As a high-income individual, you may not think that your money behavior contributed to your Chapter 11 bankruptcy. Perhaps you think it was down to a few bad investments, or a business that went under due to the harsh economic climate. Whatever the reasons for your Chapter 11 bankruptcy, it's important to note this one [...]
Bankruptcy Judge Mary Walrath has for the second time refused to confirm Washington Mutual's bankruptcy plan on the grounds that without mediation the bankruptcy case could collapse into a litigation nightmare. The major point of contention is allegations of insider trading which hedge fund investors vehemently deny. But the bankruptcy judge views the allegations as [...]
Submitting Old Tax Returns to the Bankruptcy Court Debtors filing bankruptcy need to submit their last four years of federal and state tax returns. While the state of Texas does not have an income tax, if you lived in another state and/or paid taxes in another state in the past four years, you will need [...]
Deciding to file for bankruptcy can be a major turning point in your life, it gives you a chance to start over and make some wise financial decisions in the future. But in the interim between deciding to file for bankruptcy and actually filing there are some things you shouldn't do as they can actually [...]
Chapter 11 Bankruptcy Myths There's a wealth of information online about how a Chapter 11 bankruptcy can affect your finances- and what you can do to prevent bankruptcy from permanently affecting your credit score. However, like many things on the internet, it's important to consider the source of the advice, and whether or not that [...]
If a debtor files Chapter 13 bankruptcy , their disposable income must go to pay their creditors. However, the bankruptcy code allows certain deductions when calculating a debtor's disposable income. Insurance is one of several deductions that bankruptcy debtors have the right to take. Unfortunately, many debtors who are a pennywise and a pound foolish [...]
Some people are so worried about all the consequences of filing for bankruptcy that they forget to look at the consequences of NOT filing bankruptcy. Obviously, every individual situation is unique and should be discussed in frank detail with one of our attorneys, the following information can help you make the decision whether a bankruptcy [...]
File Segregation Scams You just exited bankruptcy and your feeling excited about your newfound freedom from debt. You know it's going to take time and effort to rebuild your credit and finances but you feel it's worth it. A few weeks after the glow starts to wear off you receive an "invitation" in the mail [...]
Redeeming Your Property After you Have Filed Bankruptcy One common mistake is believing that a bankruptcy will erase all of your debts and you'll be left with all the stuff you purchased free and clear. This is part of the reason people have bad feelings about people who file bankruptcy and it's totally not true. [...]
Bankruptcy and Your Children's College Tuition After a debtor's Chapter 7 bankruptcy case is discharged, they can conceivably pay for anything they like. However, the problems of paying for a adult child's college education usually presents itself in Chapter 13 bankruptcy or when the debtor takes the means test to determine their eligibility for Chapter [...]