Good planning for bankruptcy can save you money. Bad bankruptcy planning is fraud. Check out this post and this one too. Good bankruptcy planning can prepare you for your future. Bad bankruptcy planning can send you to jail. And no bankruptcy planning is almost as bad as bad bankruptcy planning. What is bankruptcy planning? [...]
David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
For the fiscal year 2010 ending June 30, 2010, over 1.5 million bankruptcy cases were filed in the United States. For the American people, that is a remarkable rate of one case every 20 seconds. Since many of these bankruptcy filings in the United States involved married couples, it’s obvious that well over 2 million [...]
People in chapter 7 bankruptcy frequently face foreclosure. They owe more on their first mortgage than their house is worth. Maybe they even have a second mortgage. That second mortgage could be a line of credit or a HELOC or just a plain vanilla mortgage loan. But, the house has gone down so far in [...]
A bankruptcy trustee might be able to take your income tax refund whether you have filed a chapter 7 or chapter 13 bankruptcy case. Some courts say that this procedure is improper – but it happens every day in many places. How can this be? Well, income tax refunds in chapter 13 are “property [...]
Most people who make more than the median income must pass the means test if they want to file a chapter 7 case. But people whose debts are not primarily consumer debts don’t have to pass the means test. What does this mean? Well, first we need to know what consumer debts are. The Bankruptcy [...]
An alternative to bankruptcy tops every debtor’s wish list. “Don’t file bankruptcy”, warn debt settlement companies on the radio, feeding that desire. Instead, they want you to pay your money to them. They say they will help you save up a big pot of money and then settle your debts for pennies on the dollar [...]
