, 2010 By Majed
Many Americans are taking advantage of Chapter 7 and Chapter 13 bankruptcy protection. According to the United States Court website, bankruptcy filings rose 20% in June 2010. The site reports, "This ...
Continue reading "Red Hot Summer for Bankruptcy" »
Posted on Aug 18, 2010 By Majed
Whether or not one should file for bankruptcy is a very personal decision that is influenced by several factors. Some of these factors include future goals, amount of debt, assets, marital status and ...
Continue reading "Should I file bankruptcy?" »
Posted on Aug 16, 2010 By Majed
According to Section 527(a)(2) of the Bankruptcy Code, a debtor is required submit complete, accurate and truthful information when filing a bankruptcy petition. This includes a complete accounting of ...
Continue reading "§527(a)(2) of the Bankruptcy Code" »
Posted on Aug 13, 2010 By Majed
Chapter 7 debtors must maintain child support obligations before, during and after the filing. They are not treated like regular consumer debt, but rather like a federal student loan or income taxes. ...
Continue reading "How are Child Support Obligations treated in a Chapter 7?" »
Posted on Aug 11, 2010 By Majed
Yes. Just like you can convert a Chapter 13 to a Chapter 7, the reverse is possible. The bankruptcy code requires that a previous conversion has not occurred in the case and that a debtor meet the ...
Continue reading "Can I Convert my Chapter 7 to a Chapter 13?" »
Posted on Aug 9, 2010 By Majed
Many often wonder if Chapter 13 is required when a debtor is gainfully employed or otherwise receiving monthly income. The short answer is it depends. In order to file for Chapter 7 a debtor must ...
Continue reading "Do I Have to File Chapter 13?" »
Posted on Aug 6, 2010 By Majed
Bankruptcy law is federal. This means that its laws span across the nation, as opposed to only within one particular state. Despite being governed by the federal Bankruptcy Code, debtors are also ...
Continue reading "Knowing the Local Rules" »
Posted on Aug 4, 2010 By Majed
To reaffirm a debt means that a debtor agrees to become legally bound to a debt after obtaining a discharge. Once a debtor reaffirms a debt the creditor has every legal right to solicit payment from ...
Continue reading "Reaffirming a Debt in Chapter 7 Bankruptcy" »
Posted on Aug 2, 2010 By Majed
Many people view personal bankruptcy as an a la carte exercise. They feel as if you can pick and choose which debts you want to discharge and which debts you do not. However, it does not work that ...
Continue reading "Creditor Debt Discharge – All or Nothing" »