The Chapter 7 Trustee Opposing Your Discharge of Debts

Wasson and ThornhillDischarge of Debts

The Chapter 7 Trustee Opposing Your Discharge of Debts

In most Chapter 7 cases nobody opposes your discharge of debts. They get written off. But the trustee is one who might raise issues.   Last week we discussed the role of the Chapter 7 trustee in reviewing your assets at the “meeting of creditors.” Today we get into the other main job of the trustee, to, “if advisable, oppose … Read More

Don’t Lose the Automatic Stay Because of a Recent Bankruptcy Filing

Wasson and ThornhillAutomatic Stay

Avoid Having No Automatic Stay

If you filed a recent bankruptcy case that was dismissed, either wait one year to file your new case or you must justify the prior dismissal.   The last few blog posts have been about situations in which the automatic stay is temporary, but still very effective. These situations have involved individual debts or sets of debts—such as income taxes … Read More

Stop Student Loan Collections to Have Time to Deal with It

Wasson and ThornhillStudent Loans

Stop Student Loan Collections to Have Time to Deal with It

Chapter 7 will stop student loan collections. Then either write off the student loans through “undue hardship” or have time to deal with it.   Our last blog post was about a Chapter 7 bankruptcy stopping a tax garnishment only temporarily. In that situation this was OK because it gave time to set up a payment program with the IRS/state. … Read More

Stop Tax Collections to Start Monthly Payment Plan

Wasson and ThornhillIncome Taxes

Stop Tax Collections to Start Monthly Payment Plan

Filing Chapter 7 bankruptcy gives you a break from income tax collections, precious time to deal with a recent tax you must still pay.   We ended the last blog post saying that sometimes a Chapter 7 bankruptcy will stop a wage garnishment only temporarily. One such situation is if the IRS (or state tax agency) is chasing you on … Read More

Avoiding Wage Garnishment by Filing Bankruptcy

Wasson and ThornhillAutomatic Stay

Creditor’s Dischargeability Objection

Filing bankruptcy avoids a wage garnishment from hitting your paycheck. Bankruptcy prevents a garnishment as long as it is filed fast enough.   Last time we got into how hiring a Louisville bankruptcy lawyer can stop a creditor from suing you. Sometimes it can also stop a creditor which has already sued from getting a judgment against you. But these … Read More

A Bankruptcy Lawyer Can Give You Immediate Relief

Wasson and ThornhillBankruptcy Advice

Benefits of Investments During Bankruptcy

Hiring a bankruptcy lawyer can buy you some immediate relief from your creditors, and prevent some crucial irreparable financial harm.   What relief can you get when you get a bankruptcy lawyer? Relief After vs. Before Filing Bankruptcy The moment you file a bankruptcy case, all or most of your creditors must legally stop collecting their debts. The law that accomplishes this is called … Read More

A Handy Summary to Chapter 7 vs. 13 for Your Secured Debts

Wasson and ThornhillSecured Debts

does chapter 13 discharge more debts than chapter 7?

Here is a handy summary of when to reaffirm your secured debt (like a vehicle loan) under Chapter 7 vs. cramming it down under Chapter 13.   The last 4 weeks of blog posts have been about options for keeping collateral through Chapter 7 and Chapter 13. Mostly these options have involved reaffirming a secured debt in Chapter 7 or … Read More

Protecting Your Vehicle If It’s Worth Too Much

Wasson and ThornhillVehicles & Bankruptcy

Protecting Your Vehicle If It’s Worth Too Much

Often your car or truck is fully protected in bankruptcy through an exemption. But if it’s worth too much bankruptcy can still protect it.   How Chapter 7 and Chapter 13 affect your vehicle and vehicle loan can determine which of these options you choose. That’s why we’ve focused the last several blog posts on the differences between these options. … Read More

Cramdown Timing Condition Only Applies to Vehicle Bought for Personal Use

Wasson and ThornhillVehicle Loans

A List of Ways Chapter 7 Buys Time for Your Vehicle or Home

The 910-day condition on doing a vehicle debt cramdown only applies if the vehicle was “acquired for the personal use of the debtor.”   The Cramdown Advantage The last several blog posts have been about the advantages of Chapter 13 cramdown, especially the cramdown of vehicle loans. Cramdown can be an excellent way to keep your vehicle. It usually allows … Read More

No Timing Conditions for Cramdown on Non-Purchase Collateral

Wasson and ThornhillSecured Debts

Smart Timing Can Make Your Chapter 13 Case Shorter

No need to comply with the timing conditions when doing a cramdown of a secured debt if the collateral was not purchased with the debt.   The Cramdown Advantage Last week we got into Chapter 13 cramdown of vehicle loans and furniture loans. Cramdown can be an excellent way to keep personal property that’s securing a loan. It allows you … Read More

Does Your Creditor Has a Valid Security Interest?

Wasson and ThornhillSecured Debts

Does Your Creditor Has a Valid Security Interest?

Whether your creditor has a security interest determines whether it has rights against your vehicle or other collateral. Find out for sure.   Reaffirmation vs. Cramdown The last four blog posts have compared Chapter 7 reaffirmation with Chapter 13 cramdown of a secured debt. With reaffirmation you keep the vehicle or other collateral but continue to owe the debt. Usually … Read More

Examples of When to Reaffirm a Debt, When to Use Chapter 13

Wasson and ThornhillSecured Debts

Tax Exception to Bankruptcy Automatic Stay

Here are examples of when to reaffirm a secured debt (like a vehicle loan) in a Chapter 7 case or instead use a Chapter 13 case.   The last blog post was about when to reaffirm a secured debt under Chapter 7 and when to handle that under Chapter 13 instead. This kind of comparison of options can get a … Read More

Furniture Loan: Reaffirm or Cramdown?

Wasson and ThornhillSecured Debts

Furniture Loan: Reaffirm or Cramdown?

Here’s an example of when it’s better to reaffirm or cramdown a furniture/appliance loan, to use a Chapter 7 case or a Chapter 13 one.   Last time we showed how cramdown on a vehicle loan can reduce the payments and the total amount you pay. The amount you save monthly and in total may be enough to justify filing … Read More

Vehicle Loan: Reaffirm or Cramdown?

Wasson and ThornhillVehicle Loans

Vehicle Loan- Reaffirm or Cramdown?

Here’s an example of when it’s better to reaffirm or cramdown a vehicle loan, to use a Chapter 7 case or a Chapter 13 one.   We’re in a series of blog posts about choosing between Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts.”  Along these lines two blog posts ago we outlined when to reaffirm a secured … Read More

When to Reaffirm a Debt, When to Use Chapter 13

Wasson and ThornhillBankruptcy Options

When to Reaffirm a Debt, When to Use Chapter 13

Reaffirming a secured debt, like a vehicle loan, can be a good way to keep that collateral/vehicle. But Chapter 13 is sometimes better.   The last 5 blog posts in December were about keeping the collateral you want by “reaffirming” the debt. “Reaffirmation” applies only to Chapter 7 “straight bankruptcy”cases. (We’ve focused mostly on reaffirming a vehicle loan.) Today we … Read More