The “Automatic Stay” in a Bankruptcy case is the law that stops creditors (and other parties) from trying to collect debts from a debtor, trying to get the debtor’s property or trying to create or enforce a lien on the debtor’s property. It is found in Section 362(a) of the Bankruptcy Code and essentially freezes
If you are reading about or researching Bankruptcy, you have no doubt run across the terms “Petition” and “Schedules.” What are they? Good question! The Bankruptcy Petition is the document that gets you in the door of the Courthouse and officially creates your Bankruptcy case. The minute the Petition is filed, the automatic stay is
Chapter 13 Bankruptcy is one of the two most common types of Bankruptcy filed by individuals, with the other being Chapter 7. The primary distinguishing factor of Chapter 13 is that individuals pay a portion of their income (their “disposable income“) into a Chapter 13 plan over three to five years. Because
As we have written in this Blog, finding a good Bankruptcy lawyer is the first and most important step of filing a Bankruptcy case or exploring whether filing for Bankruptcy is necessary. The age of the internet and social media has allowed lawyers and other professionals to create websites, Blogs (such as this one), and
Many people considering filing a Bankruptcy case are justifiably concerned that they may lose their home in the case, either to the lender or to the Chapter 7 Trustee. The reality is that rarely will the Chapter 7 Trustee have an interest in the homes of individuals who have filed Chapter 7 cases. The
The Bankruptcy “Means Test” is a form that must be completed by most individuals filing for Bankruptcy. The Test is used in determining whether an individual or couple qualify for a Chapter 7 case or whether they have sufficient disposable income (or “means”) to pay something to creditors in a Chapter 13 plan. Importantly,
Unless you live way out in the hinterlands, chances are very good you know someone who has filed for Bankruptcy. You may not know it because, unlike something like divorce, it is not as evident to others and it is not often discussed. How many people actually file personal Bankruptcy cases? Here is a very
The word “Bankruptcy” has a few definitions in the dictionary. In its most basic form, it means not having enough money to pay one’s debts and living expenses. The word has its origins in the Latin term banca rotta, which means “broken bench” (signifying the insolvency of a moneylender). This Blog focuses on
Chapter 7 Bankruptcy is one of the two most common types of Bankruptcy filed by individuals (the other being Chapter 13). The major distinction between the two is that there is no payment plan in a Chapter 7 case and a typical Chapter 7 cases only lasts about 4 months instead of 3-5 years
