Debtors frequently feel like bankruptcy is an obstacle course. The goal is to receive a bankruptcy discharge. Along the way, there are many hurdles to pass. Clients often ask whether they have to go to court in bankruptcy cases. The answer is hardly ever. In fact, most debtors in bankruptcy cases will never go to [...]
chapter 7 trustee
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 [...]
You may or may not lose your rental property if you file bankruptcy. The two most important issues are whether the property is producing a positive income and whether the property has any equity, as well as which chapter of bankruptcy you file. Maintaining a rental property is not without its costs. At a minimum, [...]
You may be able to deduct your student loan payment as an expense on your bankruptcy petition if you file Chapter 7, but usually cannot if you file Chapter 13. As you probably know, student loan debts are usually not dischargeable in bankruptcy. That means that if you file a Chapter 7, you will still have to pay [...]
A 32-year-old single mother of two filed for chapter 7 bankruptcy in Kansas and lost her $900 monthly lifetime annuity payment. This week she lost her attempt to protect the annuity from her creditors and the bankruptcy trustee. The chapter 7 bankruptcy trustee likely will sell the future stream of annuity payments for a lump [...]
