Articles

Bankruptcy course before filing

posted on June 23, 2022 by

Bankruptcy: Do I have to take a course before I file?

A common question asked is whether or not a client needs to take a course before they can file for bankruptcy. The answer is yes. However, and this is a big however, this course is not something that needs to be taken in person. All of our clients here at Russell, Tighe & Alexander take […]

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posted on November 17, 2021 by Russell Law Firm, P.C.

Bankruptcy: My spouse doesn’t want to file, is that okay? Yes.

One spouse may file a bankruptcy with or without their spouse. How much the the non-filing spouse (NFS) is involved, depends on the circumstances.

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posted on by Russell Law Firm, P.C.

Means Test – Chapter 7 Qualification

To determine whether one passes the means test, and therefore qualifies for a Chapter 7, their household income must first be calculated. To calculate, you must take the previous 6 full months household gross income, and divide by 6 to average. (Do I have to include my spouse’s income if they are not filing?)

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posted on March 31, 2020 by Russell Law Firm, P.C.

File Your Bankruptcy Remotely, From Home

** We are able to handle all cases remotely and telephonically, so even if you
are home quarantined, we can still represent you fully throughout the bankruptcy process **This is some text!

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posted on February 7, 2020 by Russell Law Firm, P.C.

IRS: Offer in Compromise

Offer In Compromise – Doubt as to Collectibility
There are three types of Offer In Compromise (OIC). The most commonly utilized OIC is the “Offer In Compromise, Doubt as to Collectibility,” or OIC-DATC.

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posted on February 6, 2020 by Russell Law Firm, P.C.

Can Criminal Restitution Be Discharged in Bankruptcy?

Unfortunately no, criminal restitution cannot be discharged in bankruptcy.
However, the automatic stay will prevent any creditor or court from forcing a payment while your bankruptcy is pending. This could last up to 5 years.

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posted on January 31, 2019 by Russell Law Firm, P.C.

Chapter 13 Bankruptcy: Liquidation Analysis

In a Chapter 13 Bankruptcy, if you are unable to exempt all of your assets, you will need to perform a liquidation analysis (LA). The purpose of a liquidation analysis is to ensure the general unsecured creditors are receiving at least the amount they would be receiving if the unexempted assets were liquidated in a Chapter 7 bankruptcy.

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posted on January 30, 2019 by Russell Law Firm, P.C.

Why file a Chapter 13 Bankruptcy when you qualify for Chapter 7?

A Chapter 7 bankruptcy is a liquidation bankruptcy, which in essence wipes out most of an individual’s general unsecured debts (i.e., credit card and medical bills) without a need to pay the balances through a repayment plan.

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posted on by Russell Law Firm, P.C.

Chapter 13 Bankruptcy: What is a Cramdown?

A “cramdown” essentially reduces the principal balance of a secured debt from the outstanding loan amount down to the Fair Market Value. This is most often used with car loans, mobile home loans, household goods, and other personal property in a Chapter 13 Bankruptcy. This will allow an individual to pay the fair value of the property and the remaining balance would be lumped into other unsecured debt.

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posted on by Russell Law Firm, P.C.

Chapter 13 Bankruptcy: Save the Home

When an individual falls behind on their mortgage, they have the benefit of filing for a Chapter 13 bankruptcy in order to prevent a foreclosure. A unique feature of a Chapter 13 bankruptcies is that junior mortgages, a second or third mortgage, can be eliminated if the house is worth less than the balance of the first mortgage.

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