The Petition requesting relief and the Schedules of assets, debts, income, and expenses are the key documents filed in your bankruptcy case.
These two requirements are quite straightforward to accomplish, but can trip you up if you don’t take care of them when you need to.
Bankruptcy is a lot easier to understand and much more comfortable to go through when you know who’s who.
Here’s what happens to “priority” debts in an “asset case.”
Your debts can be “secured,” “priority,” or “general unsecured.” How bankruptcy treats your debts depends on which kind they are.
Bankruptcy can’t get rid of most creditor liens on what you own. But judgment liens that can be “avoided” on your home are an exception. Our last blog post was about judgment liens, why they are so dangerous, and how both Chapter 7 and 13 types of bankruptcy can deal with them. Today’s blog post explains what determines whether a … Read More
You may have extra motivation and greater ability to repay a personally important debt this time of year. But maybe you shouldn’t.
An underappreciated benefit of filing bankruptcy is that you can usually remove judgment liens from your home’s title.
“Credit counseling” has to be done shortly before filing bankruptcy, “debtor education” shortly after. The latter may even be worthwhile.
This is a usually an easy hoop to jump through, but do it with the right timing.
The decision to file a Chapter 13 case may be an easier one if you know that you can always change it into a Chapter 7 one if needed.
The ability to convert to a Chapter 13 case can be extremely important if something unexpected happens soon after filing a Chapter 7 case.
You can file bankruptcy without your spouse, but the better question is whether it is wise to do so.
You don’t like the idea of disclosing your financial life to the bankruptcy court. Can’t it be done with some privacy?
Give your asset to the Chapter 7 trustee to pay a very special creditor. Either because you donât need that asset or itâs your best option.