Latest on the Bankruptcy Blog

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

When you are overwhelmed in debt and wondering how you’re going to pay your bills, the thought of paying a bankruptcy attorney can be daunting. When you file bankruptcy, there are additional fees involved besides just paying your lawyer. Filing Fees When you file your paperwork with the court, there will be a filing fee.  … Read more

Some of the more popular scams are targeted against people that have had recent financial problems. Names and contact information can be obtained from those that file bankruptcies from court records, foreclosure records, and debt collectors list. These scammers are assuming you will be desperate enough to make bad decisions regarding your credit. Some lenders  … Read more

When you file bankruptcy, a court-appointed trustee will be assigned to your case. This trustee will remain active in your case for the entire proceedings. The trustee is there to protect your creditor’s interest and make sure you are being fair and honest regarding your debt. Chapter 7 In Chapter 7 bankruptcy, your trustee will  … Read more

For personal bankruptcy, anyone who lives in or has property in the United States can file bankruptcy. There are a few exceptions like if you can pass your states means test for Chapter 7, or if you have a reliable source of income for a Chapter 13 bankruptcy. Also, you must not have received a  … Read more