By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureMost consumer websites such as this one focus on Chapter 7 cases and Chapter 13 cases, with the occasional reference to individual Chapter 11 cases. The types of Bankruptcy are identified by the specific chapter in the U.S. Bankruptcy Code. What is a Chapter 20 case, since there is no Chapter 20 in the Bankruptcy… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Creditor LawIf you are a party in a personal Bankruptcy case, you have probably come across references to a “Proof of Claim” form (sometimes simply referred to as a “claim”). Officially, it is known as Form B10, and you can view and complete the form on the U.S. Courts website. This form, completed by the creditor,… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7Bankruptcy itself is normally an emotional time for most people, and it can get more emotional when they have visions of someone coming in their house and taking their personal property. As we discussed in this post, that is simply not reality and the great majority of people filing for Bankruptcy do not lose any… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13As discussed in our posts on the Chapter 13 Plan and Disposable Income to be paid in the Plan, we are able to include in our budget the “ownership expenses” of vehicles, which basically means the monthly payments due on the car loan or lease (and not “Transportation Expenses” such as gas and maintenance). In… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7In consumer Bankruptcy cases, especially Chapter 7 cases, completing the Schedules is one of the most important tasks. The Schedules identify (among other things) all your creditors, your property (and values of the property), your exemptions, income and expenses. In Chapter 13 cases, they will show the disposable income that will be paid to the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7,Debt Collection & ForeclosureAlthough many people enter Bankruptcy with a desire to save their home from foreclosure, others are anxious to rid themselves of the property and the debt associated with it. This could be their primary residence or other homes or real estate they own. A problem that occasionally comes up is that the person in Bankruptcy… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Although there are many reasons that individuals may have to file a Bankruptcy case, including medical debt, foreclosure, wage garnishment, and other reasons, the one question important to all of them is will they lose any of their property in the case and what will they get to keep. Often people have visions of moving… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7If you read blogs like this one, or other Bankruptcy resources, you will no doubt run across references to “no asset” Chapter 7 cases. Although the term “no asset” is not a defined term in Bankruptcy law it actually has a very specific, and very important, meaning in Chapter 7 cases. It means that the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7In recent posts, we have discussed the basics of reaffirmation agreements, whether or not you should reaffirm your home loan, and why you should not get legal advice from lender representatives who told you it was a mistake to not reaffirm in your Chapter 7 cases and they will not refinance because of this. This… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureOne of the alternatives to foreclosure is a “deed in lieu of foreclosure.” Simply stated, this means that rather than making the lender go through the foreclosure process, the home owner agrees to execute a deed for the property transferring it to the lender. In turn, the lender agrees to accept the deed (and transfer… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7We have discussed the Means Test in detail in this post. “Passing” the Means Test is the key to qualifying for Chapter 7 Bankruptcy, which is a much better option than Chapter 13 for many people. It allows people to get in and out of Bankruptcy in a few months, with no 3-5 year payment… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7We have covered the basics of Reaffirmation Agreements and whether you should reaffirm your home loan, and now we’ll tackle whether reaffirming your car loan is a good idea. While Bankruptcy lawyers rarely recommend reaffirming a home loan (in fact, we almost always oppose it), the analysis is a little different for vehicles. It is… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7One of the most common issues that comes up in Bankruptcy cases, primarily Chapter 7 cases, is “reaffirmation.” It is also sometimes one of the most confusing issues. Simply stated, a Reaffirmation Agreement is an agreement between a debtor in a Bankruptcy case and one of their creditors whereby the debtor agrees to repay a… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7For homeowners in Chapter 7 Bankruptcy cases, the decision of whether or not to reaffirm their home loan is one of the most important decisions that can be made in the case. Please remember this: You do not have to reaffirm your loan(s) to keep your house! We discussed the basics of Reaffirmation Agreements in… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7After filing for Bankruptcy, people naturally wonder “Where do I go for court?” Like all lawyers, we will give our clients the location of the courthouse, the location of your first meeting of creditors if it is held in a different location, and we even have a document with directions and tips on parking, security… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7In this previous post, we discussed where you can file a Bankruptcy case if you are planning on moving or have recently moved. The second very important question is what state’s exemptions will apply after a move. These exemptions vary widely from state to state. In order to discourage people from moving to a new… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7People who find themselves in financial problems often face a move as well. This may be for better work opportunities or to move closer to family. If a Bankruptcy filing is also a possibility, the question becomes where to file the case (the “venue”), and whether it is better to file before or after a… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7In this Blog, we have discussed Reaffirmation Agreements and the reasons why lawyers will almost never recommend reaffirming home loans. However, people who have gone through a Chapter 7 case and wisely chose to not reaffirm their home loan are being told by their lender years later that they cannot modify or refinance their loan… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Household size is an important factor in many consumer Bankruptcy cases. Most importantly, the Means Test figures are based on the size of the household so it is important in determining eligibility for Chapter 7 or Chapter 13 and in calculating disposable income to be paid in the Chapter 13 plan. It is also relevant… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7One of the requirements of filing a Bankruptcy case is completing the Schedules honestly and completely. It is perfectly fine to unintentionally leave something out as long as the Schedules are amended. One of the most common items left off Schedule B (personal property) is claims or lawsuits that the person filing for Bankruptcy has… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7As discussed in more detail in other posts, to qualify for a Chapter 7 case most people have to “pass” the Means Test, which is based on your income for the six month period before filing. It is normally a straightforward calculation – add up all income you have received in the last six months… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7Throughout this blog, and most other Bankruptcy blogs and sites, we use the term “Bankruptcy Estate” (or just “Estate”), but what exactly is this “Estate?” In basic term, the Estate is created when a Bankruptcy petition is filed, and it includes all the property of the debtor that an be “administered” by the Trustee as… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Since we are Bankruptcy lawyers, with many years of experience, we see firsthand the dangers and hazards of trying to file a case without a lawyer. On a daily basis, people on legal forums like AVVO and Lawguru post questions about getting out of trouble they have gotten themselves into by not hiring a good… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7As we discussed in this prior post there are two requirements for counseling in a Bankruptcy case. The first credit counseling session has to be completed within six months before filing the case. If the counseling is not completed and the certificate is not filed, the case will almost always be dismissed. However, although this… Continue Reading
