Interesting Development in Some Chapter 13 Bankruptcy Cases

When the bankruptcy laws were changed on October 17, 2005, there was an effort to curb abusive filings. To do so, a means test was authored utilizing IRS standards for acceptable expenses. In addition to the means test, there were requirements such as having completed a credit counseling session before a case can be filed and financial management instruction completion before a case can be discharged. There were also measures aimed at curbing repetitive filings. This all centered around the creation of and the existence of the automatic stay. If someone was filing a chapter 13 bankruptcy within one year after a prior case was dismissed, then the automatic stay would only last in the new + Read More

Bankruptcy And Foreclosure: Can I Save My Home?

Chapter 7 & Foreclosure Filing bankruptcy can go a long way toward saving a home that's in foreclosure. Each chapter of the bankruptcy code will affect the outcome or the continuation of a foreclosure case differently. Under chapter 7 bankruptcy law, and automatic stay will kick in which will temporarily halt a foreclosure case. In a chapter 7, the creditor will bring a motion to modify the automatic stay and will be able to proceed where it left off in the foreclosure process. This delay can last anywhere from one month to four months depending upon the timing and conduct of the creditor. Chapter 13 & Foreclosure Under chapter 13 bankruptcy law, the foreclosure case may possibly + Read More

Bankruptcy & The Right Time To File

Chapter 7: Time To File? David Siegel: When would somebody want to file a Chapter 7 bankruptcy as opposed to not filing at all? What is the reason why someone would file a Chapter 7? Jesse Barrientes: I guess there are a lot of different reasons. One would be for example if somebody filed a lawsuit against you and what somebody gets a judgment, and I think we talked about that at one of our programs. We have gone through the small claims process and some other processes. But once a creditor obtains a judgment, than they do what they call supplementary proceedings that include the possibility of attaching of lean to your wages, wage garnishment or of attaching to your bank account or any + Read More

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