I am a bankruptcy attorney. From my point of view here are the things that most often push people into bankruptcy.
Tag Archive for: chapter 7
The Means Test is the fierce hurdle Chapter 7 bankruptcy filers have to clear to avoid having the Court dismiss or convert their cases. The kernel of the means test is this: If a debtor’s income exceeds his expenses by a certain amount proportional to his total unsecured debt, then abuse will be found, or at least abuse will be presumed. Each of these are terms of art and have specific definitions in the bankruptcy world.
In only limited cases are taxes or tax penalties dischargeable in bankruptcy. The primary issue is timing and a separate analysis must be done for each year’s taxes, interest and penalties.
The National Data Center website may have just the information you are seeking. In a new development the National Data Center has coordinated with the New Orleans Chapter 13 Trustee’s Office. At the Data Center’s website a debtor can view the latest financial information about their case: On the Case Summary page the debtor can […]
There are two types of marital debts and they are treated differently in bankruptcy. Marital property settlement debts are dischargeable in a completed Chapter 13 bankruptcy.
It might seem counterintuitive, but filing bankruptcy usually improves a credit score. The estimated 12 month post-filing credit score typically shows increases of from 25 to 100 points. Expect still greater improvement if post-filing credit is applied for, used wisely and bills are paid promptly. This is for several reasons. The bankruptcy liquidates most debts […]
For most of my clients the realization that they might need to file bankruptcy happens slowly, after much deliberation. The fact is people want to pay their bills. But over a lifetime things happen. Filing bankruptcy should be reserved for those once or twice in a lifetime situations when it is absolutely necessary. The bankruptcy […]
Within 2 weeks of your filing Chapter 7 or a Chapter 13 bankruptcy you will receive a notice in the mail scheduling your “Meeting of Creditors.” You are required to attend. At the meeting you will be sworn under oath and examined by your case Trustee. Your attorney will be sitting next to you and […]
For your initial visit with your bankruptcy attorney you may not need to bring any papers because he or she will be getting the general overview of your financial picture. That said, to file your Chapter 7 or Chapter 13 bankruptcy the following documents will eventually be required. I’ve listed them by category.
What is a reaffirmation? Do I need one? A creditor may contact your bankruptcy attorney about signing a reaffirmation agreement. This can happen with any secured debt, but is usually seen in the context of vehicle loans. The reason for the creditor’s request is this. In a Chapter 7 bankruptcy the debtor’s personal obligation to […]