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Blog Posts in January, 2013

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  • Can I Keep My Vehicle in Chapter 7 Bankruptcy?

    Posted By admin || 31-Jan-2013

    Many consumers may wonder if they can keep their vehicle in a Chapter 7 bankruptcy. There is a motor vehicle exemption that may help protect your vehicle including any equity it may have. In understanding how much protection you qualify for includes reviewing the amount of equity you have in your vehicle. This often depends on whether you own the vehicle free and clear (meaning you have the full ...
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  • Allmand Law Firm Has Partnered With 'Cell Phones for Soldiers' To Provide Troops with Free Calls Home

    Posted By admin || 30-Jan-2013

    Here at Allmand Law we understand that charitable giving and volunteerism is an integral part of our commitment to serving our communities. The team here at Allmand Law is proud to announce our support for Cell Phones for Soldiers, a non-profit organization dedicated to providing cost-free communication services to active duty military members and veterans. Allmand Law Firm and Cell Phones for ...
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  • How Does Chapter 13 Bankruptcy Deal with Unsecured Debt?

    Posted By admin || 30-Jan-2013

    Chapter 13 Bankruptcy and Unsecured Debt Chapter 13 bankruptcy is a repayment plan approved by the court. It helps debtors repay debt obligations within 3 to 5 years. There are certain debts that are required to be paid through this plan. The chapter is commonly filed by those wanting to keep property such as their home or vehicle while getting caught up on payments. Certain debts have higher ...
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  • Bankruptcy: Should I Wait to File Before or After My Tax Refund

    Posted By admin || 29-Jan-2013

    Sometimes waiting to file bankruptcy is a better option for those wanting to keep their refund. Yet, it is possible to have your refund protected if it meets requirements depending on the state you reside. There is also the issue of being married and filing a joint return and wondering if the decision to file may affect your spouse. In many cases, it may be best to wait and file bankruptcy after ...
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  • Considering Bankruptcy? 5 Factors Debtors Should Review

    Posted By admin || 28-Jan-2013

    Before filing bankruptcy you should have a clear idea of what is going on with your finances. In short, review your situation in detail to understand if bankruptcy is the right solution. Discussing your situation with a bankruptcy attorney may include comparing other options to help resolve problems. Learning how bankruptcy can help you is one matter, but understanding the facts about it is ...
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  • How Do You Know the Value of Personal Property in Bankruptcy?

    Posted By admin || 25-Jan-2013

    Bankruptcy Appraisal on Personal Property Part of the filing process in bankruptcy includes listing personal property and its value. In bankruptcy you refer to the replacement value or the amount it would be worth if sold by a retail merchant based on the condition and age of the property. Depending on the item itself, you'll get an idea on how you should determine its value. Supporting ...
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  • Can a New Chapter 13 Bankruptcy Case Be Filed after Getting Dismissed?

    Posted By admin || 24-Jan-2013

    If you filed for Chapter 13 bankruptcy in the past and your case got dismissed, you may be able to file a new case. There are several factors that may need to be reviewed this time around. It is likely your situation has changed or is different from when you filed previously. Because of this, you should discuss the possibility of filing a new case with your attorney before proceeding. Usually, a ...
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  • Top 4 Benefits of Bankruptcy

    Posted By admin || 23-Jan-2013

    People often associate bankruptcy with the ability to wipe out or eliminate debt to gain a fresh start. Yet, the filing process has other advantages such as property protection, which can make things easier for debtors while getting finances back in order. Bankruptcy can stop creditor harassment and ease the stress associated with overwhelming debt. In helping understand how the process helps ...
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  • Video Game Maker Atari U.S. Seeks Bankruptcy Protection

    Posted By admin || 22-Jan-2013

    Popular video game company Atari U.S. files Chapter 11 bankruptcy in an effort to help the company expand into new digital and mobile gaming concepts. The company has faced numerous financial problems in recent years. Close to 90 percent of Americans recognize the game company logo with some of their most popular games include "Pong" and "Asteroids." Atari is also using the filing to separate from ...
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  • Is It Better to Use Retirement Funds to Pay Off Debt Prior to Filing Bankruptcy?

    Posted By admin || 18-Jan-2013

    Is It Better to Use Retirement Funds or File Bankruptcy? Retirement funds are commonly used to pay off debt when a person wants to avoid filing bankruptcy. Yet, in some cases when you avoid filing it can put more strain on your finances. It is understandable you want to take care of your financial obligations, but using retirement funds to pay off debt can be a mistake for several reasons. Many ...
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  • Can Bankruptcy Eliminate Debt from Unpaid or Unfiled Tax Returns?

