Photo by Scott Graham on Unsplash These are financially very challenging times for many. One of the best decisions you can make is to get free bankruptcy legal advice now. What Businesses Do Before Filing Bankruptcy The following are just a few of the companies which have filed business bankruptcy in the last couple months: Pier 1 Imports CMX Cinemas … Read More
Chapter 7 is the cleanest way to reject a vehicle lease and owe nothing. But if you have other reasons to be in Chapter 13, that works too. Ending a Vehicle Lease in Chapter 7 Our last blog post was about how a Chapter 7 “straight bankruptcy” can get you out of a vehicle lease. You can “reject” a … Read More
Chapter 13 is better with a recorded tax lien because it protects you permanently from the IRS/state. And saves you big money on that tax. Last week’s blog post was about dealing with a recorded tax lien by filing a Chapter 7 “straight bankruptcy” case. Usually the IRS’ or state’s recording of a tax lien against you effectively requires … Read More
You can avoid the risks involved with dealing with the Chapter 7 trustee if you resolve your preference problem through Chapter 13. Our last several blog posts have been about the problem of preference payments: 3 weeks ago we introduced the problem resulting from paying a favored creditor before you file bankruptcy 2 weeks ago we discussed avoiding the … Read More
Although a Chapter 13 case lasts so much longer than a Chapter 7 one, it often has huge advantages. But you have to complete it successfully. Once your Chapter 13 payment plan gets approved at the “confirmation hearing,” your case is on its way. Now you have to comply with that plan to get the advantages that Chapter … Read More
At the Confirmation Hearing (which you almost never need to attend) the bankruptcy judge “confirms” (approves) your Chapter 13 payment plan. The Chapter 13 Plan As we said last week about the Meeting of Creditors, a Chapter 13 case is all about “the plan.” The plan is your financial road map during the 3 to 5 years that you … Read More
At the Chapter 13 Meeting of Creditors you, your lawyer, & the trustee discuss your payment plan and any creditor & trustee questions. The Chapter 13 Payment Plan The core of your Chapter 13 “adjustment of debts” case is the payment plan. The plan is a detailed outline of who you will pay, how much, and when. A Chapter … Read More
It’s a new year. What could be a better resolution than to get a new financial start for 2018!? What could be better than that? An Overall New Financial Start Get a new start by discharging (permanently, legally writing off) all or most of your debts. If you have mostly consumer or small business debts you have two main … Read More
Why should you keep an open mind about filing under Chapter 7 vs. Chapter 13? Here’s an example why. Last time we introduced some of the main differences between Chapter 7 and Chapter 13. We suggested that you learn about them but also keep an open mind when you go see a Louisville bankruptcy lawyer. At that meeting you will always hear … Read More
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
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.”
What does the completion of a successful 3-to-year Chapter 13 case look like?What happens to your assets and debts?
The Chapter 13 trustee is an important player in your “adjustment of debts” case so it helps to know how to deal with him or her.
When deciding to file a Chapter 13 jointly with your spouse, realize that you can split that case later into two cases if you get divorced.
When deciding between Chapter 7 and 13, if you choose a Chapter 13 payment plan realize that converting later to Chapter 7 is an option.