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 […]
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. […]
I’m going to answer the question, “what is a disclosure statement?” Disclosure statement is part of the Chapter 11 process, where businesses and individuals with sophisticated financial situations are trying to reorganize their affairs. A plan of reorganization is the document where the debtor describes how the creditors are going to be treated. A disclosure […]
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 […]
Many people wonder what happens with their gift cards when a company files bankruptcy. When a company files chapter 7, they intend to close and liquidate their assests to pay off their debtors. In these cases, it is unlikely that the gift cards will be redeemable. However, when a company enters into a Chapter 11, […]
