While there are a few different types of bankruptcy cases, our firm only files chapter 7s and chapter 13s. A chapter 7 bankruptcy case is 90 days long, with the court ordered discharge being granted at the end of the 90 days.
When you file bankruptcy you have to list all of your assets, including those you may not have yet. For example, even if you have not filed your taxes or haven’t received the refunds yet, you still have to list the tax refund as an asset in your case. When you list your tax refunds, you will list it as a pro rata estimate based on the date of filing. As an example, if your case is filed on December 12, the share of the tax refund belonging to you on the date of filing is about 95%.
While there are a few different types of bankruptcy cases, our firm only files chapter 7s and chapter 13s. A chapter 13 bankruptcy case is a restructuring/payment plan, with the discharge being granted at the end. The payments cannot be less than 36 months or more than 60 months.
If you have a threat of wage garnishment or are currently being garnished, you may be thinking of turning to bankruptcy to stop the garnishment. The bankruptcy automatic stay goes into effect the day your case is filed. The automatic stay is what tell your creditors they cannot collect or enforce debt collection efforts, including garnishments.
The median income for your household size is used in a bankruptcy case to determine which chapter of bankruptcy you qualify for, either a 7 or a 13 and whether you are a three or five year bankruptcy plan. Each state has set amounts for the median income, dependent on household size.
The trustee is another attorney who is assigned to your case by the US Trustee to represent the bankruptcy estate. The trustee is the person who administers your estate and distributes any funds that come in during your case. They also make sure what you said in your bankruptcy case is truthful and correct and verify the information you provided. You will meet with the bankruptcy trustee at the 341 hearing, usually about 4 to 6 weeks after your case is filed.
When you decide you want to file a bankruptcy case you can either file with an attorney or file pro se, unrepresented.
When a bankruptcy case is filed, you list all of your assets, whether you have them now or are just entitled to them at the time of filing. You will list assets from real estate you own, all the way to potential claims or causes of actions and everything in between. It is important when you file bankruptcy that your assets are valued properly. You do not want to under value the assets you have, but you also do not want to over value them.
You may hear the term domestic support throughout your bankruptcy case. For example, during the initial consultation your attorney may ask about it, the trustee will ask if you pay a court ordered agreement during your 341 hearing, or at the end of your case in a chapter 13 you will be asked if you are current on payments. What is domestic support?
When you file bankruptcy you will list all of your assets, meaning everything you own. This includes your jewelry.
When you file bankruptcy, you will list all of your assets- this includes assets you currently have or are entitled to in the future (think inheritances or causes of action).
If you are in a chapter 13 bankruptcy or preparing to file one, you may have heard the term “step up” used by your attorney or the trustee of your case. A step up is when your payments are stepping up in amount, for one reason or another. These are typically set dates where the payment will go up, due to some triggering event.
When you file bankruptcy, you will list all of your assets and debts, including assets that you are wanting to keep, like vehicles and mortgages. Although you list the assets and the creditors, you can keep paying on the debts, if you want to keep the property they are secured to.
When you file bankruptcy, you may be worried about big purchases after the filing. Will it hinder your case? Will the asset be involved in the case? Do you need court permission to spend money? This blog will explore answers to these questions and more.
When you file bankruptcy your income will help in determining which chapter you qualify for. You and your attorney will look at both the means test and disposable income.
If you are either in a filed bankruptcy or are thinking of filing, you may be wondering what impact bankruptcy will have on your bank accounts. The answer, it depends. It depends on several factors, where you bank at, if you owe that bank funds, and whether the account is negative.
While there are a few different types of bankruptcy cases, our firm only files chapter 7s and...
When you file bankruptcy you have to list all of your assets, including those you may not have yet....
While there are a few different types of bankruptcy cases, our firm only files chapter 7s and...
If you have a threat of wage garnishment or are currently being garnished, you may be thinking of...
The median income for your household size is used in a bankruptcy case to determine which chapter...
The trustee is another attorney who is assigned to your case by the US Trustee to represent the...
When you decide you want to file a bankruptcy case you can either file with an attorney or file pro...
When a bankruptcy case is filed, you list all of your assets, whether you have them now or are just...
You may hear the term domestic support throughout your bankruptcy case. For example, during the...
When you file bankruptcy you will list all of your assets, meaning everything you own. This...
When you file bankruptcy, you will list all of your assets- this includes assets you currently have...
If you are in a chapter 13 bankruptcy or preparing to file one, you may have heard the term “step...
When you file bankruptcy, you will list all of your assets and debts, including assets that you are...
When you file bankruptcy, you may be worried about big purchases after the filing. Will it hinder...
When you file bankruptcy your income will help in determining which chapter you qualify for. You...
If you are either in a filed bankruptcy or are thinking of filing, you may be wondering what impact...
