Most of the time our clients want to know: “Do I have to go to court?” The answer is yes but it’s not like what you see on TV. Section 341 of the Bankruptcy Code requires that all debtors meet with the trustee and answer questions pertaining to his or her bankruptcy case. When [...]
Most people believe that if you file bankruptcy your credit will be ruined. While it is true that filing a bankruptcy case will affect your credit, it does not mean that you cannot re-establish credit after your bankruptcy case is over. Most people who file bankruptcy have already taken a hit on their credit [...]
People who file for bankruptcy seek protection from their creditors for the debts they have incurred. The U.S. Constitution gives this power to the federal government, and the federal government has established U.S. Bankruptcy Courts to handle bankruptcy proceedings across the country. When a person files for bankruptcy protection, he or she creates a bankruptcy estate. A bankruptcy [...]
The means test is often the starting point for anyone who is filing for bankruptcy. It determines if you are eligible for Chapter 7 bankruptcy, and impacts your plan length in Chapter 13 bankruptcy. The means test is a complicated form, and mistakes are common. Read on to find out what some of the most [...]
Prior to October 17, 2005, it was largely up to a bankruptcy judge to decide whether a debtor met Chapter 7 requirements. Judges, therefore, could use substantial discretion when assessing the debtor's financial situation. As a result, under the old law, most filers chose to have debt discharged even if they were financially capable of [...]
