By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7In this prior post, we discussed Exemptions in Bankruptcy and why very few people actually lose property to the Bankruptcy Trustee (mainly in Chapter 7 cases). The primary reasons that people filing for Bankruptcy do not lose property is because they either do not have property that could be sold for a significant amount, or… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Just about everyone facing financial problems and a possible Bankruptcy filing are concerned with what they get to keep. Many, unfortunately, have visions of someone showing up with a truck and hauling off their furniture, clothing, dishes and other personal items. Thankfully, this could not be further from the truth. In fact, the great majority… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7When people buy a house, they probably consider it the biggest investment of their life to that point. It is probably also their largest debt. For homeowners facing Bankruptcy, the most important question they have in initial meetings with lawyers is whether they will be able to keep their house after they file. One important… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7If you own a house, chances are real good that your home loan is your largest debt – maybe even larger than all your other debts combined. It makes sense that people who have to consider Bankruptcy are very concerned about what will happen to their home. The most common question is whether they will… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7The “Automatic Stay” in a Bankruptcy case is the law that stops creditors (and other parties) from trying to collect debts from a debtor, trying to get the debtor’s property or trying to create or enforce a lien on the debtor’s property. It is found in Section 362(a) of the Bankruptcy Code and essentially freezes… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7If you are reading about or researching Bankruptcy, you have no doubt run across the terms “Petition” and “Schedules.” What are they? Good question! The Bankruptcy Petition is the document that gets you in the door of the Courthouse and officially creates your Bankruptcy case. The minute the Petition is filed, the automatic stay is… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13Chapter 13 Bankruptcy is one of the two most common types of Bankruptcy filed by individuals, with the other being Chapter 7. The primary distinguishing factor of Chapter 13 is that individuals pay a portion of their income (their “disposable income“) into a Chapter 13 plan over three to five years. Because of this, people… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7As we have written in this Blog, finding a good Bankruptcy lawyer is the first and most important step of filing a Bankruptcy case or exploring whether filing for Bankruptcy is necessary. The age of the internet and social media has allowed lawyers and other professionals to create websites, Blogs (such as this one), and… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7The Bankruptcy “Means Test” is a form that must be completed by most individuals filing for Bankruptcy. The Test is used in determining whether an individual or couple qualify for a Chapter 7 case or whether they have sufficient disposable income (or “means”) to pay something to creditors in a Chapter 13 plan. Importantly, the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7A “Discharge” in a Bankruptcy case is a permanent release from personal liability for certain debts. A discharge comes in the form of a Court order, and is permanently enjoins a creditor from trying to collect a discharged debt. In most personal Bankruptcy cases, the discharge of debt is the most important goal in the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7If you are considering filing a Bankruptcy case, it is important to know that two counseling sessions are required in the case, one of which must be completed in the 180 day period before filing the case. With few exceptions, this is an absolute requirement and a case will be dismissed if this requirement is… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7There are several types of Bankruptcy available for individuals, businesses and even governmental entities facing financial problems. Each type is identified by a Chapter number, based on its chapter in the Bankruptcy Code. This website primarily discusses individual (or consumer) Bankruptcy cases, which are primarily Chapter 7 and Chapter 13, and small business cases that… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Everyone who files a Bankruptcy case, whether it is a personal case or a business case, has to attend the Meeting of Creditors, which is sometimes called the “341 Meeting” because it is required by Section 341 of the Bankruptcy Code. “Meeting of Creditors,” as it is called in the statute, is somewhat misleading in… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7Much like the question of whether there is a Constitutional right to file for Bankruptcy, the question of whether the Bible mentions or supports a Bankruptcy filing is one that comes up more in lawyers’ marketing materials than in actual discussions with clients. The analysis is just as often inaccurate, if not misleading. However, unlike… Continue Reading
