When you file bankruptcy, the value of your home matters in several critical ways: it determines whether you can protect your equity under the homestead exemption, it affects whether you qualify for Chapter 7 or Chapter 13, and in some Chapter 13 cases, it can determine whether a second mortgage can be removed entirely through … Read more
When it comes to banking accounts and financing a loan, credit unions are often a highly sought-after source for mortgages, vehicle loans, and bank accounts. However, what you may not know about credit unions could come back to have negative consequences against you during and after your bankruptcy. Credit unions have become a sought-after banking … Read more
Wait a second…I have to qualify to file bankruptcy? Isn’t it enough that I just simply cannot pay my bills? How do I determine whether or not I would qualify? The answer is simple enough: the Means Test. What is the Means Test you might ask? The Means Test is a formula used to determine … Read more
Getting engaged should be one of the happiest times in your life. But if you are carrying debt, that joy can come with worry. You may be asking yourself a hard question: if I file bankruptcy, will it hurt the person I love? You might fear your future spouse will get stuck with your debts. … Read more
Understanding Two Very Different Words If you are going through bankruptcy, two words can sound a lot alike but mean very different things. Those words are discharge and dismissal. They sound similar. But for you, they are almost opposite outcomes. A discharge is the good ending. It means your debts are wiped out. A dismissal … Read more
If you are thinking about filing bankruptcy, you have probably run into the word “income” again and again. You may also be confused about what counts. Maybe your family helps you pay bills each month. Maybe a parent, sibling, or close friend sends money to keep you afloat. Now you are wondering if that help … Read more
One of the most common fears people have when considering bankruptcy is losing their retirement savings. The good news: if your retirement account is ERISA-qualified, it is completely protected in bankruptcy — no dollar limit, no exceptions. Understanding whether your plan qualifies is an important first step before filing. What Does ERISA-Qualified Mean? ERISA stands … Read more
If you recently financed a purchase, e.g., a home, car, furniture or appliance, you should definitely speak with your attorney. Any purchase made within the 90 days prior to filing bankruptcy may be considered a fraudulent transaction. Depending on the amount of the purchase or how the funds were obtained to finance the purchase, the … Read more
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