A Chapter 13 Bankruptcy last a minimum of 36 months, and more frequently lasts for 60 months. During that 36 to 60 month time frame, the Debtor will be making monthly payments, known as Plan payments to the Trustee. So it should not come as a surprise that things can happen that can have an [...]
Kevin Gipson
One of the hardest issues for a bankruptcy attorney to deal with is the issue of the Reaffirmation Agreement. When a person files a Chapter 7 bankruptcy he is given a rare opportunity: To start over fresh without his debts! This means that a debtor has the right to get rid of both his debts to unsecured creditors and secured [...]
A common concern that potential clients have is what will happen to a co-debtor if the client decides to file for bankruptcy. Most often the issue comes up when a friend or family member has co-signed for a car for the client, and the client has gotten behind on payments. The potential debtor is usually [...]
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 [...]
What is cross collateralization and how can it affect your Bankruptcy? When a loan is cross-collateralized it means that you have made an unsecured creditor into a secured creditor. How does this happen? When you purchase a car, it is common for the documents you sign to give the lender a security interest in the [...]
A common question I get this time of year is whether the trustee will take the debtor’s tax refund if he files for bankruptcy. The answer depends upon many factors. The Trustee has a duty to administer non exempt assets if those assets are worthy of administration. For a tax refund to be worthy of administration the [...]
