Bankruptcy Blog Archives

Due to reform law changes effective 10/18/2005, many debtors without secured debt would have previously qualified for Chapter 7 Bankruptcy. However, these debtor may be required to file Chapter 13 due to a standardized test that limits household disposable income. This will require monthly payments to be paid to a Chapter 13 Trustee and repay [...]

One way to stop a repossession of your car, would be using a chapter 13 bankruptcy. The chapter 13 is a plan that would put the car into a plan to be paid back over a new five year payment which in most cases will reduce what the car payment was. The car people have [...]

First of all never say never about the need to file a bankruptcy. The second is “I will never file again.” People file a bankruptcy because of a change in income. Divorce is a major reason to file. One spouse will not pay what they are suppose too and so the creditors will come after [...]

Many people feel that they should or need to pay a particular credit card off prior to filing for bankruptcy, whether it is a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. People feel that they should pay off their lowest credit card in order to keep it. In doing so they feel that they [...]

Filing a chapter 7 bankruptcy is used to discharge unsecured debts. Most people that have file a bankruptcy at one point had very good credit but something changed in their income that made it imposable to make payments like they had done in the past. Their car and home could have become unsecured debts like [...]

Navigating bankruptcy can be difficult and confusing for people not familiar with the process. When people decide to file bankruptcy they often need a bankruptcy attorney to help them through. One of the most confusing aspects can be all of the different types of hearings that take place in a bankruptcy case. Some bankruptcy cases [...]

All bankruptcy cases are started by the filing of a bankruptcy petition. Regardless of whether the case being filed is a Chapter 13 or a Chapter 7 it will start with the filing of a bankruptcy petition. Along with the bankruptcy petition the bankruptcy schedules must be filed as well. These “schedules” contain information about [...]

One of the main reasons Debtors file bankruptcy is to get rid of “Unsecured Debt.” If a Debtor is current on all his secured debt, but has unsecured debt that he cannot pay, he would want to file a Chapter 7 if he qualifies. A Chapter 13 will also help get rid of unsecured debt, [...]

After you have filed your Chapter 13 bankruptcy, it is still important for you to file your income taxes with the IRS. Many people have the notion that they don’t have to worry and they don’t have to file. That is incorrect. When you file for a Chapter 13 bankruptcy, the IRS monitors your case [...]

Debts are classified based on different categories. If a Debtor has a debt, it is important to know how it is classified so the Debtor can determine if it is better to file a Chapter 7 or a Chapter 13 and how that debt will be treated depending on which Chapter of Bankruptcy he files. [...]