What to Expect During a Meeting of Creditors

When you file for bankruptcy, you will have to attend a hearing conducted by your bankruptcy trustee called a “meeting of creditors” or a 341 hearing. The purpose of this meeting is to allow the bankruptcy trustee an opportunity to ask you questions about the information you have provided in your bankruptcy petition, schedules, and [...]

By |2017-12-14T07:04:07+00:00June 27th, 2017|Bankruptcy, Bankruptcy Q&A|Comments Off on What to Expect During a Meeting of Creditors

Four Signs You May Need To File Bankruptcy

Reduced income while your expenses remain the same. Debtors who have suffered a job loss, salary reduction or have taken a job with compensation lower than what they've become accustomed to, may need to file bankruptcy.  Reduced income over the short-term may be tolerable but long-term is another matter. Bankruptcy will help debtors discharge their [...]

By |2017-12-13T04:01:57+00:00May 21st, 2010|Bankruptcy, Bankruptcy Q&A, Economy, Managing Your Finances|Comments Off on Four Signs You May Need To File Bankruptcy

How Does Chapter 11 Bankruptcy Help Small Business?

How Bankruptcy Helps Small Business Small businesses that choose to file Chapter 11 bankruptcy have an opportunity to get their financial affairs in order, reduce and get a fresh financial start. Many businesses think of bankruptcy as an end to their dream; but Chapter 11 bankruptcy is not an end to their business but rather [...]

By |2017-12-13T04:03:26+00:00May 16th, 2010|Bankruptcy, Bankruptcy Q&A, Chapter 11 Bankruptcy, Economy, Managing Your Finances|Comments Off on How Does Chapter 11 Bankruptcy Help Small Business?

Is My Inherited IRA Protected In Bankruptcy?

Under 2005 bankruptcy reform, IRAs now enjoy projection when a debtor files for bankruptcy. Traditional and Roth IRA accounts with up to $1,171,650 in them are protected from creditor seizure during bankruptcy. That amount is reviewed very three years and may be increased based on the consumer price index (CPI).  However, the $1,171,650 limit on IRA's doesn't [...]

By |2017-12-13T01:46:20+00:00May 14th, 2010|Bankruptcy Q&A, Property Exemptions, Retirement|Comments Off on Is My Inherited IRA Protected In Bankruptcy?

Should My Business File Chapter 7 Bankruptcy?

While individual debtors have the right to file Chapter 7, Chapter 11 or Chapter 13 bankruptcy, corporations and LLC's only have the right to file Chapter 11 bankruptcy or Chapter 7 bankruptcy.  While we often hear of companies filing Chapter 11 bankruptcy, we don't often get to see the inner workings of a corporate Chapter [...]

By |2017-12-13T04:04:54+00:00May 11th, 2010|Bankruptcy, Bankruptcy Q&A, Chapter 11 Bankruptcy, Chapter 7 Bankruptcy, Lawsuits|Comments Off on Should My Business File Chapter 7 Bankruptcy?

Oops! I Made A Mistake In My Chapter 13 Bankruptcy…Now What?

There are several rules that a debtor must abide by when filing Chapter 13 bankruptcy . For example, a Chapter 13 bankruptcy debtor is prohibited from transferring property without the consent of the bankruptcy court or borrowing money without first getting permission of the bankruptcy court. But what happens when a debtor inadvertently circumvents the [...]

By |2017-12-13T04:06:39+00:00May 6th, 2010|Bankruptcy, Bankruptcy Dismissal, Bankruptcy Q&A, Chapter 13 Bankruptcy, Managing Your Finances|Comments Off on Oops! I Made A Mistake In My Chapter 13 Bankruptcy…Now What?

Can I Reduce My Car Loan Interest Payments In Bankruptcy?

Car Loans and Bankruptcy If you're filing for bankruptcy, it's important to understand that car loans are treated differently in Chapter 11 bankruptcy than they are in Chapter 13 bankruptcy . If you're a high income debtor you may need to file Chapter 11 bankruptcy; but one of the benefits of Chapter 11 bankruptcy is [...]

By |2017-12-13T04:07:07+00:00May 6th, 2010|Bankruptcy, Bankruptcy Q&A, Car Loans / Title Loans, Chapter 11 Bankruptcy, Chapter 13 Bankruptcy|Comments Off on Can I Reduce My Car Loan Interest Payments In Bankruptcy?

How Does The Chapter 13 Bankruptcy Trustee Get Paid?

When a debtor files Chapter 13 bankruptcy , he/she is has a bankruptcy trustee appointed to their case. The bankruptcy trustee is responsible for collecting payments from the debtor and distributing that money to creditors involved in the bankruptcy case. So How Does The Chapter 13 Bankruptcy Trustee Get Paid? But what many debtors don't know [...]

By |2017-12-13T04:07:24+00:00May 5th, 2010|Bankruptcy, Bankruptcy Q&A, Chapter 13 Bankruptcy|Comments Off on How Does The Chapter 13 Bankruptcy Trustee Get Paid?

Can I Discharge My Second Mortgage In Chapter 13 Bankruptcy?

While in most cases filing for Chapter 7 bankruptcy will not impact your mortgage, Chapter 13 bankruptcy in another matter.  When a debtor files for Chapter 13 bankruptcy and has a second mortgage he/she just may be able to win a bankruptcy discharge for the second mortgage on their home if it is considered unsecured [...]

By |2017-12-13T02:26:54+00:00May 5th, 2010|Bankruptcy Q&A, Chapter 13 Bankruptcy, Loans / Mortgages, Managing Your Finances|Comments Off on Can I Discharge My Second Mortgage In Chapter 13 Bankruptcy?

How Can I Keep My Car In Bankruptcy?

In most parts of the country having a car can mean the difference between being able to keep your job or becoming unemployed.  That's why it is important that debtors considering bankruptcy understand the options available to them if they want to keep their car after filing for bankruptcy. If a debtor with a car [...]

By |2017-12-13T04:08:46+00:00May 1st, 2010|Bankruptcy, Bankruptcy Q&A, Car Loans / Title Loans, Chapter 7 Bankruptcy, Loans / Mortgages, Property Exemptions, Repossessions|Comments Off on How Can I Keep My Car In Bankruptcy?