A Chapter 13 bankruptcy will normally take a minimum of 3 years and may have to continue for 5 years depending upon the income of the debtor. Because of the length of time involved in a Chapter 13, there is always the very real possibility that the debtor may have unanticipated major expenses during the [...]
Chapter 13 Bankruptcy
Today the 4th Circuit Court of Appeals entered a very brief opinion upholding the bankruptcy court opinion that is great news for bankruptcy debtors, holding that junior liens — second mortgages, home equity loans, etc. — can be “stripped off” of a Debtor’s principal residence in a Chapter 13 case when they are wholly unsecured by [...]
What happens to a co-debtor when a debtor files for bankruptcy depends upon the type of case that is filed. Many clients come to my office relieved to find out that a bankruptcy stays proceedings against them, but they worry about whether there is a stay of proceedings for the co-debtor. The client is justified in worrying about the [...]
The New Bankruptcy Law [is] Five Years Old, so says Susanne Robicsek in her October 17, 2010 anniversary blog about bankruptcy reform legislation enacted in 2005. Tragically, now the old bankruptcy law is dead, in that all cases filed under the prior law have concluded, or should have by now. Chapter 7 cases usually complete [...]
The bankruptcy means test gets meaner on November 1, 2010, when falling income guidelines go into effect. Consumers thinking of filing bankruptcy who may be close to the median income line should compare the BEFORE and AFTER figures. Filing bankruptcy by Halloween may be a good idea for some consumer debtors. It is no surprise [...]
