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Category Archives: Chapter 13 Bankruptcy

Filing Bankruptcy After Divorce Is Final

One advantage of filing bankruptcy after the divorce is completed is a shorter divorce than a divorce that proceeds concurrent with bankruptcy. Shorter divorces are generally less expensive. Recent changes from the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) made it more difficult to discharge divorce-related debts in bankruptcy. You cannot discharge any divorce-related… Read More »

Filing Bankruptcy While a Divorce Is Ongoing

With a Chapter 7 bankruptcy, the process moves rather quickly and bankruptcy closes generally within three to six months of filing. However, when you are in the middle of a divorce and decide to file bankruptcy, the automatic stay puts a stop to divorce proceedings. The only legal actions not affected by an automatic stay… Read More »

What Happens to Cosigners When You File for Bankruptcy?

When your credit is not good enough to qualify for a loan, the lender may require a co-signer.  This practice is common with young people who have not established credit but want to buy a car or a home, and their parents help them out by co-signing. Unfortunately, you cannot usually foresee tough economic times,… Read More »

Actions that Can Result in Bankruptcy Dismissal

A bankruptcy dismissal is the court’s denial of a bankruptcy filing and the court throws out your case.  Once dismissed, depending on the reason for the dismissal, you might have to wait 180 days (six months) from the date of dismissal before you can file bankruptcy again.  Bankruptcy dismissal is something that anyone filing bankruptcy… Read More »

What Is the Bankruptcy Code?

The United States Constitution gives Congress the authority to create laws governing bankruptcy throughout all states in the United States.  In 1978, Congress passed the Bankruptcy Reform Act, which is contained in Title 11 of the United States Code and known today as the Bankruptcy Code. The Bankruptcy Code has undergone various amendments, with the… Read More »

Judicial Structure for U.S. Bankruptcies

There is no such thing as filing a bankruptcy petition in a state court.  State courts have no jurisdiction over bankruptcy and any debtor filing bankruptcy must file with a U.S. bankruptcy court.  In addition, the bankruptcy courts are units that fall under the U.S. federal district courts, which are trial courts in the federal… Read More »

Deciding Whether to File Chapter 7 or Chapter 13

Various factors come into play when deciding what type of bankruptcy to file.  The entire purpose of filing bankruptcy is to wipe debts clean and restore solvency.  Because filing an inappropriate form of bankruptcy may not serve the intended purpose, it is important to carefully evaluate the types of bankruptcy. Exempt assets Depending on which… Read More »

Can I Buy a Home After Filing for Bankruptcy?

Many people think it’s impossible to buy a home after filing for bankruptcy. Unfortunately, there are many bankruptcy myths. The good news is, this couldn’t be further from the truth. Not only is it possible, but you don’t have to wait ten years, either. Of course, you will have to wait until you can re-establish… Read More »

When Do People Lose Their Homes in Bankruptcy?

One of the main concerns about filing bankruptcy is whether or not you can keep your home.  Because there are many different situations and choices of bankruptcy chapters, various factors come into play in determining whether you keep or lose your home.  There is no substitute for discussing your financial circumstances with an experienced bankruptcy… Read More »

What Does the Creditors’ Meeting Involve?

Knowing what to expect during bankruptcy helps you prepare and participate in a way that can lead to a successful outcome. While your bankruptcy lawyer provides legal guidance, offers explanations, and is at your side throughout the process, a basic understanding of key bankruptcy proceedings can also greatly benefit you. A creditors’ meeting is a… Read More »