When a debtor decides to file bankruptcy, in order to determine if they should file Chapter 7 bankruptcy or Chapter 13 bankruptcy it must first be determined if their income is above the median income for Texas. And a debtor's income is only determined by their past six months of income before filing bankruptcy. If [...]
In the Chapter 13 bankruptcy case of Parrott, Gregory S. and Karen S.; In re, the bankruptcy court refused to confirm the debtors' repayment plan saying that the debtors unfairly treated the student loans as long-term debt to the detriment of unsecured creditors. The details of the bankruptcy case: The Chapter 13 debtors' plan proposed [...]
In the Chapter 13 bankruptcy case of Cassim, Jennifer D.; In re (Cassim v. Educational Credit Management Corp.), the 6th U.S. Circuit Court of Appeals ruled that a Chapter 13 bankruptcy debtor did not need to wait until the end of the case to ask the bankruptcy court to determine whether their student loans would [...]
In the bankruptcy case of Wingerter, Gerald and Janet G.; In re (B-Line LLC v. Wingerter), the 6th Circuit Court ruled that Rule 9011 does not impose a continuing obligation on a creditor to obtain more information or revaluate its position as the case develops and that the bankruptcy court erred when it sanctioned the [...]
There are several rules that a debtor must abide by when filing Chapter 13 bankruptcy . For example, a Chapter 13 bankruptcy debtor is prohibited from transferring property without the consent of the bankruptcy court or borrowing money without first getting permission of the bankruptcy court. But what happens when a debtor inadvertently circumvents the [...]
Car Loans and Bankruptcy If you're filing for bankruptcy, it's important to understand that car loans are treated differently in Chapter 11 bankruptcy than they are in Chapter 13 bankruptcy . If you're a high income debtor you may need to file Chapter 11 bankruptcy; but one of the benefits of Chapter 11 bankruptcy is [...]
There seems to be an upsurge of anti-bankruptcy rhetoric aimed at indebted Americans to make them feel guilty about their financial circumstances which force them into bankruptcy. Since the critics can't honestly say that bankruptcy is not an effective way to discharge debt and get a fresh financial start, now many are saying that bankruptcy [...]
When a debtor files Chapter 13 bankruptcy , he/she is has a bankruptcy trustee appointed to their case. The bankruptcy trustee is responsible for collecting payments from the debtor and distributing that money to creditors involved in the bankruptcy case. So How Does The Chapter 13 Bankruptcy Trustee Get Paid? But what many debtors don't know [...]
While in most cases filing for Chapter 7 bankruptcy will not impact your mortgage, Chapter 13 bankruptcy in another matter. When a debtor files for Chapter 13 bankruptcy and has a second mortgage he/she just may be able to win a bankruptcy discharge for the second mortgage on their home if it is considered unsecured [...]
In the Chapter 13 bankruptcy case of Dortch, Eric D. and Dawn R.; In re, the bankruptcy court sustained the trustee's objection to a secured proof of claim that was amended after confirmation of the debtors' bankruptcy plan. The details of the bankruptcy case: In 2006, the debtors purchased a 2003 Lexus GX470. The installment [...]