Bankruptcy

Marriage doesn’t create a personal obligation on behalf of both spouses to be liable for a debt. Liability for credit cards and home loans arises by agreement and is incurred by those who sign the loan or credit application. An exception is that the filing of a joint tax return…

One of the many differences between a chapter 7 and chapter 13 bankruptcy is that; the filing of a chapter 13 bankruptcy allows the debtor to retain its unexempt assets while making payments towards its creditors. The percentage that is paid back to the creditors ranges from one percent to…

All consumers filing a bankruptcy case must complete Form 22A-1 (Chapter 7 cases) or Form 22C-1 (Chapter 13 cases), more commonly known as the “means test,” and submit it with their bankruptcy petition. This “test” is actually a simplistic measure of a bankruptcy debtor’s capacity, i.e., the amount of money,…

The pinnacle of a chapter 11 bankruptcy is the confirmation of a plan of reorganization proposed and executed by the debtor. This requires that the debtor file a plan which is accepted by the required class of creditors prior to the court confirming the plan. The plan will outline the…

Once a bankruptcy case is filed, most creditors are instantly prohibited from continuing collection efforts against a bankruptcy debtor by the “automatic stay.” Car lenders are included in the list of creditors who, because of the automatic stay, may neither commence nor continue collection efforts against a bankruptcy debtor. The…

Once a bankruptcy case is filed, most creditors are instantly prohibited from continuing collection efforts against a bankruptcy debtor by the “automatic stay.” Car lenders are included in the list of creditors who, because of the automatic stay, may neither commence nor continue collection efforts against a bankruptcy debtor. The…

Florida is still one of the leading states for foreclosed properties. To deal with foreclosure, many bankruptcy debtors utilize “lien stripping” to avoid second mortgages, secured lines of credit, and homeowner association liens on their real property. Once a lien is stripped or avoided, the bankruptcy debtor’s personal liability for…

Chapter 13 debtors may keep motor vehicles that are the collateral for a loan in a Chapter 13 bankruptcy case. Debtors that are current may continue to make monthly payments on the loan inside or outside of their Chapter 13 repayment plan. Debtors that are not current may pay any…

The stigma of bankruptcy is overwhelming for some people. It is an enduring consequence of bankruptcy for debtors who experience a negative societal perception of bankruptcy filings. The stigma was certainly reinforced by the BAPCPA amendments which aimed at resurrecting the stigmatic effect of filing for bankruptcy. For debtors who…