Bankruptcy (For Debtors Only) The decision whether to file for bankruptcy is often fraught with fear and shame. It doesn’t need to be. In fact, it shouldn’t be. Consider this: If Thomas Jefferson filed for bankruptcy protection (and he did), it might behoove you to toss out the moral guilt and consider your situation anew. […]
FAQs for Individual Debtors
- Bankruptcy
FAQs for Individual Debtors Where can I get basic information How much does bankruptcy cost? Do I need to pay the entire fee up front? Can I file without my spouse? How long does it take? Will this affect my credit score? Is information about my bankruptcy case publicly available? What if I don’t qualify […]
What Must a Chapter 13 Plan Do?
- Bankruptcy
What Must a Chapter 13 Plan Do? When a debtor cannot file for bankruptcy under Chapter 7, either because he cannot pass the means test, because of a too recent prior bankruptcy, or other reason, he usually will file for protection under Chapter 13 of the Bankruptcy code. Chapter 13 is somewhat like Chapter 7 […]
Chapter 11 Summary
- Bankruptcy
Chapter 11 Summary A primary difference between a Chapter 7 liquidation and a Chapter 11 reorganization is that the Chapter 11 estate is generally managed by the debtor (called a “debtor in possession” — “DIP”) instead of a trustee. A second primary difference is that the DIP is given a chance to reorganize his, her […]
Homesteads and Bankruptcy Planning: the best laid plans of mice, men and debtors….
- Bankruptcy
Homesteads and Bankruptcy Planning: the best laid plans of mice, men and debtors… While bankruptcy planning is permitted, changes made to the bankruptcy code in 2005 have constrained efforts to convert non-exempt assets into a homestead exemption. New section 522(o) provides that the value of an interest in a homestead exemption is reduced to the extent […]
