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 […]
Budgeting Tips For 2011
Here are eight ways to cut your monthly expenses… Sell household items you don’t use/want/need. Once a month, do a walkaround of your home and car, to spot needed repairs that could become costly ones if gone unnoticed. Comparison shop – always, always, always compare prices, online and in stores. Learn which stores have the […]
CAN I KEEP A CREDIT CARD WHILE IN CHAPTER 13 BANKRUPTCY?
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 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 7 BANKRUPTCY: RESCINDING REAFFIRMATION AGREEMENT
You filed Chapter 7 bankruptcy but you want to keep your house, so you reaffirmed the mortgage payment. This means that your mortgage debt will not be discharged in the bankruptcy and you will be liable for the debt. But it also means that you will get to continue living in your house. Unfortunately, after […]