Bankruptcy stops your vehicle from being repossessed, and then gives you many tools — under both Chapter 7 and Chapter 13 — to either keep or surrender the vehicle. Stopping the Repossession The moment any kind of bankruptcy case is filed on your behalf, the “automatic stay” instantaneously stops a vehicle repossession. The automatic stay is an … [Read more...]
Dealing with Debts Owed to Ex-Spouses through Bankruptcy
April 27, 2015 by
Chapter 13 bankruptcy — the three-to-five-year “adjustment of debts” — can help you with an ex-spouse who is unhappy with you for not paying a debt in the following ways: It can discharge (legally write off forever) nonsupport “property settlement” obligations owed to your ex-spouse through your divorce decree. It can give you time to … [Read more...]
Dealing with Business Litigation against You through Bankruptcy
April 13, 2015 by
If you are running a business and are being sued, filing for bankruptcy can help you whether you are closing the business or want to keep it operating. If you are closing the business, most of the time filing a Chapter 7 “straight bankruptcy” will stop the lawsuit and will discharge (write off) any related debt permanently. If instead you want to … [Read more...]
Dealing with a Debt Collector’s Threat to Fight the Discharge of Your Debt
March 23, 2015 by
The goal of most bankruptcies is the discharge — the legal write-off of debts. If you are considering filing for bankruptcy to get a fresh financial start through a discharge of your debts, a collection agent telling you that you won’t be able to discharge that debt may well be troubling. So what is the truth about such threats? Idle … [Read more...]
Honesty Leads to the Successful Discharge of Your Debts
March 3, 2015 by
Bankruptcy is all about giving you an honest fresh start. Here’s how the U.S. Supreme Court has put it: This Court has certainly acknowledged that a central purpose of the [Bankruptcy] Code is to provide a procedure by which certain insolvent debtors can reorder their affairs, make peace with their creditors, and enjoy “a new opportunity in life … [Read more...]
When a Chapter 7 “Asset Case” Is Not a Bad Thing
February 17, 2015 by
There are certain rare but potentially very helpful situations in which you would be happy to hand over some of your assets to your bankruptcy trustee. Your Usual Goal — a “No-Asset” Case When you file a bankruptcy case, you usually want to keep for yourself whatever possessions you own. And most of the time that’s what happens. Bankruptcy is … [Read more...]
Passing the Chapter 7 “Means Test” Even If Your Income Is “Too High”
February 2, 2015 by
Even if your income is higher than the “median income,” you may still be able to pass the means test by going through the expenses part of the test. There are a number of ways to pass the means test so that you can file a Chapter 7 case. The easiest way is if your income is no more than the “median income” amount for your state and family size. … [Read more...]
Passing the Chapter 7 Means Test the Easy Way
January 26, 2015 by
Most people can pass the means test and qualify for Chapter 7 bankruptcy simply because their income is no more than the “median income” for their state and family size. If you are considering bankruptcy, this blog can help you find out if you are among the many people whose income easily qualifies them for Chapter 7 “straight bankruptcy.” The … [Read more...]
The Vehicle Loan “Cramdown”
December 29, 2014 by
If your car or truck loan is more than two and a half years old and you owe more than it’s worth, you may be able to keep your vehicle for a lot less money. What’s a “Cramdown”? “Cramdown” is an informal term — you won’t find it in the federal Bankruptcy Code. In the context of vehicle loans, it is the procedure provided under Chapter 13 law … [Read more...]
The Lingering “Super-Discharge” of Some Marital Debts
December 15, 2014 by
If you have financial obligations from your divorce or separation decree OTHER than to pay child or spousal support, those obligations may be dischargeable under Chapter 13 bankruptcy. The Diminishing and Confusing “Super-Discharge” Since the total overhaul of the nation’s bankruptcy laws way back in 1978, people filing for bankruptcy under … [Read more...]
