Latest on the Bankruptcy Blog

When you file bankruptcy, your creditors must file a proof of claim with the court if they want to receive payments from your bankruptcy estate. The proof of claim forms must be submitted within 90 days after the 341 meeting (meeting of the creditors). All unsecured creditors must file a proof of claim listing the  … Read more

Bankruptcy contains a set of laws called exemptions that determine what assets you are allowed to keep when you file bankruptcy. Even though bankruptcy is governed by federal law with their own set of exemptions, you can “opt-out” of federal exemptions and choose the state you live in’s exemptions instead. Your state’s exemptions may be  … Read more

Due to the worldwide pandemic of the Coronavirus COVID-19 as part of protecting our health, many businesses have been closed. If the United States courts are open at all, many are only operating with limited staff, or the staff is working from home. Smaller courts have been closed due to possible exposure. Due to the  … Read more

For a Chapter 13 bankruptcy, you keep all of your possessions and make arrear payments to the court. These back payments can last anywhere from 36 to 60 months, depending on the amount you owe and your income. To be able to file Chapter 13, you must have a steady source of income to make  … Read more

When filing for bankruptcy, you will need to know how to classify your debt. Each category is treated differently in bankruptcy. When you send your monthly payment to the trustee in your Chapter 13 bankruptcy case, the money will be distributed to priority, secured, and if any is left to your nonpriority debt. Priority Debt  … Read more

Before filing bankruptcy, you must take a pre-filing credit course. You can take the pre-filing course on the internet or over the phone. During your case, you are required to take a second approved personal financial management course. These two courses must be completed before the bankruptcy court will discharge your debt. The second required  … Read more

Before filing for Chapter 13 bankruptcy, you must determine if you are legally able to do so. To qualify, you must meet specific requirements. You must have a steady source of income to be able to make the monthly payments to the trustee to distribute to your creditors. To file Chapter 13 bankruptcy, you must  … Read more

Chapter 7, bankruptcy is the most common form of personal bankruptcy. If you have a choice, Chapter 7 is a faster and easier form of bankruptcy. Chapter 7 effectively eliminates your debt without having to complete a payment plan. Most Chapter 7 cases are completed in three to six months. Your income must be at  … Read more

When you’re in a Chapter 13 bankruptcy case, you will need to make at least one appearance in the bankruptcy court. Soon after the creditor’s meeting, you will go before a judge for a confirmation hearing. Your plan will either be confirmed or sent back for adjustments. If your plan doesn’t meet the requirements of  … Read more