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
Can I Get Rid of My Criminal Restitution Obligation In Bankruptcy?
Court Restitution And Bankruptcy While bankruptcy is a valuable tool for eliminating debt acquired from a variety of sources, the Bankruptcy Code prohibits the discharge of certain debts, including an obligation for restitution entered after a criminal conviction. The 10th Circuit Bankruptcy Appellate Panel (the “Panel”) recently issued an opinion in In Re Paul…Read more
Can I Ask the Bankruptcy Court to Waive My Filing Fees?
Under Section 1930(a) of Title 28 of the United States Code, a debtor whose income is less than 150% of the federal poverty level may ask the bankruptcy court to waive his filing fees in a Chapter 7 bankruptcy case.
Can I Pay My Bankruptcy Court Filing Fees in Installments?
Under Rule 1006(b) of the Federal Rules of Bankruptcy Procedure and Section 1930(a) of Title 28 of the United States Code, a debtor may apply to pay her bankruptcy filing fee over the course of 120 days.
What Are My Options if I Can’t Complete My Chapter 13 Bankruptcy Plan?
Sometimes, even the best laid plans go wrong. It isn’t unusual for a debtor to find himself unable to complete his Chapter 13 plan as it was originally proposed. Fortunately, the Bankruptcy Code offers some flexibility to deal with that possibility. If a debtor finds himself in that situation, he should consider one of the…Read more
What Are the Debt Limits for Chapter 13 Bankruptcy?
Bankruptcy Code Section 109(e) provides that: on the date of the filing of the petition, noncontingent, liquidated, unsecured debts of less than $360,475 and noncontingent, liquidated, secured debts of less than $1,081,400, or an individual with regular income and such individual’s spouse, except a stockbroker or a commodity broker, that owe, on the date of…Read more
What Happens to Property that I Have Pawned When I File Bankruptcy?
Generally speaking, property that has been pawned is not property of the bankruptcy estate, and therefore cannot be claimed by the trustee to sell for the benefit of creditors. Section 541(b)(8)(A) of the Bankruptcy Code states: any interest of the debtor in property where the debtor pledged or sold tangible personal property (other than securities…Read more
What Happens After the Meeting of Creditors in Bankruptcy?
After The Meeting Of Creditors, You’re Almost Done What happens after the meeting of creditors (sometimes called the 341 meeting) depends in large part on your specific case. However, in all cases, you must complete the financial management course, and your attorney must file a certificate of completion. The court will not enter a discharge…Read more
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