Date archive for July, 2009
How Can a Chapter 13 Plan Be Modified Post-Confirmation?
by Drew Broaddus on 7/31/09 | 0 Comment(s)
Chapter 13 of the Bankruptcy Code provides for the adjustment of an individual’s debts, when the individual has regular income, by allowing the debtor to keep property and pay debts over time (usually three to five years) pursuant to a Plan. (For information on Chapter 13 generally, see http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter13.html). In these uncertain economic times, it Read more>>
How Long Does Bankruptcy Stay on my Credit?
by Jeff Herrick on 7/29/09 | 0 Comment(s)
Have you ever wondered how long a bankruptcy stays on your credit report? According to the Federal Fair Credit Reporting Act, any bankruptcy filed can remain on your credit report for 10 years. However, some of the credit reporting agencies treat certain bankruptcy filings differently and therefore have different periods of time that a bankruptcy Read more>>
Common Mistakes When Trying to Avoid Bankruptcy
by Richard O'Connor on 7/27/09 | 0 Comment(s)
It is not uncommon for people with the best intentions to make bad decisions in an attempt to pay off debts and avoid filing for Bankruptcy. Filing for bankruptcy protection is not something to take lightly, but it is not the end of the world either. Bankruptcy laws have existed since this Read more>>
Should I liquidate my 401k/IRA to save my credit/avoid bankruptcy?
by John C. Colwell on 7/26/09 | 0 Comment(s)
No. First of all, if you are considering this kind of asset liquidation, consider that your 401k / IRA is your retirement that you have saved for you. Despite calls from some of our ‘leaders’ in Washington, DC, for ‘personal responsibility’, the truth is that our government has not been fiscally, nor ‘personally’ responsible with Read more>>
What Do We Need to Know About the 2005 Amendments to the Bankruptcy Code?
by Drew Broaddus on 7/24/09 | 0 Comment(s)
Anyone reading about bankruptcy law will most likely see repeated references to the 2005 Amendments to the Bankruptcy Code. However, the significance of these amendments may not be clear to those who were not practicing bankruptcy, or were not personally involved in the process, prior to 2005. In April 2005, President Bush signed what has Read more>>
Can Michigan Driver Responsibility Fees Be Discharged?
by Drew Broaddus on 7/17/09 | 0 Comment(s)
We have received multiple calls from individuals who have been assessed Michigan Driver Responsibility fees, and are hoping that these fees can be discharged through Chapter 7. The answer to this question is not entirely obvious, as these fees are imposed pursuant to a relatively new Michigan statute, and it does not appear that the Read more>>
Be Careful With Tax Refunds in Bankruptcy
by John O'Connor on 7/16/09 | 1 Comment(s)
Ahh, tax season everyone’s favorite time of the year. While no one enjoys paying their taxes, most look forward to receiving their refund. It never hurts to have a little extra cash in the wallet. If you are considering filing for bankruptcy after January 1, it is important that you discuss how best to protect Read more>>
Student Loans & Bankruptcy
by Lorraine Greenberg on 7/16/09 | 0 Comment(s)
As a Chicago Bankruptcy Lawyer, representing consumers and families since 1981, hardly a day goes by without someone asking me about their student loans and whether the bankruptcy laws can provide them with some relief. Nowadays student loans are almost impossible to get discharged through bankruptcy. They are generally non dischargeable unless an individual can Read more>>
Is Tax Debt Dischargeable When Filing Chapter 7?
by Jeff Herrick on 7/15/09 | 0 Comment(s)
If you owe the IRS back taxes they may be dischargeable in a bankruptcy filing. However, not all tax debt will be discharged. The bankruptcy code sets forth specific criteria that must be met in order to have tax debt discharged in bankruptcy. Tax debts are associated with a particular year and a particular tax Read more>>
Protecting Property With Tenancies By The Entirety
by Richard O'Connor on 7/13/09 | 0 Comment(s)
Even if only one spouse files for Bankruptcy, a Trustee is authorized to sell jointly owned property pursuant to 11 USC 363(h). The sale must be approved by the Bankruptcy Court and should be approved only if the sale of the Debtor’s interest would realize significantly less for the Estate Read more>>
