Chapter 7 buys you some time by stopping a foreclosure or delaying one from starting, and may also prevent liens from hitting your home. Chapter 7 “Straight Bankruptcy” vs. Chapter 13 “Adjustment of Debts” Speaking very generally, Chapter 7 buys you some time with your home while Chapter 13 buys you much more time. So the questions are: how … Read More
Smart Timing Can Make Your Chapter 13 Case Shorter
Smart timing of your Chapter 13 “adjustment of debts” case can sometimes allow you to finish your payment plan faster and save lots of money. Chapter 7 vs. Chapter 13 Two days ago we showed the importance of timing in the filing of a Chapter 7 case. The timing can affect whether you can qualify to be in a … Read More
Timing Can Be Crucial in Qualifying for Chapter 7
The timing of your Chapter 7 filing–a difference of even just a day or two–can affect whether you qualify for it based on your income.
Timing Determines Your Income for the Means Test
Most people easily pass the means test based on their relatively low income. Timing plays a huge role in calculating your income.
Avoid a Fraudulent Transfers through Good Timing
Giving a gift, or selling for less than true value, can cause problems when done before bankruptcy, but usually only if the amount is large.
Avoid Preference Payments through Good Timing
Sometimes in bankruptcy doing the honestly right thing can cause you major problems. Making preference payments is a good example of this.
The Timing of a Personal Property Cramdown
Chapter 13 cramdown doesn’t just work for vehicle loans. You can also cram down debt for the purchase of “any other thing of value.”
The Timing of a Vehicle Loan Cramdown
If your vehicle is worth less than you owe on it, with good timing cramdown could reduce your monthly payment AND the total amount you pay.
The Timing on Writing Off Recent Credit Card Debt
Using a credit card shortly before filing bankruptcy doesn’t seem right. The law agrees. Writing off this kind of debt can be a problem.
Timing for Writing Off Income Taxes
Usually you can discharge–write off–an income tax debt by just waiting long enough. Here’s how to discharge a tax debt under Chapter 7.
Bankruptcy Timing with New Medical Debts
How to know whether to delay filing bankruptcy when you’re expecting new medical services and their medical debts? Here are two examples.
Timing to Include Debts in Your Bankruptcy Case
A bankruptcy covers the debts that exist as of the time your case is filed, not future debts. So how do you know when to file your case?
Example of a Completed Chapter 7 Case
What does the completion of a successful Chapter 7 “straight bankruptcy” case look like? What happens to your debts?
Example of a Completed Chapter 13 Case
What does the completion of a successful 3-to-year Chapter 13 case look like?What happens to your assets and debts?
Finishing Your Chapter 13 Case
Finishing a Chapter 13 case successfully is a big deal. It is rewarding financially and emotionally. Here’s how it happens.