Social security recipients do not have to count their social security income in bankruptcy. This income is not counted in the means test or the budget in bankruptcy. Deposits of these benefits are generally protected in bankruptcy if using the state exemptions. Social security benefits are not counted as “income” for purposes of the [...]
Most people who file bankruptcy worry about how bankruptcy will impact their credit scores. Obviously, filing bankruptcy does negatively impact a credit score. If you are struggling to pay your minimum payments and have not defaulted on any of your debt, you may have a very good credit score even though bankruptcy is the [...]
What is "unsecured debt"?
United States Trustee - The United States Trustees are under the Department of Justice and are responsible for fulfilling certain duties in bankruptcy cases. In Chapter 7 cases, the US Trustee's office will review the case to verify that the Debtor is entitled to be in a Chapter 7 bankruptcy, rather than in Chapter 13 [...]
Undersecured claim - a debt where the amount owed is more than the value of the collateral.
Trustee - the bankruptcy process involves different types of “trustees.” The role of the trustees varies depending on what chapter bankruptcy is filed. United States Trustee - the United States Trustee is on every case. His job is to oversee the cases. In Chapter 7 bankruptcy, they are responsible for challenging a case where [...]
Transfer - this can be the transfer of property or the creation of a lien. Special rules apply to transfers. You should not transfer property before filing bankruptcy without checking with your bankruptcy attorney. Example: Deeding real estate or taking a mortgage out on real estate.
What does it mean to surrender property in bankruptcy?
Statement of intention - this is a form filed in a Chapter 7 bankruptcy where the Debtor declares how he intends to handle secured debt or an executory contract. For example, the debtor may reaffirm, retain and pay, redeem or surrender in a chapter 7 bankruptcy.
Statement of financial affairs - this is a bankruptcy form that a Debtor is required to answer. The questions asked pertain to Debtor's assets and income among other things.