Bankruptcy Blog Archives

While in Chapter 13 bankruptcy, you are not required to get Chapter 13 Trustee approval for a hardship loan from your 401K. Many of the 401K loan service provider may required copy of bankruptcy documents and written statement of why the funds are necessary or prove a hardship will occur if funds are not loaned. [...]

I have a client who is a very sweet, cheerful man. After I met with him, I realized I have no reason to ever be upset about anything that happens in my lift. The Debtor is married, and he and his wife are filing a joint Chapter 7 bankruptcy. The husband makes good money, however [...]

What is the means test? This new tool is something that came about due to the new laws that changed in October 2005. The purpose of the means test is to see if you qualify to file a Chapter 7. If you don’t qualify under the Chapter 7, then you will have to file a [...]

If your parents have a lot of credit card debts and are no longer working, You need to check on them. If the only income they have now is social security they probably can’t continue to make their minimum payments any more. If this is happening they are probably going to go in deeper in [...]

Debtors that file bankruptcy and decide to surrender something often times will ask how long they have until the car is picked up or until their house is foreclosed on. The answer varies depending on if they file a Chapter 7 or Chapter 13 and if it is a house or a car. If a [...]

When you file a Chapter 7 or 13 bankruptcy case, it is reported on your credit report. For the duration of your bankruptcy the unsecured debts listed on your credit report may remain unchanged. After you receive a discharge then all of the unsecured or surrendered secured debts should be reflected as discharged debt on [...]

When a Debtor files a Chapter 13, they always want to know what their options are if certain things happen. I usually tell them it depends on what their current circumstances are at the time. Many Debtors want to know what will happen if they lose their job and are unable to make their Trustee [...]

When a Chapter 13 bare bone case has been filed we have 15 days to get the rest of the paperwork and get the schedules filed with the courts. The problem that you run into is reaching your clients to get back in when they have missed appointments. I had three clients this week that [...]

The fear of filing a bankruptcy. The biggest fear is “I will lose my house or car”. Your home and car are protected assets, And a chapter 13 is a bankruptcy that will help you keep those assets even if you have fallen behind on them. A different side to these statements, if you can [...]

Sometimes I don’t understand people and the financial decisions they make. I have a client who struggles to make ends meet, but does her best. She has a car and managed to pay it off. She went along for awhile without a car payment, but started to fall behind on some other bills and needs [...]