Bankruptcy Blog

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, [...]

There are occasions when a Debtor is unable to attend a 341 hearing. The Trustee will usually reset a hearing once if the Debtor has a good excuse for not attending. If the Debtor fails to appear at the second hearing, the Trustee will file a Motion to Show Cause.
However, in extreme circumstances, [...]

All Debtors that file bankruptcy must attend a 341 hearing. The 341 hearing is also commonly referred to as Meeting of Creditors. The name can be deceiving because rarely do creditors show up for the meeting.
The Debtor must provide the Trustee with his Social Security card and a Driver’s License. If for [...]

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 [...]

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 [...]

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 [...]

After filing of Bankruptcy, your mortgage company may cease sending your monthly statements. The mortgage company ceases the mailing of these statements because they could be construed as an attempt to collect a debt, which the automatic stay prohibits them from doing while you are in active bankruptcy. The creditor may resume the statement if [...]

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 [...]