In 2005, lawmakers passed the Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA) and made several significant changes to U.S. bankruptcy laws. BAPCPA affected both consumer and business bankruptcies by creating a new test to determine who is capable of paying back what they owe, and what bankruptcy chapter they are eligible to file under. [...]
If you ask any bankruptcy lawyer what they feel the best time is for filing bankruptcy, you'll likely hear a resounding, "Now!" In truth, waiting around to file bankruptcy increases your risk for wage garnishments, lawsuits, auto repossession, and even foreclosure of your home. The New Year is here now, and there are many reasons [...]
The Supreme Court finally addressed the issue of when an IRA does not count as a retirement account. For nearly ten years, the question of whether inherited IRAs are protected during bankruptcy has gone unanswered. Finally, the Supreme Court has answered it with a unanimous no. In Clark v. Rameker, Heidi Heffron-Clark filed for bankruptcy [...]
A consumer facing a insurmountable financial burden many times pursue either a Chapter 7 or a Chapter 13 bankruptcy. A Chapter 7 bankruptcy provides a consumer relief in the form of what is known as a discharge from a good portion of his or her debts. On the other hand, relief in a Chapter 13 proceeding involves [...]
Springtime is supposed to be a joyful time for those who have graduated from college. However, for many members of the class of 2014, graduation means that they have left their student lifestyle behind, and they are about to meet their student loan debt obligations head-on. Typically, this reality is felt the most six months [...]
The Fair Credit Reporting Act was created to help consumers dealing with errors on their credit report. When disputing something on your report, you will want to take action in the best possible manner. Otherwise, with one mistake, you will be forced deal with a host of problems. With this in mind, here are six [...]
When you file bankruptcy protection debtors are required to list their assets. This information is recorded in Schedule C of your filing documents or your petition. If you have children you may have concerns about their property and whether bankruptcy can assist in keeping them away from creditors. In most cases, this is not an [...]
Do You Have to Repay What You Owe in Bankruptcy ? The answer depends on which chapter you file. Chapter 13 bankruptcy is court-approved repayment plan that helps debtors make affordable payments on debt obligations. Chapter 7 bankruptcy can eliminate qualifying debts through a discharge approved by the court. Once you have a better idea [...]
A woman indicted on bankruptcy fraud charges is also charged with intentionally setting a retail store on fire. Debra Fowler Kessinger, 57, was recently indicted in connection with a fire that took place in 2011 in Warren Country Kentucky. Kessinger was formally charged by a grand federal jury in connection to a fire that destroyed [...]
Chapter 13 bankruptcy is a court-approved repayment plan that helps debtors manage debt obligations in 3 to 5 years. Many debtors that feel overwhelmed with making monthly payments can have their obligations restructured so they are easier to pay. This is a great option that offers a variety of benefits with many debtors enjoying multiple [...]
