If you are a co-signer of a debt you may not have to pay back the debt or obligation. It all depends on whether the debt is dischargeable. If the debt is considered a dischargeable debt then you will not be responsible for the debt and it will be wiped out by the bankruptcy filing. [...]
How Can Bankruptcy Help You Keep Your Home, Stop Foreclosure and Modify Your Mortgage?
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Florida Homes are Underwater. Is Bankruptcy the Solution? So many homes in Florida are now worth less than their mortgages. Most folks that come to see me have a first and a second mortgage, or a mortgage and a Home Equity Line of Credit (HELOC) that together exceed the value of their home, preventing them [...]
Must a Ch. 7 debtor sign and file a reaffirmation agreement to keep a car? Dumont vs. Ford Motor Credit
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Well, in the 9th Circuit, the answer appears to be ‘yes’. A decision handed down by the 9th Circuit Court of Appeals has answered this question, for the time being. In the case of Dumont vs. Ford Motor Credit Case No. 08-60002, published on 9/15/09, ( http://www.ca9.uscourts.gov/datastore/opinions/2009/09/15/08-60002.pdf ) the appellate court held that the debtor [...]
9th Circuit Chapter 13 Plan Length
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Chapter 13 plans are based in part in reality and in part – fantasy. In all consumer Bankruptcy petitions, there is a test called a ‘means test.’ This test determines whether you will be in a Chapter 13 or a Chapter 7. In Chapter 13, if you are above the median income in the ‘means [...]
Domestic Debts are Not Dischargeable
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One of the goals of the Bankruptcy Abuse and Prevention Consumer Protection Act of 2005 (BAPCPA), was to eliminate fraud and loopholes used to discharge debts which should not be dischargeable. For example, under prior law, domestic debts that were not classified as support obligations, but were incurred in the course of a divorce or [...]
When is Bankruptcy an Option for a Small Business?
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A number of the individuals who have recently contacted our office about possible personal bankruptcies have also had issues with a struggling small business. When is bankruptcy an option for a small business? The first question to ask is whether the business is a corporation, a partnership, or a proprietorship. Corporations, limited liability companies and [...]
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