As mentioned, Debtors should only resort to Bankruptcy if they have no other options. There is only so much a judgment creditor can do if the...

If I file chapt 7 can anyone get into my pension, or social sec?

Pension and Retirement funds are protected under Federal ERISA laws; therefore, pensions are safe during the Bankruptcy proceeding. Additionally,...

Generally, IRS tax debt is not dischargeable in Bankruptcy. Since the IRS repayment and the debt is a priority debt, debtors are required to...

Bankruptcy

Bankruptcy only eliminates a debtor’s legal obligation to pay debt. In other words, a business or an individual who has filed bankruptcy against a...

Can my husband keep car loans and a timeshare that has been in the family for years if he files bankruptcy

The answer to this question is conditional upon the Bankruptcy Chapter. A debtor may retain assets under a Chapter 7 if the assets (cars and...

Under a Chapter 7, a debtor may have to pay back the Bankruptcy estate the unexempt portion of the equity in the house or liquidate it. When paying...

CPA license

Generally, Debtors will not “lose” (subject to liquidation) professional licenses during Bankruptcy. In many jurisdictions, professional licenses...

Which payment plan is better for chpt13, 3-yr or 5-yr?

The length of the Chapter 13 plan is initially governed by Form 22C of the petition. The court will compare debtors’ household 6-month gross...

Regarding bancruptcy, what can you work out to save your car if you are leasing it? Can you get the lease payment reduced?

Debtors may be able to reduce the lease payments during the reaffirmation process of a Chapter 7 or look into 722 redemption options and buy the...

Debtors filing in California cannot use Federal exemptions. California has two systems: debtors must select Code of Civil Procedure 704 or 703....