The Bankruptcy Code provides special protection for parties’ owed domestic support obligations, such as child support, alimony, and spousal maintenance. In its present form, the Bankruptcy Code provides that domestic support obligations cannot be discharged in a Chapter 7 case and receive priority status in Chapter 13 bankruptcy plan. This priority status guarantees that domestic […]
DON’T USE HOME EQUITY LOANS TO PAY OFF YOUR CREDIT CARDS!
DON’T USE HOME EQUITY LOANS TO PAY OFF YOUR CREDIT CARDS! I have to admit, that I am a little behind the times technologically. I still have basic cable at home and I don’t have a DVR. So while many Americans can simply fast forward through television commercials, I actually watch them. One common theme […]
FILING A CLAIM IN CHAPTER 13 BANKRUPTCY ISN’T JUST FOR THE CREDITORS
In Chapter 13 bankruptcy, debtors prepare a plan to repay their creditors. Creditors have an opportunity to review the plan, and if they feel they are being treated unfairly, they can file an objection to the plan. Once all objections are resolved, and the plan is confirmed by the Court, the creditors are bound by […]
FILING BANKRUPTCY MAY IMPROVE YOUR CREDIT RATING
Many people do not file bankruptcy because they fear that it will ruin their credit score. The reality is that by the time most people start thinking about filing bankruptcy, they already have a poor credit rating, and for those people, filing bankruptcy may in fact improve their credit rating. There are several reasons why […]
FILING BANKRUPTCY TO STOP GARNISHMENT OF ACCOUNTS AND WAGES
Debtors who are having their bank accounts or wages garnished may be able to stop garnishment by filing bankruptcy. Whether the garnishment can be stopped depends on the reason for the garnishment. Garnishments due to collection of judgments, collection of student loan debt, tax liability, and arrears due to domestic support obligations can all be […]