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It is the trustee’s job to administer your bankruptcy case. He’s the one who will try to figure out how much property you own, what can be sold, and how much to pay creditors. He challenges anything in the case he does not agree with, and he holds the all-important creditor meeting. So what’s in […]
Although the point of garnishing wages is to make sure creditors get paid, states that permit it have a higher bankruptcy rate than states that do not. What can you do to prevent or stop wage garnishment? If you do not pay your bills, a creditor can sue you to collect what you owe. If […]
Does Higher Consumer Spending Amount to Increased Bankruptcies? A June report from the Arizona Department of Revenue, which keeps track of consumer spending that the government can tax, put the total expenditures on taxable items in May of 2011 at $4.01 billion. This is a return to pre-recession levels, and for many businesses is a […]
When you file for bankruptcy protection, can you “cancel” or “change” your case once you have submitted your petition to the court? That may depend. Unfortunately for many filers, there is no way to undo a filing. Whether you can dismiss your case depends on the Bankruptcy Chapter within which you file. After filing, you […]
According to the Census Bureau, 7% of divorce decrees include a provision for alimony or spousal support. When your spouse, who owes you alimony or support files for bankruptcy, it may lead you to wonder whether you can still collect. For the party receiving alimony, those payments are considered income under your bankruptcy estate. When […]
There are hundreds of thousands of bankruptcy petitions filed every year in America. A major disagreement in the area is whether or not many of these bankruptcy filings are fraudulent. About 95% of all bankruptcies are filed by individuals every year. Most consumer bankruptcy filings are Chapter 7 filings, usually about 65%. Additionally, many filers […]
In February, the Department of Justice announced its decision to not enforce Section 3 of the Defense of Marriage Act (“DOMA”), which bars the federal government from recognizing same-sex couples as married. The President concluded that this section is unconstitutional and ordered the Department to halt its defense of DOMA. This policy has caused confusion […]
Bankruptcy Myth #7: I must be a US citizen to file for bankruptcy. Also, if I file for bankruptcy I will not be considered for citizenship. Both of these myths are completely false. First, there is no requirement that you be a US citizen to file for bankruptcy. In reality the only requirement you need […]
Are you thinking about filing for Bankruptcy? Don’t fall for these Bankruptcy myths! In Part I of this feature we explored three common bankruptcy myths. Here we explore a few more common bankruptcy myths that are floating around online. Bankruptcy Myth #4: It is simply just too expensive to file for bankruptcy. I won’t be […]
Filing Order – Bankruptcy or Divorce? Bankruptcy and divorce often go hand in hand – sometimes, the financial strain of divorce and support obligations leads to the filing of a bankruptcy action. Other times, the stress of financial crisis, which often precedes bankruptcy, may lead to additional strains on a marriage. In some situations, when […]