If you are married, you may find yourself filing bankruptcy without your spouse. There can be various reasons for this, and it is possible. There can be various reasons for this, such as the debt was made only by one person, the couple is concerned about obtaining new credit in the immediate future, or [...]
Not one of the lucky people waiting on a tax refund? One of the most stressful types of debt for people to have is tax debt. While it is true that the IRS has powerful collection tools, coming up with a reasonable plan to address delinquent taxes is possible. Many times, people who get behind [...]
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.