Tag: chapter 13
Bankruptcy Filings: Penney’s, Pandemic & Personal Filings
2020 has been a year marked by trauma, virus, political upheaval and bankruptcy filings. For years the ease of online shopping gained enormous popularity. How easy is it to simply search, click and buy as opposed to getting in the car, fighting traffic and dealing with the hassle of parking, […]
Bankruptcy After Covid-19
In the midst of Covid-19, Congress passed a relief package which included changes to bankruptcy law after Covid-19. Most attention to the federal government’s corona virus bill focused on stimulus payments. People looked for help to those unemployed by the pandemic. Unemployment claims skyrocketed Congressional action gave relief to those […]
5 Top Bankruptcy Facts: Weighing the Reality and the Impact
Bankruptcy facts give us some perspective on what leads up to financial problems and what this legal option involves. Americans love their credit cards. You often can’t check out of a big box store without the cashier … if there is still a cashier … trying to sell you their […]
Homestead Protection: Amounts Covered Vary by State
Think of “homestead” and you might envision a scenic home representing a historical residence or grand family estate. In the legal world, homestead law protects equity in a home from being taken by creditors. Such protections exist in state law. Nearly every U.S. state has its own homestead statute, designed to […]
Collection Lawsuits and Bankruptcy
Collection lawsuits annoy those who receive court papers. People don’t want to get in debt. The time, energy and cost of answering court papers can boggle the mind. When one of your creditors sues you in small claims court or any other court you must appear and you must file […]
Suggestion of Bankruptcy
A Suggestion of Bankruptcy is a document filed in court giving notice that one of the parties in a pending case has filed bankruptcy. If the party is a defendant the filing stops the case by virtue of the automatic stay of bankruptcy. However the document can also be filed […]
Bankruptcy Exemptions: Why You Need Them
Like an iron gate protecting an entrance, bankruptcy exemptions protect a debtor’s property against loss in bankruptcy. Theory of Bankruptcy Exemptions In the old days when a person filed bankruptcy, the story goes, their property was taken and sold or ‘liquidated’, the proceeds then divided among creditors. Any remaining debt […]
Debt Collectors and Bankruptcy Violations
Debt collectors must stop after a bankruptcy filing or they commit one of several bankruptcy violations. It doesn’t matter whether it’s a chapter 7, chapter 13 or other chapter. The filing of a bankruptcy creates what is called an automatic stay. Collection stops because the U.S. Bankruptcy Code imposes the automatic stay with […]
BANKRUPTCY: Is ADHD A Defense Against Not Disclosing All Assets?
Bankruptcy filing requires truthful, complete disclosure of all assets, income and debt. But, the bankruptcy petition, schedules and other forms go on for pages, presenting many questions and issues. One debtor claimed the medical condition of ADHD (Attention Deficit Hyperactivity Disorder) prevented him from comprehending everything. He claimed his failure to include […]
Bankruptcy Schedules Focus on Key Categories of Filer’s Finances
Bankruptcy schedules, filed with the bankruptcy petition, each focus on one aspect of the filer’s personal finances. There are 10 schedules, each designated with a letter, from A through J. Schedule A – Real Estate Schedule A requires listing of all real estate owned on the date of filing. This […]
