While bankruptcy professionals groaned in dismay when Congress reduced the effectiveness of the chapter 13 “super discharge” with the 2005 Bankruptcy Reform Act, it is worthwhile to remember that chapter 13 will still discharge more debts than chapter 7.  In fact, the chapter 13 discharge is still an effective solution for several types of debts which cannot be discharged [...]

Popularity: 12% [?]

Yet another bankruptcy court has issued a ruling recognizing what should have been obvious all along: the U.S. Trustee must file its “ten day statement” regarding supposed abuse of chapter 7 as a prerequisite to any 707(b) motion, whether the motion is based upon the means test (707(b)(2)) or the “totality of the circumstances” (707(b)(3)).  [...]

Popularity: 8% [?]

When filing a personal chapter 7 or chapter 13 bankruptcy, most debtors are concerned about the effect the bankruptcy filing might have on their checking and savings accounts. After all, many debtors have banked at the same institution for years, and they do not want to have this banking relationship disrupted. This concern, [...]

Popularity: 26% [?]

In a consumer bankruptcy, the financial analysis contained on the means test form (Form B22A in chapter 7, Form B22C in chapter 13) can mean the difference between success and failure.  In a close case, it may be necessary to take every possible deduction, to avoid having the means test show that the debtor has [...]

Popularity: 14% [?]

It is unlikely the bankruptcy petition has to be amended if your income increases after the case is filed. This is because the bankruptcy petition, which is a document whose accuracy you have verified under penalty of perjury, is supposed to accurate as of the date you signed it, and as of the date [...]

Popularity: 17% [?]

You may have heard that you need to provide your lawyer with six months of paycheck stubs (advices of payment) if you want to file a bankruptcy case. While most persons will end up doing so, the actual legal requirement is not that stringent.
The bankruptcy law requires, in section 521(a)(1)(B)(iv), that you file with [...]

Popularity: 18% [?]

Part One of this article discussed the nature of the legal problems created by a transfer of property (real estate, a stock account, or some other valuable asset), for less than fair value, by a debtor prior to filing bankruptcy.  Part Two will discuss what, if anything, can be done to fix these problems.
If the debtor desires to file [...]

Popularity: 12% [?]

Occasionally, a person facing debt problems will become concerned that an item of property (real estate, a stock account, or other some other valuable asset) might be vulnerable to a judgment creditor, or that such an item could be taken from him or her in a future bankruptcy case.  Without consulting an attorney, and in a misguided [...]

Popularity: 12% [?]

The bankruptcy law requires that every debt owed by the debtor be listed in the bankruptcy papers, and that the creditor be notified by the court of the bankruptcy proceedings.  The reasons for this are many, including fairness to creditors, allowing the trustee to understand the debtor’s financial affairs, and enabling all creditors to share in [...]

Popularity: 6% [?]

If you have recently repaid a relative for money you borrowed, your bankruptcy lawyer has probably told you that the trustee will attempt to get this money back from the relative to whom you paid it. This is because of Bankruptcy Code section 547, which allows the trustee to recover money repaid to a relative [...]

Popularity: 7% [?]