The short answer to that question is maybe. It depends on it you have equity in your and if you’re behind in your mortgage. If there is no equity in your home, which means that the amount that you owe on the mortgage is more than the house is worth and you are current on […]
Well, the answer to that question is probably, yes. If the bank or some other lender repossesses your car, it’s because you’re behind in the payments, and they’ve exercised their remedies to take the car back, which is their right under the documents you signed. What you have to do then is before the car […]
Well, the answer to that question is probably yes. You can file a bankruptcy, either Chapter 7 or Chapter 13, and stay that creditor from seizing the asset, which is called a confession of the asset in Maryland, and applying it to pay down the money that you owe them on the judgment. To do that you […]
Well, the answer to that question is maybe. It depends on a few different circumstances. The income that you’re worried about is called discharge of indebtedness income, and under the Internal Revenue Code, that’s considered income to you, which can be taxed. Under the right circumstances though, you can get out from under that obligation. […]
Well, that’s going to depend on the kind of claim you have. Priorities in bankruptcy mean that some claims are going to be paid out of the pot of money available to pay creditors before other claims. Classic priorities are domestic support obligations, or taxes, or employee claims within 180 days before the bankruptcy, or if […]
The answer to this question is not very clear, because there are many factors that go into whether or not making a contribution to your IRA on the eve of your bankruptcy case is a transaction that would be considered to have been done in good faith. Typically you are allowed to perform what’s called […]
The answer to this question might surprise you. Because most paychecks are delivered into the employee’s hand a week after the end of the payment period, between the end of that period and the time the employee actually receives the paycheck that income to be received actually represents an account receivable for the employee. As […]
In many Chapter 13 cases debtors don’t get the plan exactly right the first time around. That’s because creditors haven’t filed their proof of claim yet or the trustee has a different interpretation about the amount that the debtor actually makes and their net disposal income. For these and other reasons, it is a common […]
Even though a debtor passes the means test the U.S. trustee, the case trustee, or even the creditors can review the bankruptcy case and argue that by the totality of the circumstances it would be abuse for this particular high income debtor to discharge all of their debts in Chapter 7. As a result the […]
There’s a procedure under the Bankruptcy Code that’s called claims estimation that’s used when litigation threatens to drag on for months or even years. before the amount of a claim that is owed to a creditor is actually liquidated and becomes a certain amount. That could be a problem because the debtor wants to file […]
