A common question asked by those considering the possibility of a Chapter 7 bankruptcy filing is whether or not the bankruptcy filing can be denied.  It is a natural and important question, as confidence in the outcome of your bankruptcy is of paramount concern when you are evaluating whether to pursue the process.  Because of this, it is also common to wonder what makes a Chapter 7 bankruptcy successful, and the parameters under which a bankruptcy filing will ultimately leads to a discharge.  

The bankruptcy code requires that all individuals filing for bankruptcy list all of their creditors. It is a common misconception that a debtor may pick and choose which creditors to list. In order to get a discharge, a creditor must get notice of the bankruptcy filing. Many debtors are often worried about missing or forgetting a creditor in their bankruptcy filing. 

When considering the possibility of filing a Chapter 13 bankruptcy, something that is frequently wondered by many who may be considering the process is what the size of the payments made into the Chapter 13 plan will ultimately be.  Every Chapter 13 bankruptcy is fundamentally built around the central premise of the person who is filing making payments into the bankruptcy trustee, who will then in turn make disbursements to creditors.  However, the size of these payments can be impacted by a number of factors, including the nature of the debts being resolved, the financial circumstances of the filer and the nature of certain actions or financial transactions that occur prior to filing. 

The means test is used to determine whether you qualify to file a chapter 7 bankruptcy. This policy ensures that people do not abuse filing a chapter 7 bankruptcy. It also ensures that only those who do not have enough income to pay their creditors can file chapter 7. The calculation used for determining whether your income is below median income is called the means test. To qualify for a chapter 7 bankruptcy your income cannot exceed the median income for your household size. 

When a married couple contemplates the possibility of filing bankruptcy, they might naturally wonder whether they should file together.  They might also wonder what the ramifications would be if they do not.  For most couples, filing jointly will be to their benefit as it will afford both spouses the benefits implied by the bankruptcy, rather than simply conferring these benefits on one spouse but not the other.  However, there are certain circumstances in which this is also not the case.  Herein we shall examine when and why spouses may wish to file together, and what choosing not to file together ultimately looks like.  

For anyone who finds themselves facing the prospect of overwhelming or unmanageable debt, a very common course of action that many consider involves borrowing against a 401K or similar retirement account) to obtain liquid funds which may then be used towards existing or outstanding debts.  When this occurs, it creates something known as a 401K loan, which is effectively a loan issued by a financial institution (typically the same institution administering the 401K) that is then in turn secured by the funds deposited in the 401K.  

Most people mistakenly think of bankruptcy as a bad thing. However, bankruptcy can potentially save you money in a few different ways. Even though you may have to pay to hire an attorney, filing bankruptcy is still a good deal. Filing bankruptcy can help you deal with your debt and save you money. Here are some of the ways a bankruptcy can help you save money. 

 A home is among the most important thing that any person can ever possess or own.  They stand at the center of our lives and serve as a source of shelter, security and identity

If you are filing bankruptcy, the bankruptcy code requires that you complete a credit counseling course prior to filing. Everyone that files a bankruptcy is required to take a course. This can be done online or by telephone. The course usually takes between 30 and 60 minutes to complete. In order to proceed with the bankruptcy, process you will have to submit a certificate of completion to the court. Your attorney will help with this.

At LifeBack Law Firm, we see this time and time again. People who don’t spend enough time vetting their bankruptcy attorney only to regret the one they chose in haste. We have seen firms, which use software to obtain and try to prevent bad Google Reviews from even showing. It is a slimy tactic engaged in by some because their underlying business model sucks. I have also seen firms engage in geographic origin fraud. Claiming to be at locations, they have not been at in many years. One firm engaged in this took down over 200 false and fake Google Map listings!

Filing for bankruptcy can be an intimidating process. There are many misconceptions and myths surrounding bankruptcy. These myths may be preventing you from seeking help. Here are some common myths surrounding bankruptcy and why they aren’t true. 

One of the main benefits of filing for bankruptcy is that it can provide relief from the stress of debt. Dealing with relentless calls, text, emails and letters from creditors can be overwhelming while you are trying to meet your financial obligations. Bankruptcy gives you room to breathe. When you file for bankruptcy the automatic stay goes into effect immediately. The automatic stay requires creditors to stop their collection efforts. You may be wondering who long it will take for creditors to stop contacting you? 

Life happens, sometimes you fall behind on bills and debts pile up. You may have fallen behind on your child support payments. Bankruptcy offers a chance to eliminate your debt and start over. You may be wondering if you past due child support can be discharged or wiped out by a bankruptcy. While bankruptcy can provide a fresh start, not all debts can be discharged. 

A frequently asked question by people dealing with unmanageable debt who might be either moving to or from Minnesota is - where should I file?  You might also wonder whether the timing of a filing is relevant in such a situation, or whether it might be more advantageous to file in one state versus another.  Herein we shall answer this questions and analyze how the process of selecting a venue for filing bankruptcy functions.  

Legally you do not need a bankruptcy attorney to file bankruptcy. With all of the information available online you may be wondering if you actually need to hire a bankruptcy attorney. However, the process can be complex and overwhelming for those unfamiliar with bankruptcy law. Your best option to avoid any complications and pitfalls is to hire an experienced bankruptcy attorney. 

In recent years, it has become increasingly common for individuals to add the name of a friend or a relative to the title, or deed, of an asset.  This primarily occurs due to a desire to either prepare for the asset to be passed on to that person after the eventual death of the original owner, or as is often the case with bank accounts, to allow the person whose name has been added to assist in managing and monitoring the asset.  For anyone who is contemplating bankruptcy, such a circumstance might well lead them to question the extent to which the inclusion of their name on a title or deed could be relevant in bankruptcy, and if so, how?