In bankruptcy, debtors have the ability to avoid two types of liens, meaning they can remove the lien from the collateral and make the debt unsecured. A lien can be avoided if it impairs a debtor’s exemption to which the debtor would have been entitled if not for the lien. For example, if a debtor […]
BANKRUPTCY: AVOIDING LIENS
In bankruptcy, debtors have the ability to avoid two types of liens, meaning they can remove the lien from the collateral and make the debt unsecured. A lien can be avoided if it impairs a debtor’s exemption to which the debtor would have been entitled if not for the lien. For example, if a debtor […]
BANKRUPTCY: CREDIT COUNSELING AND DEBTOR EDUCATION
The Bankruptcy Code requires that all individuals filing bankruptcy receive credit counseling before their case is filed. Credit counseling must be provided by an agency approved by the Department of Justice’s U.S. Trustee Program. These agencies will charge a fee of around $50. Upon completion of the course, debtors receive a certificate of completion. This […]
BANKRUPTCY: YOUR CREDIT REPORT AFTER DISCHARGE
You filed bankruptcy. You filled out all the paperwork and met with your attorney. You attended a meeting with a trustee and eventually received a discharge. Now what? Well, the good news is that you are debt-free with the exception of any non-dischargable debts you may have and debts you did not wish to discharge. […]
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 […]