The means test imposed on those filing bankruptcy uses certain of the IRS collection standards to create allowances for over median income debtors in certain categories. The cost of buying a car and operating a car are two of those categories.
Before means testing, my clients would frequently tell me that they spent $100 or [...]

Email is the greatest thing since sliced bread. The number one complaint from clients almost universally is that they never have enough time with their attorney. Email allows you to contact your attorney 24/7 from anywhere in the world. Email also allows you to gather your thoughts in a more complete fashion so [...]

Most Chapter 7 bankruptcies are concluded in a relatively short period of time. Once the petition and all the schedules are filed, the court will appoint a bankruptcy trustee to administer the estate, conduct a meeting of creditors, question the debtor, gather assets, and pay creditors out of any nonexempt property. Then the [...]

When a person files bankruptcy, all their property goes into the bankruptcy case and becomes part of the “bankruptcy estate.” This includes bank accounts. Often, checks have not cleared yet when the case is actually filed. But they clear immediately afterwards. The Chapter 7 trustee — who is charged with [...]

Whether you are trying to avoid bankruptcy, recover from bankruptcy, or just want to save money, finding a lower price for something you need always helps.
The Wall Street Journal had an interesting article about websites that help you find lower fares. Not everyone knows this, but you may be eligible to get money back [...]

For the past 18 months, the three major credit bureaus have been selling your name to lenders whenever you apply for a loan.  As described by Brigitte Yuille on bankrate.com, this makes you a “trigger lead” and you may be contacted by competing lenders. 
The upside is better competition for the loan you want, but the [...]

If you’re interested in opting out of so-called pre-approved offers of credit then go to OptOutPrescreen.com. This web site is a joint venture by Equifax, Experian, Innovis and TransUnion, and it allows you to opt out from receiving firm offers for either a period of five years or permanently. You can also opt back in [...]

More confusion is generated about the effect of bankruptcy and the scope of the discharge when a basic tenant of bankruptcy is overlooked:  liens on the debtor’s assets pass through bankruptcy unaffected by the discharge.
The discharge eliminates the debtor’s personal liability for a debt.  Where a debt is supported by a lien as well as [...]

You’ve been downsized, you’ve incurred a terrible amount of debt, and you need to relocate for better employment.  You can file bankruptcy first, or you can sell your home and purchase another home in your new location and then file.  You might even want to sell and hold onto the cash, filing your bankruptcy case [...]

Are you a professional debtor?  Good Question.  Very recently, an e-mail was circulated throughout a very large creditor attorney list-serve which stated exactly what I referred to in Part IV of this article.  (How I got my hands on the e-mail shall remain a secret)  The gist of the e-mail was that too many debtors [...]