In re Green 09-44481 of the Western District of Missouri Bankruptcy Court established that Social Security funds do not necessarily need to be used to pay one’s creditors. In this case the debtors have a surplus of income in the amount of $1,468.94 per month. This surplus income is solely derived from Social Security benefits. [...]
February 2010
Debtors are frequently scared of chapter 7 trustees. They don’t have to be. The general idea of bankruptcy is pretty simple. An honest debtor gets a discharge in bankruptcy. The price of a discharge in bankruptcy is that the non-exempt assets of a debtor may be sold (liquidated) and the proceeds distributed to creditors. In [...]
Most people who file bankruptcy can keep everything they own. When filing bankruptcy, a Virginia resident is entitled to keep certain property as exempt from the trustee and creditors. The major Virginia exemptions include: • Up to $5000 in household goods and furnishings. • Up to $1000 in wearing apparel. • Up to $2000 in equity in [...]
#6 My Spouse Does Not Want To Cooperate! What Do I Do Now? This continues the series I’m Filing, My Spouse Isn’t-What Happens? The series is introduced here. First, take a breath. The primary point in a bankruptcy is your good faith to fully and truthfully disclose all required information. You cannot make your spouse [...]
If you don’t take your personal financial management course, your case will be closed without discharge.
