Bankruptcy Blog Archives

I do not have a perfect solution yet for a couple that I am working with. The wife filed a Chapter 7 in 2003 due to her first divorce, so she is unable to file another Chapter 7 until 2011. The husband was a truck driver and had a wreck and got two tickets. The [...]

What is feasibility? Feasibility is your inability to make your trustee payments. This decision is made by the trustee who assesses your income and expenses. How do you overcome this? It is a difficult thing to overcome if you are not generating additional income. If, at the time of filing, a spouse was not working [...]

Most people do not know that there can be a tax implication when debt is forgiven by a creditor. Many debtors will attempt to reach an agreement with their creditors to only pay back a portion of the debt owed. The debt that is “forgiven,” or written off, then becomes income to the Debtor in [...]

Under the new law of filing a bankruptcy there are certain additional things that are needed: six months of pay stubs, six months of bank statements, 3 to 6 months of credit card bills, property taxes, contracts on secured debts, divorce papers, child support paper work, up-to-date driver’s license, social security card, and the last [...]

When you file a Bankruptcy case, your intention is to get out of debt and get some relief. In most instances this is what happens, but there are times when you may be faced with an objection to a discharge of your bankruptcy case. It is more common when filing a Chapter 7 case that [...]

When you file bankruptcy, you are in it for three to five years. During this time, you will file your taxes and find that you owe the IRS. The IRS requires payment in full from you. What do you do? You need to contact your attorney’s office to find out what you can do. In [...]

A Debtor may not incur debt to purchase new items that have to be financed without first receiving Court permission while n a Chapter 13 Bankruptcy. This includes buying cars and refinancing homes. This process can take 30 to 45 days to complete. To get permission from the courts we would have to file a [...]

In converting to a Chapter 7, no secured debt can be paid through the plan. The debtor would need to get caught up on their vehicle and house payments, and risk loss of these items if not caught up prior to the discharge of the Chapter 7. This includes the amounts that were to be [...]

As of today I have an excessive amount of Chapter 13 plan modifications to prepare and submit for Attorney review & approval. ‘Tis the season for Agreed Orders for mortgage arrears and failure to make timely auto payments. Hence, the increase of plan modifications. There has also been an increased volume of Pre reform law [...]

What happens with student loans? Many people ask this question when they go through bankruptcy. Student loans have to be listed, because, by law, all debts that you owe have to be listed. What you have to do is contact the student loan services and make arrangements for deferment while you are in bankruptcy. If [...]