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The Bankruptcy Discharge Applies Even To The Federal Government Creditors who attempt to collect on debts that have been discharged in bankruptcy often find themselves in serious hot water with the Bankruptcy Court. Bankruptcy judges take the discharge order very seriously and will dish out punishment to those who ignore its prohibitions against continued collection […]
Grounds For Objecting to the Bankruptcy Discharge In the vast majority of cases, the bankruptcy discharge is the primary reason debtors enter the Bankruptcy Court. After all, people file bankruptcy to get rid of debt and a federal court order is certainly an effective way of making this happen. However, receiving a discharge is not […]
Follow These Steps to Pay Off Your Credit Card Debt Perhaps like many Americans your New Year’s resolution involves paying down credit card debt. After all, even the most ardent supporter of the plastic hears that little voice in the back of their head “credit card interest rates are a huge ripoff, I shouldn’t use […]
Lien Stripping in Chapter 13 Bankruptcy For our readers playing along at home, the basic rule with mortgage modification in bankruptcy is as follows: first mortgages on a debtors primary residence cannot be modified by filing for bankruptcy, however, second, third and other junior liens can be modified or “stripped” by filing for Chapter 13 […]
Bankruptcy Stops Wage Garnishment The minute a bankruptcy cases filed, an injunction called the automatic stay is issued, which prohibits creditors from trying to collect on debts that were included in the bankruptcy. The Ninth Circuit Court of Appeals has called the automatic stay “one of the most important protections in bankruptcy law.” The automatic stay […]
What Does the Bible Have to Say About Bankruptcy? Is It Ethical? Is filing for bankruptcy ethical? What does the Bible say about the debt forgiveness industry? For the religious among us, the answer to the ethical questions surrounding bankruptcy and debt forgiveness are likely to be found through our faith. Indeed, the Bible addresses […]
Is Bankruptcy Always a Last Resort? Although we’ve mentioned it time and again on the forum, it bears repeating: filing for bankruptcy is not a decision to be entered into lightly. In fact, it is important to get good information and carefully weigh your options. Having said that, delaying too long can cause unnecessary financial […]
Does a regular paycheck disqualify a consumer from filing for chapter 7 bankruptcy? If you’ve read this blog with any frequency, you’ve undoubtedly seen numerous posts about bankruptcy reform and the means test. Indeed, much has been written about the means test, the vaunted gatekeeper to chapter 7 bankruptcy protection implemented by Congress as part […]
Bankruptcy Filers Aren’t Meant To Be Left With Nothing Many people mistakenly believe that they will lose everything when they file for Chapter 7 bankruptcy. This is not the case. The bankruptcy code allows debtors to claim certain necessary property as off-limits from creditors and the trustee. That property is the debtor’s ‘exempt property.’ The […]
Filing bankruptcy doesn’t have to mean losing all of your property People considering bankruptcy often have the misperception that they will lose all of their property if they decide to file. Fact is, only non-exempt property will be eligible for sale in a chapter 7 bankruptcy. What does this mean? As a matter of public […]
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