    Posted By admin || 17-Jan-2013

    Bankruptcy and Unpaid Tax Returns Bankruptcy has the ability to wipe out tax debt but income tax returns need to be filed. Tax debt is subject to specific qualifications in order for it to be discharged or eliminated after your case is filed. There are several factors to review if wiping out tax debt is an option you are considering. In order for bankruptcy to eliminate tax debt, income tax ...
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  • Can Bankruptcy Be a Solution for Curing Tax Debt?

    Posted By admin || 16-Jan-2013

    Taxpayers are often under the impression they cannot discharge tax debt. While bankruptcy is a powerful legal tool that may help you gain control of your finances and eliminate qualifying debt, it can help discharge tax debt in certain circumstances. There are different types of tax debt consumers deal with, yet in bankruptcy income tax debt is the most common that is dischargeable after meeting ...
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  • Being Sued: Should a Case Be Heard in Court before Deciding to File Bankruptcy?

    Posted By admin || 15-Jan-2013

    In most situations, it may not make a difference when you file bankruptcy. If the judgment is related to unsecured debt it is likely to get discharged. Some people may decide to file when they receive a summons learning of a creditor seeking to take legal action. Others may decide to submit an answer or appear in court, and then seek to file bankruptcy protection after their appearance. It often ...
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  • 5 Financial Situations Where Bankruptcy Makes Sense

    Posted By admin || 14-Jan-2013

    Deciding to file bankruptcy can be confusing. People often choose not to file because of misleading information, lack of understanding and fear of not knowing what will happen in the future. These factors have been known to make financial situations even worse since debtors put off the filing process. Upon gaining a better understanding of how the process can improve their finances, many wish they ...
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  • Can Chapter 7 Bankruptcy Help Protect Life Insurance Proceeds?

    Posted By admin || 11-Jan-2013

    Bankruptcy and Life Insurance Proceeds The law does show a considerable amount of respect when it comes to life insurance. Life insurance proceeds may be considered property of the bankruptcy estate depending on how you are entitled to them. There are exemptions that may help protect proceeds, but it is important to disclose details of an insurance payout to your attorney or trustee so that ...
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  • Can I Keep a Cash Gift Received While in Chapter 7 Bankruptcy?

    Posted By admin || 10-Jan-2013

    A cash gift received while in bankruptcy may be protected, but if you were entitled to receive it before you filed this is an issue to review in more detail. It comes down to understanding if the cash gift was in fact a "gift." If there is no entitlement prior to the filing than most likely you'll be able to keep it. There are other situations to consider depending on what type of gift you ...
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  • In Chapter 13 Will My Tax Refund Be Collected Each Year I Am In Bankruptcy?

    Posted By admin || 9-Jan-2013

    During the duration of your Chapter 13 bankruptcy case you may be required to provide information about your taxes. This may simply involve forwarding a copy of your completed return to your trustee. Your trustee will know whether or not your tax refund will need to be collected. There are a few factors to consider when it comes to your tax refund in Chapter 13. For the most part it depends on ...
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  • When Filing Bankruptcy What Types of Income Is Reviewed on the Means Test?

    Posted By admin || 8-Jan-2013

    What Types of Income Is Reviewed on the Means Test? The Means Test helps in determining eligibility for bankruptcy. The test gives a general idea of whether or not you have the ability to pay on outstanding debt. Depending on the income requirements for your state the test provides details on which bankruptcy chapter you may qualify for; Chapter 7 or Chapter 13 bankruptcy. The Means Test looks at ...
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  • Can I Keep My Credit Card if I File Chapter 7 Bankruptcy?

    Posted By admin || 4-Jan-2013

    Most people look to file Chapter 7 bankruptcy to eliminate credit card debt. Some feel it may not be a good idea to keep your credit card especially if you plan on using it after your case is completed. The good news is it is possible to keep your credit card after filing bankruptcy. Many like to have at least one credit card afterwards for emergencies or when certain times call for a credit card ...
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  • Can I File Bankruptcy by Myself If I Am Married?

    Posted By admin || 3-Jan-2013

    As a married individual you can choose to file bankruptcy on your own without your spouse. It is a common question asked upon married individuals since you can file a joint petition with your spouse, but you don't have to. In some cases, it may be better for you to file without your spouse if the outcome is more beneficial. Filing Bankruptcy as an Individual Without Your Spouse If you decide to ...
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  • Requirements to Complete in Order to Obtain Discharge of Debts in Bankruptcy

    Posted By admin || 2-Jan-2013

    If you plan on filing for bankruptcy protection you'll need to review qualifications and requirements in order to obtain a successful discharge. This includes getting credit counseling with an approved government organization within 180 days of filing your petition. A debtor education course is also required for debt discharge approval. It is important to consult with your bankruptcy attorney to ...
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