Debtors wishing to file bankruptcy are required to successfully complete a credit counseling course during the 180 days prior to filing bankruptcy. However, debtors that can show that they are incapacitated due to mental or physical disability may be exempt from this requirement. Under Sec. 109(h)(4) of the Bankruptcy Code, a debtor may be excused […]
BEFORE GETTING MARRIED YOU MAY WANT TO CONSULT A BANKRUPTCY ATTORNEY
Marriage can offer many financial benefits, including tax advantages, two incomes, and someone to share expenses. Unfortunately, getting married can cost you a great deal if you need to file bankruptcy. Getting married can make a person ineligible for Chapter 7 bankruptcy and increase their payments in Chapter 13 bankruptcy. I’m going to use an […]
Beware the Creditor Offering to Settle Your Debt!
I talk to people everyday that tell me that a creditor has offered to settle their debt for less than what they owe. unfortunately these creditors rarely tell the whole truth about how much settling their debt will actually cost. When a creditor cancels a portion of a debt, they report the amount of the […]
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. […]
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 […]