Although it has been in effect for several years, the median income/means test provisions of the Bankruptcy Code continue to confuse potential bankruptcy filers. In my Atlanta, Georgia bankruptcy practice, I regularly get questions from new clients about the two “budgets” that are filed in Chapter 7 and Chapter 13 cases. The first “budget” is [...]
Jonathan Ginsberg
With home values flat or even trending downwards in recent months, many Chapter 7 debtors who have been discharged are asking what happens if they stop paying their mortgages and walk away from homes that are worth less than the outstanding mortgage. If you entered into a reaffirmation agreement during your Chapter 7, you remain [...]
As you may know the Bankruptcy Code provides that Chapter 13 plans must last at least three years but no more than five years. As a practical matter, most of the Chapter 13 plans I file in my Atlanta area bankruptcy practice end up as five year plans (this is because the disposable income calculations [...]
