Yes! Many people believe they can not own anything for a period of time after filing for bankruptcy. This is not true. You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an … [Continue reading]
What Will Happen to My Home and Car If I File Bankruptcy?
Posted on January 8, 2009 Written by
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to … [Continue reading]
Congress Considers Bankruptcy Change to Help Homeowners Stop Foreclosure
Posted on January 7, 2009 Written by
Senate Bill 61, Helping Families Save Their Homes in Bankruptcy Act of 2009 was introduced in the U.S. Senate yesterday. A similar bill was introduced in the House of Representatives today and President-Elect Barrack Obama has vowed to sign such a … [Continue reading]
What Property Can I Keep?
Posted on January 7, 2009 Written by
In a chapter 7 case, you can keep all property which the law says is “exempt†from the claims of creditors. It is important to check the exemptions that are available in the state where you live. (If you moved to your current state from a … [Continue reading]
What Must I Do Before Filing Bankruptcy? Alternatives to Consider
Posted on January 6, 2009 Written by
Some of the approved credit counseling agencies offer debt management plans (also called DMPs). A DMP is a plan to repay some or all of your debts in which you send the counseling agency a monthly payment that it then distributes to your … [Continue reading]
What Must I Do Before Filing Bankruptcy?
Posted on January 5, 2009 Written by
You must receive budget and credit counseling from an approved credit counseling agency within 180 days before your bankruptcy case is filed. The agency will review possible options available to you in credit counseling and assist you in reviewing … [Continue reading]
BAP10 Accepts Electronic Filings
Posted on January 5, 2009 Written by
The Bankruptcy Appellate Panel for the Tenth Circuit will accept electronic filing of pleadings starting today. The U.S. Court of Appeals for the Tenth Circuit is expected to follow suit soon. To participate in electronic filing, attorneys must … [Continue reading]
Jane Bryant Quinn: Go Bankrupt in 2009
Posted on January 4, 2009 Written by
"The right time to go bankrupt is when you're financially, stuck but still have assets to protect," Newsweek financial columnist Jane Bryant Quinn tells her readers. "If you are reaching the end of your rope, don't try to hold on. Save what you … [Continue reading]
What Does It Cost to File for Bankruptcy?
Posted on January 4, 2009 Written by
It now costs $299 to file for bankruptcy under chapter 7 and $274 to file for bankruptcy under chapter 13, whether for one person or a married couple. The court may allow you to pay this filing fee in installments if you can not pay it all at … [Continue reading]
Kansas Bankruptcies Climb 8% in 2008
Posted on January 4, 2009 Written by
Bankruptcy filings increased eight percent in Kansas during 2008, a smaller increase than the 33% national increase seen in most of the country. A total of 8712 cases were filed here, about 69% as chapter 7 cases for individuals or married … [Continue reading]
New Year's Resolutions for Resolving Debt
Posted on January 3, 2009 Written by
Here are five New Year's resolutions my blogging colleague, Peter Orville of Upstate New York, made for people with debt problems, each highlighting an article found on the pages of Debt Law Network, Credit Law Network or Bankruptcy Law … [Continue reading]
Chapter 13 (Reorganization)
Posted on January 3, 2009 Written by
In a chapter 13 case you file a “plan†showing how you will pay off some of your past-due and current debts over three to five years. The most important thing about a chapter 13 case is that it will allow you to keep valuable … [Continue reading]
Chapter 7 (Straight Bankruptcy)
Posted on January 2, 2009 Written by
In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for “exempt†… [Continue reading]
Vote for Top 100 Blawg Today
Posted on January 2, 2009 Written by
Vote for the best of the 100 best law blog sites. Please vote for Bankruptcy Law Network site. Our own Jill Michaux writes for BLN, the most comprehensive consumer bankruptcy law website, which was nominated in the niche category for the 2008 … [Continue reading]
What Different Types of Bankruptcy Cases Should I Consider?
Posted on January 1, 2009 Written by
There are four types of bankruptcy cases provided under the law: Chapter 7 is known as “straight†bankruptcy or “liquidation.â€Â It requires an individual to give up property which is not “exempt†under the law, so the property can be … [Continue reading]
What Bankruptcy Can Not Do
Posted on December 31, 2008 Written by
Bankruptcy can not, however, cure every financial problem. Nor is it the right step for every individual. In bankruptcy, it is usually not possible to: Eliminate certain rights of “secured†creditors. A creditor is “secured†if it has … [Continue reading]
