How do I decide whether I should file bankruptcy? Deciding to file bankruptcy is not easy. You beat yourself up or feel ashamed over past financial mistakes. You want to repay your debt. Sadly, some people struggle for years trying to pay back debt before facing the decision that bankruptcy is needed. Be realistic. [...]
Summary: The Bankruptcy Code requires most debtors to take the 'Means Test.' While the details are complex, most people pass without issue. This article reviews how debtors get two chances to pass the Means Test. The "Means Test" One of the primary issues in a consumer bankruptcy case is whether the debtor passes the [...]
What it means to confirm a plan in bankruptcy
Chapter 13 Trustee - The Chapter 13 Trustee is responsible for receiving funds paid by the Debtor under the Chapter 13 plan of reorganization. The trustee also investigates the Debtor’s finances; objects to claims that do not comply with the law; objects to plans and modifications of plans proposed by the Debtor to the Court [...]
Chapter 13 Plan - The Chapter 13 Plan is submitted to the Bankruptcy Judge for approval and sets out the Debtor’s proposal for repaying his debts. The Plan must comply with the Bankruptcy Code provisions.
Chapter 13 Bankruptcy - Chapter 13 is a debt reorganization available for individuals. This is where the debtor proposes a plan of repayment of debt according to the laws and rules that govern Chapter 13's. There is a “debt limit” in a Chapter 13 which is currently over 1 million for secured debt and $336,900 [...]
What is the foreclosure process in Texas? Notices, sale dates and what happens if your home goes into foreclosure.
Taxes that normally may be discharged must usually be paid as a secured debt to the extent that they are secured by a validly perfected IRS lien, regardless of whether the property is exempt from bankruptcy. This means that once the automatic stay protection of the Bankruptcy Court ends, the IRS can still collect [...]
Is Keeping Your Tax Refund After Filing Bankruptcy Possible? It depends. To be eligible to receive a discharge, a debtor must have filed the last four years of tax returns if returns are required. Your attorney is required to provide a copy of the copies of the last tax return filed to the trustee. [...]
Some people own property that cannot be protected in bankruptcy (non-exempt property). One option for property that is not exempt is the possibility of “buying back” non-exempt property from the trustee in a Chapter 7 bankruptcy. This is where the debtor has exempt funds available that can be used to "bid" on his own [...]