chapter-20-bankruptcy
Chapter 20 Bankruptcy
What is a Chapter 20 bankruptcy? You probably know that Chapter 7 and Chapter 13 are the two types of bankruptcy most commonly filed by consumers. But have you ever heard of the mythical Chapter 20 bankruptcy? It’s understandable if you doubted its existence, since there are only 15 chapters in the Bankruptcy Code. Believe…

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Reaffirm the Debt, Keep the Car
When you file for Chapter 7 bankruptcy, you can choose to “reaffirm” a debt, meaning that you still want to repay it. “Why would anyone want to do that?” you may ask, considering that getting rid of your debts is the reason you filed for bankruptcy in the first place. To answer this question, we…

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703 vs. 704: Which Exemptions Should I Choose?
If you file for bankruptcy in California, you must choose between two sets of exemptions. It is recommended that you retain an experienced bankruptcy attorney to ensure that you make the right choice. As if there weren’t already enough tough decisions involved in the bankruptcy process, California debtors must also decide which exemptions to use.…

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bankruptcy-filings-will-rise-again
Will Bankruptcy Filings Continue to Decline?
The number of people who file for bankruptcy is declining. But it will probably rise again with the second wave of foreclosures. The official website of the federal Judiciary provides bankruptcy statistics. The following table shows the percent change in national bankruptcy filings between consecutive years. 2003-2004 -3.8% 2004-2005 30.1% 2005-2006 -70.3% 2006-2007 37.8% 2007-2008…

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Preferential Payments: The Basics
A preferential payment is a payment that a debtor makes to a creditor shortly before filing for bankruptcy. The Bankruptcy Code allows the trustee (or debtor-in-possession) to recover such payments from the creditor. The logic is that, unless the preferential payments are recovered, the creditor will receive more than other unsecured creditors. This would violate…

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Should Married Debtors File Jointly?
Married debtors commonly ask whether they should file jointly or separately for bankruptcy protection. The answer depends primarily on whether a majority of the debt is in one spouse’s name only. If it is, then it may be beneficial for that spouse to file individually. This will eliminate the debts in that spouse’s name, plus…

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meeting-of-creditors
The Meeting of Creditors Demystified
Whether you file a Chapter 7 or Chapter 13 bankruptcy, you are required by section 341 of the Bankruptcy Code to attend a meeting of creditors.  At this meeting, the trustee and creditors will question you to verify the information provided in the forms you filed with the court. Although the trustee will usually protect…

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Taxes and Short Sale
We had the “fiscal cliff” drama with the posturing between the political rivals in Washington holding the nation in rapt attention as to whether the USA would become another Greece or Spain. When they realized we didn’t give a damn what they do, Congress decided they would temporarily come to their senses and passed a…

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The Bankruptcy of Hostess Brands
Are you so indebted that you have little choice but to file for bankruptcy? If so, then like many others in your situation, you’re probably beating yourself up. Bankruptcy can be extremely stressful. It can make you feel like a complete failure who will never amount to anything. But you shouldn’t let it! Recently I wrote…

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How To Stop A Foreclosure
Your foreclosure sale is next week – or maybe tomorrow – and you’re panicking. Should you file for Chapter 7 bankruptcy? What will this do for you? It can stall a foreclosure. It may give you some additional time to stay in your home but it’s difficult to say for how long. Once you file for…

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