The value of your home, from a bankruptcy perspective, is a major concern that you will want to be aware of. From too much equity to the possibility of “stripping a lien“, the value of your home plays a key part in your bankruptcy. With the ever fluctuating real estate market, determining the value of … 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
Short Answer: Generally, your spouse or soon to be spouse will not be impacted by your filing bankruptcy. This is a topic that often comes up during a consultation with prospective clients. Let me start by saying there?s no such thing as a joint credit report or a joint credit score. Everyone has his or … Read more
Debtors sometimes confuse the difference between a discharge and dismissal but they are two very different and distinct outcomes of bankruptcy. A discharge means that all the requirements set by the court have been met by the debtor. In a Chapter 13 bankruptcy this means that all the debtor’s payments have been made in full … Read more
If you are considering filing bankruptcy, I am sure that you have been researching what types of bankruptcy are common and what they may involve. Upon doing your research, I am sure that you have seen the word “qualify” a good number of times. “How do I qualify? Is it not enough that I can’t … Read more
If you are filing bankruptcy and have a 401(k), your attorney will most likely ask you to provide proof that your 401(k) is ERISA qualified. An ERISA qualified 401(k) is exempted or protected in bankruptcy. Okay, you are asking yourself, what is ERISA qualified and where do I go to find it if my 401(k) … 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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