When filing bankruptcy, one of the first things that many people will ask is whether they will need to make an appearance in court related to the filing. 

In recent years, it has become increasingly common for parents, grandparents or others who may be going through the process of estate planning to add the names of loved ones to the deed of a home or other parcel of real estate which they intend to leave to them one day.  This may be done for a variety of reasons, but most typically takes place for the purpose of simplifying the transfer of the property after the passing of the person that it originally belonged to.  However, adding the name of a loved one to a deed also inherently changes the ownership status of the property; rather than the property passing to the heir upon the death of the person who originally owned it, it now instead belongs to both the grantor and heir jointly at the time that the new name is added to the deed.

When married couples contemplate filing bankruptcy, one of the first things that they often consider is whether they should file bankruptcy together.  Or to take the question one step further back, a married couple might begin by wondering whether it is even possible to file a bankruptcy jointly rather than as two separate, individual cases.  In most cases, the answer to this query is yes.  In this brief examination of jointly filed bankruptcies we will explore why this is case, as well as the specific reasons why it may be beneficial for spouses to file together.    

Modified plans, also sometimes referred to as mods, are a common term often heard in the context of a bankruptcy.  Specifically, they are frequently referenced or invoked when discussing a Chapter 13 bankruptcy and the related Chapter 13 bankruptcy plan.  Upon hearing the term you might ask, “What is a modified plan” and the related question, “What does a modified plan do?”  At the most basic level, a modified plan is a Chapter 13 bankruptcy plan that has been altered in some way to better suit the needs of the person who filed it.  A modified plan can be beneficial in a broad number of ways, and can be implemented for a wide variety of different reasons, but the basic purpose of a modified plan is to make the process of the Chapter 13 more feasible, to increase its probability of success, or to make it more impactful for the filer.  

For many, taxes are one of the single biggest financial obligations that we face on a weekly, monthly and yearly basis.  Deductions for taxes are withheld from our paychecks, and every spring we are required to file returns to determine what our total obligation is for the year.  Even with this process of withholding, many people still find themselves owing in additional funds when spring rolls around and the yearly return is filed.  If you find yourself in this situation, you may be wondering: “What Happens Next”?

Home utilities play a very prominent role in day to day life.  They provide us with the power to heat and cool our homes, cook and refrigerate our food, and power the devices that we used to stay connected with both our loved ones and the world at large.  In short, utilities are fundamental to providing for our families and protecting our homes.  Unfortunately, utilities can also sometimes be a heavy burden on our budgets, something which has become increasingly true in light of rising energy prices.  This can in turn cause us to sometimes fall behind on utility bills, as we seek to balance their cost alongside other daily bills and the necessary expenses of living.  

When faced with the prospect of unmanageable debt, many consider the options available to help them address the situation and the benefits that these options may entail. When they do this, bankruptcy is often one of the first things that comes to mind.  

One of the things that I am most frequently asked by people when they are contemplating bankruptcy is, “How can I protect my assets when I file a bankruptcy?”  It’s a great question that is extremely important to everyone considering the bankruptcy process.  While the discharge afforded by bankruptcy is a massive benefit towards resolving your debt, many people contemplating bankruptcy are often concerned that it will come at the cost of their personal possessions and assets.  The good news is that bankruptcy provides you with extensive safeguards that can protect many of the most significant things you own both during and after the bankruptcy process.

When considering bankruptcy, it is very common to wonder where the path of pursuing a bankruptcy filing ultimately leads and how you will navigate the process of arriving there.  For many, bankruptcy is a new concept that lies outside of prior life experience and represents a brand new avenue through which we can address the challenges of overwhelming debt.  However, you will not walk this path alone.  Our firm has one mission, one single purpose, and that is to be there with you every step of the way as you walk through the journey of bankruptcy and leave the burdens of overwhelming debt behind you permanently.      

When filing for bankruptcy, regardless of whether you are pursuing a Chapter 7 or a Chapter 13 filing, one of the first things your attorney will assist you with is creating a budget that will be filed with the court.  This budget serves several purposes related to the bankruptcy, including determining the size of the payments that would be made in a Chapter 13 filing and helping to demonstrate eligibility for a Chapter 7 filing when viewed in conjunction with projected income.