Archive for category: Bankruptcy

The Importance of Gathering Documents in a Timely Manner When Filing for Bankruptcy

Why You Need to Gather So Many Damn Documents When a client retains me for a bankruptcy consult, they need to gather quite a bit of information in order for me to file their petition.  The bankruptcy Trustee looks at the last six months of household income in order to determine if the debtor(s) fall […]

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Why would a bankruptcy trustee apply to appoint legal counsel?

When you file for bankruptcy you must appear in front of a trustee, who has the responsibility of overseeing your bankruptcy. While the trustee mainly has the duty to review the bankruptcy petition, examine the debtor under oath, and oversee the payment of creditors, there are times when a trustee might actually need to hire […]

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Chapter 13 and Divorce

You and your spouse filed a joint Chapter 13 bankruptcy, and now things have gone south with your marriage. If you and your spouse are facing a divorce after you’ve filed Chapter 13, there are several things to consider. First and foremost, your bankruptcy attorney may face a conflict of interest if you and your […]

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How can filing Chapter 7 bankruptcy affect your business?

When a Chapter 7 bankruptcy is filed, an immediate hold goes on any collection activities by your creditors. In a personal bankruptcy, all dischargeable debts go away and the debtor is no longer responsible for paying the debt. A trustee sells of any non-exempt assets and pays creditors in order of their priority. For a […]

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Valuation Services: How much do you actually have?

When an individual files bankruptcy, there is often a dispute between the debtor and his creditors as to how much money the debtor actually has available to pay off his obligations. In these situations, a bankruptcy court (or the individual debtor) may implement a valuation service to determine the worth of assets from an objective […]

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When Can I Discharge My Tax Debt?

If you’re thinking about filing bankruptcy, you may wonder if your tax debts are dischargeable. Some income tax debts are in fact dischargeable, but they must meet the five criteria listed below: The tax debt must be from a tax return that was due at least three years before you filed bankruptcy. The due date […]

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Individual Chapter 11 Bankruptcies

What is an Individual Chapter 11 Bankruptcy and Why would I need one? Chapter 11 bankruptcy is an option available to individuals, even though it is most commonly used by businesses. While most people file a Chapter 7 or Chapter 13 bankruptcy, Chapter 11 favorable to those whose income exceeds the amount allowed by Chapter […]

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Income Considered When Determining Eligibility for a Chapter 7 Bankruptcy

What income does the court consider when determining a debtor’s eligibility for filing a Chapter 7 Bankruptcy? Any income that a debtor receives other than social security or social security disability income will be considered by the court in the means test.  Very, simply put the means test is the method of calculating your average […]

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How Does Bankruptcy Effect Your Job Search?

Does a previous Bankruptcy effect your ability to find employment? You might be surprised to discover that it is actually much more counterproductive to your job search to have negative items effecting your credit, such as repossessions, foreclosures, charged off accounts, etc., than a bankruptcy discharge.  The likely reason that prospective employers prefer bankruptcy to […]

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The Role of the Bankruptcy Trustee

The Trustee’s Role in a Chapter 7 Bankruptcy When a debtor files a Chaptor 7 bankruptcy the United States Trustee appoints a trustee to liquidate any non-exempt assets of the debtor and dispense those funds to the creditors.  Each state sets different exemption amounts for different types of property. The Trustee’s Role in a Chapter 13 […]

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