Married couples facing financial difficulties have the right to file bankruptcy jointly. However, the same is not true for unmarried cohabiting couples. For couples who have co-mingled their finances but who are not legally married, filing bankruptcy offers it's on set of problems that require unique strategies. Let's take a look at a few facts: [...]
The issue of pre-bankruptcy asset transfers is discussed often; but most debtors aren't sure how a pre-bankruptcy transfer is determined to be preferential and reversible. Below are a few standards that bankruptcy trustees use when determining if a pre-bankruptcy transfer is preferential and needs to be reversed: Does It Benefit The Creditor? If a debtor [...]
By approving the National Guard and Reservist Debt Relief Extension Act of 2011, the Senate has paved the way for National Guards and Reservists to receive relief from the bankruptcy means test through December 2015. "While our men and women in uniform have been placing their lives on the line, and while their families have [...]
Fair and Equitable Treatment in Bankruptcy In a Chapter 13 or Chapter 11 bankruptcy, the bankruptcy court is allowed to confirm a repayment plan over the objections of secured creditors who are subject to a cramdown as long as their treatment of the secured creditors is "fair and equitable." A cramdown is the reduction of [...]
Filing for Chapter 11 bankruptcy might seem like a cut-and-dried decision. After all, if you're swimming under a pile of debt and can't seem to make your payments work, then it might seem like your next logical step is to file for Chapter 11 bankruptcy and wipe the proverbial financial slate clean. But for some [...]
Avoiding The Bankruptcy Means Test Not everyone is required to take the bankruptcy means test. If a debtor has primarily business debts or their household income is below their state's median household income level, then they don't need to take the means test. What Are Business Debts? Business debts are debts which were incurred due [...]
As a high-income earner, you might be reluctant to declare Chapter 11 bankruptcy; after all, it might seem reasonable to suppose that you'll make enough money to pay off your debts. But that belief can often belie the fact that no matter how much income or assets you have coming in, if your liabilities are [...]
It's no secret that many consumers are struggling with paying off all of their debts - and the increased amount of Dallas bankruptcy filings support these findings. It also comes as no surprise that there are people out there who are absolutely drowning in overdue bills and delinquent payments. Thanks to the sheer magnitude of the credit [...]
Debtors filing Chapter 7 or Chapter 13 bankruptcy are required to divulge details of their financial lives so that the trustee can make a proper assessment of their financial situation and come up with a fair plan which will repay creditors as much as possible while allowing the debtor to get a fresh start. Below [...]
Ever wonder why you seem to have more trouble with money, no matter what steps you take to prevent it? For instance, you're on the brink of declaring bankruptcy, you're always living paycheck to paycheck, and you just can't seem to shake the feeling that you'll always be in debt for the rest of your [...]