Category Archives: Chapter 13
What if I Own Joint Debt with Someone Who Files for Bankruptcy?
Bankruptcy can be filed by one spouse without the other. If your spouse files for bankruptcy, it does not automatically bring you into bankruptcy. Similarly, the bankruptcy of a spouse doesn’t give you the protection of automatic stay or bankruptcy debt discharge. Following are some more ways bankruptcy and marriage are related: Joint debt. With […]
Personal Organization and Bankruptcy
Some people are naturally organized. Some aren’t. If you are a naturally disorganized person, however, it would be to your benefit to work on some organizational skills if you are considering filing for bankruptcy. Keeping things organized helps both you and your attorney keep track of all the paperwork and items involved in […]
How to Stop Wage Garnishment
Wage garnishment can be a very distressing event. Wage garnishment means that a creditor has gone to court and gotten a judgment against you, and you haven’t paid. The creditor can then go back to court and get an order of garnishment. When the order goes into effect, money comes directly out of your paycheck […]
Reasons a Bankruptcy Case Would Be Dismissed
With more than 6,000 bankruptcy filings every day, the courts don’t have any time to waste when dealing with a bankruptcy case. It makes sense, then, that they would have a low tolerance if someone doesn’t follow the rules. Courts do not hesitate to dismiss cases when someone is dishonest or does not cooperate fully. […]
Personal Bankruptcies Dropped During 2011
According to a report by Professor Ronald Mann of Columbia Law School for the National Bankruptcy Research Center, the number of Americans who filed for bankruptcy fell from 1.5 million in 2010 to 1.35 million in 2011, a 12% decrease. Chapter 7 filings dropped by 17% and Chapter 13 filings dropped by 25%. This decline […]
Does My Spouse Have to File Bankruptcy Too?
The simple answer is no. Only one spouse has to file for personal bankruptcy. However, there are a number of qualifications to this rule. First, if you are considering filing bankruptcy alone in order to conceal the high salary of your spouse, stop right there. As a married bankruptcy petitioner, you will be required to […]
Bankruptcy and Discharge of Debts
When we talk about bankruptcy, we talk a lot about “discharge of debts,” but what exactly does that mean? When are the debts discharged? What debts are discharged? Can creditors object? Let’s discuss. Bankruptcy discharge is a court order that releases a debtor from the obligation to pay certain debts. The creditor is no longer […]
How Long Does Bankruptcy Take?
Once you have made the difficult decision to file for bankruptcy, your next question is probably, “How long will this take?” You are likely extremely anxious to know when you will be on your way to rebuilding your finances. Every case is different, but there are general guidelines on how long it might take for […]
Will I Lose My Retirement if I File for Bankruptcy?
One of the questions Harold Shepley & Associates receives is, “Will I lose my retirement accounts if I file for bankruptcy?” You’ll be glad to hear that the answer to this question is “No.” When filing for Chapter 7 or Chapter 13 bankruptcy, you can keep your pension and retirement plan, with a few exceptions […]
