I probably answer over a hundred questions for my clients each week. Unfortunately, my answers are often long, complicated or the oh-so-helpful “it depends.” Luckily, once in a while, I get a question like the one in the title of this article, and I get to give a simple, easy to understand answer. “No.” I […]
Can I Keep My Car If I Am In Bankruptcy Proceedings?
If you are considering filing for bankruptcy, you likely have certain assets that you want to keep during and after the proceedings are completed. Most states allow bankruptcy exemptions. Exemptions are those assets that are allowed under state and/or federal law to be withheld from the bankruptcy estate, and therefore are untouchable by the creditors. […]
CAN I PAY TITHING TO MY CHURCH WHILE IN BANKRUPTCY?
Sections 707(b)(2) and 1325(b) of The Bankruptcy Code provide that debtors in bankruptcy may list tithing and other charitable contributions as a deduction when determining eligibility to file Chapter 7 bankruptcy and when calculating a Chapter 13 plan payment. Not all charitable contributions can be treated as a valid deduction. Charitable contributions must be paid […]
CHAPTER 13 BANKRUPTCY: WHEN IS MY FIRST PAYMENT DUE?
Under the Bankruptcy Code, your first payment is due “not later than 30 days after the date of the filing of the plan or the order for relief.” 11 U.S.C. § 1326(a)(1). This means that once a case is filed, the trustee must have a payment in hand within 30 days. A payment mailed on […]
CHAPTER 7 BANKRUPTCY: NEGOTIATING A BETTER DEAL ON YOUR SECURED DEBT
The purpose of filing Chapter 7 bankruptcy is to discharge debt. However, discharging debt doesn’t remove liens on secured property, so although your liability for repaying a debt may be discharged, if you don’t continue making payments to secured creditors, they will likely enforce their lien through foreclosure or repossession. Debtors who wish to keep […]