The meeting of creditor is a crucial step in the bankruptcy process. In fact, if you miss it, chances are high that your case will be dismissed. If you can not attend your meeting of creditors, you should let your attorney know as soon as possible. She will contact the trustee to see if she…Read more
What Kinds of Lawsuits does Bankruptcy not Stop?
Bankruptcy is a great tool if you have creditors on your heels, and you’re looking to get them to back off. You should know, however, that filing bankruptcy doesn’t stop all lawsuits or efforts to collect money. Bankruptcy will not stop the following actions: The prosecution of a criminal case; A paternity, child support, or…Read more
Who Gets the Notice of Bankruptcy Filing in My Case?
After your attorney files your petition, the bankruptcy court will send out a notice of bankruptcy filing. This goes to all of your creditors and serves notice of the protective order which puts in place the automatic stay. You will also get a copy of this notice. It includes important information, such as when and…Read more
Do Both Spouses Have to Attend Credit Counseling When Filing a Joint Bankruptcy?
Although a husband and wife may attend the same counseling session, each must obtain counseling and be issued separate certificates. You can find a list of credit counseling providers here.
What is an Insider in Personal Bankruptcy?
Knowing what an “insider” is when filing personal bankruptcy is essential when preparing the bankruptcy petition. Transactions with insiders during the year prior to filing the petition get special scrutiny. Such transactions, particularly the payback of loans, may be set aside by the bankruptcy court and result in a relative of yours having to pay…Read more
What Expenses Can Be Deducted from the Means Test in Chapter 7 Bankruptcy?
Navigating the means test is one of the most intimidating and complex parts of filing a bankruptcy petition. Debtors must complete the means test to see if they qualify to file under Chapter 7 or have to file under Chapter 13. The means test involves calculating one’s income and, if that income is above the…Read more
Colorado Attorney General Sues Regent Asset Management Solutions, Inc. in Consumer Protection Lawsuit
Colorado Attorney General John Suthers announced today that his office has filed a lawsuit against Regent Asset Management Solutions, Inc., a Denver-based debt collection agency, and its CEO, Michael A Scata, on suspicion that they engaged in the unlicensed collection of debt in Colorado and violated Colorado consumer protection statutes. According to the complaint, filed…Read more
How Long Do I Have to Finish the Financial Management Class in Bankruptcy?
As of December 1, 2010, Chapter 7 debtors have 60 days from the first date set for the meeting of creditors to complete their financial management class. This is a 15 day increase from the previous deadline. Debtors and their attorneys should watch this date carefully. Failure to complete the class within the time limit…Read more
Do I Have to Include My Spouse’s Income When I File Bankruptcy if We Are Living Separately?
If you are married and filing bankruptcy, either with or without your spouse, you will still have to take into account your spouse’s income and expenses to determine if you meet the income limits under the means test to qualify for Chapter 7. However, that income does not have to be included if you are…Read more
Can I Use My Credit Card for Cash Advances Before I File Bankruptcy?
If you are considering bankruptcy and strapped for cash, you should be careful about using your credit cards to get cash advances. The Bankruptcy Code will not allow you to discharge cash advances that, when combined, total more than $875.00 that are taken out within 70 days of filing your bankruptcy petition. Section 523(a)(2)(C) of…Read more
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