Blog Posts in April, 2011
Posted on Apr 29, 2011 By Majed
The 341 meeting is a stage in the bankruptcy process that the trustee uses to make sure all information represented by a debtor is true and correct. A discharge cannot be obtained without completing ...
Continue reading "Do I have to Attend the 341 Meeting?" »
Posted on Apr 27, 2011 By Majed
No. Many individuals have turned to Chapters 7 and 13 due to the economic downturn which has caused many to be underemployed or unemployed. However the reason an individual files for bankruptcy has no ...
Continue reading "My Employer Filed Bankruptcy: Does this Impact My Case?" »
Posted on Apr 25, 2011 By Majed
Yes and no. An individual seeking to keep items with a secured interest other than large-scale exemptions like a house or vehicle may find that Chapter 13 is a better match than Chapter 7. Chapter 13 ...
Continue reading "Can I Keep my Secured Items in Bankruptcy?" »
Posted on Apr 22, 2011 By Majed
Creditors attempting to collect on debt that has been wiped away by a bankruptcy discharge face legal consequences within and outside of bankruptcy court. By law, a creditor is not allowed to collect ...
Continue reading "Penalties for Creditors Attempting to Collect on Discharged Debt" »
Posted on Apr 20, 2011 By Majed
In addition to the credit counseling course that a debtor must take prior to filing, he/she must also take a financial management course before receiving the bankruptcy discharge. This is completely ...
Continue reading "Debtor's Certification of Financial Management Course" »
Posted on Apr 18, 2011 By Majed
Many Americans know the shame and frustration that comes along with not being able to meet your financial obligation. One manifestation is the dreaded debt collection call. While many debt collectors ...
Continue reading "Abusive Debt Collection Practices" »
Posted on Apr 15, 2011 By Majed
Chapter 13 differs from Chapter 7 because it allows debtors to pay a portion of their debt back to creditors. Whether either chapter is more desirable depends entirely on the debtor's current ...
Continue reading "When Chapter 13 is the Best Option?" »
Posted on Apr 13, 2011 By Majed
Possibly. Technically any income or assets that come along during the bankruptcy period are part of the estate. However, in every bankruptcy cases certain assets and funds are exempted. There is a ...
Continue reading "Can Bankruptcy Reach My Income Tax Refund?" »
Posted on Apr 11, 2011 By Majed
The two most common forms of bankruptcy filed by individuals are Chapter 7, which is a liquidation and Chapter 13, which is an agreement entered into that allows creditors to be repaid at least a ...
Continue reading "What are the Benefits of Filing Chapter 13?" »
Posted on Apr 8, 2011 By Majed
No. The role of the trustee is to monitor the bankruptcy estate, which primarily consists of your assets on the date that bankruptcy is filed and before. Additionally, the trustee ensures that the ...
Continue reading "Will the Trustee Monitor my Spending?" »
Posted on Apr 6, 2011 By Majed
A bankruptcy discharge is important because the whole process of filing for Chapter 7 or 13 culminates in a successful discharge. A discharge is the step in bankruptcy that officially clears a debtor ...
Continue reading "Why is a Bankruptcy Discharge Important?" »
Posted on Apr 4, 2011 By Majed
Following rapid growth in 2009, bankruptcy filings rose a mere 8 percent during the 2010 calendar year. During the calendar year ending in December 31, 2010 the number of bankruptcies rose from ...
Continue reading "Bankruptcy Growth Sluggish in 2010" »
Posted on Apr 1, 2011 By Majed
Probably not. This is an issue that has been litigated before the Supreme Court, which ruled that employee pension plans may not be part of the bankruptcy estate. Additionally, the Bankruptcy Code ...
Continue reading "Is My 401k Included in the Bankruptcy Estate?" »