Repayment criteria in Chapter 13 bankruptcy
Debtors with income that is over the median income must then complete a schedule of expenses (the Means Test), most of which are based on... Read More
Death of a debtor
Fed. R. Bankr. P. 1016. That rule states as follows: Death or incompetency of the debtor shall not abate a liquidation case under chapter 7... Read More
Miscellaneous and Early Payoff
Bankruptcy law assumes a reasonable lifestyle, not the filer’s actual lifestyle, most people must live frugally under a Chapter 13 plan. Also, your disposable income... Read More
What is monthly plan payment in Chapter 13?
In Chapter 13, there is a trustee’s fee of 10%. Debtors to pay to the trustee for a period of 36-60 months normally. For the... Read More
What are Exemptions?
Basically, when you file bankruptcy, all of your assets become part of a bankruptcy estate. In Chapter 13, no one takes your assets unless you... Read More
What will happen to my Credit Score when I file Bankruptcy?
After filing Bankruptcy, a Debtor’s Credit Score will likely decrease. Bankruptcy is a legal right to wipe the slate clean, eliminate debt, and get a... Read More
Generally, what is a Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy, also phrased as a liquidation, typically wipes out most of a Debtor’s general unsecured debts, including credit cards and medical bills, without... Read More
Can I wipe out my child support arrearages by filing bankruptcy?
No, but bankruptcy may eliminate other debt, which may make catching up on past-due child support easier. In a Chapter 13 bankruptcy, child support arrearages... Read More