Archives for February 2014

What Is Involved In Preparing The Bankruptcy Petition?

The bankruptcy petition is the document that gets filed with the clerk of the United States bankruptcy court. The petition is basically everything about you financially. It encompasses all of your assets, your liabilities, your income, your expenses and your statement of financial affairs. The bankruptcy petition is what the chapter 7 trustee is going to examine to determine whether or not you are entitled to a bankruptcy and whether or not you are going to have to give up any assets as part of your liquidation, fresh start. The petition starts with general information such as your name, your address, your Social Security number, the county that you live in, and whether or not you have + Read More

When Chapter 13 Bankruptcy Works Really Well

When Chapter 13 Bankruptcy Is Used Chapter 13 is a reorganization under the United States Bankruptcy Code.  Chapter 13 allows you to repay debt over a three to five-year period.  It’s most commonly used to save a home that’s been in foreclosure or to save a vehicle that’s been repossessed or to stop collection activity on non-dischargeable debt such as parking tickets, child support, tollway violations, IRS debt and more.  Debtor Has Income To Fund Plan Chapter 13 bankruptcy works the best when someone has the income to pay where they didn’t have the income before.  For example, if someone was off of work due to an illness, and injury and all of a sudden got back to work and now has the + Read More