Hiding Assets & Personal Property When Filing Bankruptcy Hiding assets and personal property when filing bankruptcy not only jeopardizes the outcome of your case, you may face criminal prosecution and your debt may not get discharged. Not withholding details about personal property cannot be stressed enough as doing this may hurt your chances of discharging [...]
Janice Dickinson, 58, also known as the world's first supermodel, filed for bankruptcy protection after owing creditors close to $1 million. Her creditors include the Internal Revenue Service (IRS) and unpaid bills from plastic surgery performed by multiple doctors. Dickinson is known as one of the most successful models in the world when her modeling [...]
While many consumers struggle to make payments on their medical bills, there are doctors facing a similar struggle; except it involves keeping their businesses afloat. The American Bankruptcy Institute's health care committee has noticed a spike in Chapter 11 bankruptcy filings by doctors with 8 being filed in recent weeks alone. Industry experts have noticed [...]
Personal Loans Eligible to Be Discharged in Bankruptcy One of the most important elements debtors should review when considering bankruptcy is how personal debt is handled by the court. When you file, you are required to list outstanding debt including loans owed to friends or family. Depending on the chapter you file they are handled [...]
Pay Day Loans and Bankruptcy Payday loans, also known as a cash advance, are short-term loans borrowers obtain against their next paycheck. While they seem convenient in helping you get necessary expenses covered between pay days, many find themselves trapped in trying to break the cycle of getting it paid without the need to take [...]
When bankruptcy is filed, debtors are required to list assets and personal property as part of the bankruptcy estate. While common items such as saving accounts, jewelry, homes and vehicles are included, there are assets that some may forget to mention upon filing their petition. Debtors who realize they may have forgotten to list an [...]
Income Eligibility for Chapter 13 Bankruptcy Chapter 13 bankruptcy is a repayment plan approved by the court. This can be a suitable option for debtors who want an affordable payment plan for their debt obligations based on what they earn. Yet, consumers may be under the impression that only earned wages or a form of [...]
Completing a Chapter 13 Bankruptcy On average, a Chapter 13 bankruptcy repayment plan can last anywhere from three to five years. Yet, there are factors to consider in determining how long your case will last since each situation varies. The amount you pay is based on your monthly income, with similar factors determining the amount [...]
Bankruptcy may help reduce your vehicle payment but your mortgage payment may not have the same option. In other words, depending on which chapter you file you may be able to have your vehicle payment reduced, reaffirm your loan agreement with the lender, or set up a payment arrangement that helps you get caught up [...]
When Mortgage Companies Refuse Payments While Your In Bankruptcy Some debtors claim their mortgage lender refused payment after they file bankruptcy protection. While this may sound unusual, the lender may decide not to accept payment from you in order not to violate the automatic stay that goes into effect when your petition is filed. When [...]