Bankruptcy Code
What Happens When You Inherit Property While in Bankruptcy?
When you file for bankruptcy protection everything that you own becomes property of your bankruptcy estate. But what happens to property you acquire after you file bankruptcy? Typically, after acquired property is of no concern; however, if you inherit property after your case is filed timing becomes important. 11 U.S.C. § 541 puts forth a complete…
Read MoreDebts That Are Not Discharged in Bankruptcy
Filing for bankruptcy provides individuals with a fresh start while eliminating their debt. However, not all of your debt will be wiped clean upon receiving your Discharge Order. This means that when your bankruptcy case is closed debts that are not discharged in bankruptcy will remain. Most people are aware that (1) student loans, (2)…
Read MoreBankruptcy and Tax Refund Exemptions: How to Protect Your Money
Benjamin Franklin is attributed with the saying that nothing is certain except death and taxes. And while little can be done about the certainty of death, I can help you maximize the money that stays in your pocket by utilizing your tax refund exemptions when you file for bankruptcy. On the date you file for bankruptcy,…
Read MoreChapter 13 Bankruptcy: What Does My Attorney Do?
The Duties of the Chapter 13 Bankruptcy Attorney In a Chapter 13 bankruptcy, your attorney performs the following functions: Examines your financial situation and determines whether a Chapter 13 filing is a feasible alternative for you, and if so, whether a single or a joint case should be filed; Assists you in the preparation of a budget;…
Read MoreChapter 13 Bankruptcy: How does it work?
A Quick Review of Chapter 13 Bankruptcy Chapter 13 bankruptcy is part of the bankruptcy code under which a debtor may repay all or a portion of their debts under the supervision and protection of the bankruptcy court. During this time, creditors are prohibited from contacting the debtor and the debtor is protected from foreclosure, just as…
Read More341 Creditors Meeting: A Debtor's Visit to Bankruptcy Court
In every bankruptcy, the debtor is required to visit the bankruptcy court for the 341 Creditors Meeting. The “meeting” is a hearing conducted by the bankruptcy trustee so they may ask the debtor questions about their financial condition. It is called the 341 Meeting of Creditors because the debtor’s creditors may also appear and question the…
Read MoreBankruptcy and Divorce: A Common Couple
Bankruptcy and Divorce: When your divorce leaves you broke, bankruptcy can give you a fresh start! Many times bankruptcy and divorce go together. A divorce is not only emotionally draining, but separating all the debts and assets of two people gained during a marriage can lead to financial instability. In a divorce all marital property…
Read MoreMedical Bills: Discharging Medical Debt
When medical bills make you sick, file for bankruptcy! With many Americans out of work, and therefore without health insurance, medical debt can put many families in a financial bind that is impossible to get out of. A 2009 study by Harvard researchers found that 62% of all personal bankruptcy filed was because of financial hardship…
Read More