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How Can a Chapter 13 Bankruptcy Be Reinstated?

Archive for April, 2012

How Can a Chapter 13 Bankruptcy Be Reinstated?

How Can a Chapter 13 Bankruptcy Be Reinstated? In a Chapter 13 bankruptcy, a necessary portion of the petition is a Chapter 13 plan.  The plan is what determines how much a person pays every month to the Chapter 13 Trustee.  The plan includes any unsecured debt to be paid, taxes, car loans, back child […]

Does Social Security Count as Income in Bankruptcy?

Does Social Security Count as Income in Bankruptcy? In determining whether social security proceeds count as income in bankruptcy, the answer is both yes and no.  For purposes of the Means Test (also known as Form 22A – Statement of Current Monthly Income/Means Test in a Chapter 7 and Form 22C – Current Monthly Income/Disposable […]

What implications will bankruptcy have on my credit score?

How your credit will be effected by filing for bankruptcy depends on your situation prior to filing.  Credit is calculated using five factors: your payment history, the amounts you owe, the length of your credit history, the amount of new credit you have, and the types of credit you use.  The two biggest facts are […]

Should I File Bankruptcy If I’m Facing Vehicle Repossession?

If you are unable to make your car payments, your lender may have threatened you with vehicle repossession or taken steps to repossess your vehicle. You may be considering filing bankruptcy in order to avoid repossession. In some cases, this is the best option. Automatic Stay Regardless of whether you file for Chapter 7 bankruptcy […]

Qualified Retirement Plans and Bankruptcy

Qualified Retirement Plans and Bankruptcy When people are considering filing bankruptcy, it is very common for them to be concerned about the retention of their assets.  Debtors frequently inquire whether they will be allowed to retain their retirement benefits, such as 401k accounts.  Many people have worked for many years to acquire these assets and […]

What is a Means Test?

What is a Means Test? A means test is an essential portion of the bankruptcy petition that must be filed with the rest of the schedules that comprise a bankruptcy petition.  In a Chapter 7, the official name for the means test is Form 22A:  Statement of Current Monthly Income/Means Test.  In a Chapter 13 […]

Stipulation Agreements

In a Chapter 13 Bankruptcy you can pay mortgage arrears, or back due payments, through your plan.  To complete your plan, you will need to stay current on your ongoing mortgage payment, which can be paid through the plan or outside the plan.  On occasion, things come up, and debtors are unable to make the […]

Will filing for bankruptcy permanently stop a foreclosure or repossession?

The answer here, like many things, is that it depends.  Filing for bankruptcy can stop the immediate action of a foreclosure or repossession, but cannot always permanently stop the foreclosure or repossession.  If you are behind on mortgage payments or car payments, your lender may discuss foreclosure or repossession.  To stop a foreclosure you must […]