Blog

Jan. 21, 2021

“Discharge” in the bankruptcy sense refers to clearing the debtor’s slate of all, or most, past debts. Although many people expect that filing for bankruptcy will wipe out all of their debts that is not always the case.

Jan. 21, 2021

In a Chapter 7 liquidation case, the debtor must relinquish certain property to the bankruptcy trustee so that he or she can sell the property and use the proceeds to pay off debts.

Jan. 21, 2021

Like a consumer, a business sometimes finds itself in the uncomfortable position of being unable to pay its debts.

Jan. 21, 2021

Bankruptcy law provides two basic forms of relief: (1) liquidation and (2) rehabilitation or reorganization. Most bankruptcies filed in the United States involve liquidation, which is governed by Chapter 7 of the Bankruptcy Code.

Jan. 21, 2021

A Chapter 13 proceeding, often called a wage-earner plan, is initiated by filing a petition in federal bankruptcy court. Along with the petition the debtor files various schedules detailing assets

Jan. 21, 2021

Debtors who have faced obstacles to paying off their debts when due have no doubt received more than their fair share of demanding letters and phone calls

Jan. 21, 2021

A Chapter 13 discharge affects only those debts provided for by the plan. Any debts not scheduled in the plan will remain, and the debtor will have to pay them in full, even after discharge.

Jan. 21, 2021

Bankruptcy has a long-lasting impact on a person’s credit rating, and on his or her ability to obtain credit in the future.

Jan. 21, 2021

When a Chapter 13 debtor enters into a wage-earner plan, he or she commits the next three to five years’ disposable income — that portion of the debtor’s income not required to meet the necessary needs of the debtor and his or her dependents — to the repayment of debt.

Jan. 21, 2021

In the case of In re Daley, the Sixth Circuit Court of Appeals reversed the decisions of the bankruptcy court and the district court and held that the debtor’s IRA was still entitled to an exemption from creditors in bankruptcy proceedings