Yes, the timing of the filing of the bankruptcy can be critical, especially as it pertains to the family home. The short answer is that bankruptcy before divorce is usually, though not always, preferred. For more in depth information, please take a look at my interview for The Coover Law Firm at https://www.cooverlaw.com/bankruptcy-after-divorce.
Well, the short answer to that question is no. That’s not how Chapter 13 works. In Chapter 13, you have to satisfy two tests in order to confirm your proposed repayment plan. The first test is you have to pay creditors at least as much as they would get in a Chapter 7 case if you were liquidated. […]
Chapter 11 is a procedure for businesses and individuals with sophisticated financial situations. Sometimes companies and individuals are losing money and they’re losing value in their assets and that’s at the expense of creditors. When that happens a bankruptcy court will say, no you don’t have the right to continue to reorganize at the expense […]
When two or more people are liable on the same debt, they are called co-debtors. Frequently misunderstood is the fact that just because one person files bankruptcy to get protection from a creditor, if there’s a co-debtor on the obligation who hasn’t filed bankruptcy that creditor can still seize that other person’s property or wages. […]
If you’re struggling to make it from paycheck to paycheck because you’re paying credit card bills, medical bills, very old taxes or other claims that could be discharged in bankruptcy, or if your wages are being garnished from a judgment, then getting out from under those debts in a Chapter 7 or Chapter 13 bankruptcy […]
When a creditor writes off or writes down your debt, they frequently tell the IRS that you’ve received income for the amount written off. Called “discharge of indebtedness” income it’s a terrible trap for debtors/taxpayers because under the Internal Revenue Code this income can be taxed. There are two exceptions worth thinking about: First, if […]
The answer to that question is yes. Exemptions are created under state law. They’re also available under bankruptcy law but most states have opted out of using the federal bankruptcy exemptions and they want to use their own state exemptions. There are exemptions that are always available if you’re in bankruptcy or not yet in […]
